PVH Corp. Q2 earnings dip, Calvin Klein revenues gain 12%
today Aug 25, 2016
Calvin Klein and Tommy Hilfiger pushed forward PVH Corp.'s second quarter results, as revenues in both luxury brand's international markets witnessed solid percentage growth.
The New York apparel group said revenues for the three months ended July 31 lifted 4 percent to $1.93 billion from $1.86 billion a year earlier.
Meanwhile, second-quarter net income fell 11.4 percent to $90.5 million, or $1.11 a diluted share, from $102.2 million, or $1.22 a year ago, PVH in a press release late Wednesday afternoon.
“Our strong performance year to date exceeded our expectations and demonstrated our ability to deliver against our 2016 plan, despite the challenging macroeconomic environment," said Emanuel Chirico, chairman and chief executive officer."
Calvin Klein propelled the company forward with revenues up 12 percent to $726 million for the quarter, while Tommy Hilfiger rose 6percent to $860 million.
"We experienced strong momentum in our Calvin Klein and Tommy Hilfiger International businesses and have seen improvement across our North America wholesale businesses, but we continue to be pressured by weakness in traffic and consumer spending trends at our Tommy Hilfiger and Calvin Klein U.S. stores located in international tourist locations."
Heritage Brands -- operator of shirting and business apparel brands such as Van Heusen -- was the group's underperformer last quarter, dropping 14 percent in sales for a total of $347 million.
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