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Clothier PVH up after adjusted profit tops view

Clothing company PVH climbs as adjusted 4Q profit beats analysts' expectations

Associated Press

NEW YORK (AP) -- Shares of clothier PVH climbed Wednesday, a day after reporting an adjusted fourth quarter profit that topped analysts' expectations.

PVH, which owns the Calvin Klein and Tommy Hilfiger brands, actually reported a loss for the quarter and offered guidance for this year that was short of expectations. But shareholders sent its shares up 5 percent in midday trading.

Eric Beder of Brean Capital maintained a "Buy" rating and $150 price target for PVH.

In a client note, the analyst said that the company, like many other retailers, had a solid fourth-quarter performance but gave guidance below Wall Street's view due to colder weather and difficult economic conditions.

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"We continue to believe that the company is taking relative market share with both Tommy Hilfiger and Calvin Klein and that management is providing a conservative outlook," the analyst wrote.

PVH Corp.'s other brands include IZOD and Van Heusen. Its licensed brands include Speedo, DKNY, Michael Kors and Sean John.

On Tuesday the company reported a loss of $37.5 million, or 46 cents per share, for the period ended Feb. 2. That compares with a profit of $80.7 million, or $1.09 per share.

Removing acquisition-related costs and other items, earnings were $1.43 per share. Analysts surveyed by FactSet forecast earnings of $1.42 per share.

Revenue rose 29 percent to $1.95 billion from $1.51 billion. Wall Street expected $2.06 billion.

PVH said that it was being cautious with its first-quarter guidance due to tough economic conditions. The company anticipates adjusted earnings of $1.45 to $1.50 per share on revenue of about $2 billion. Analysts predict earnings of $1.68 per share on revenue of $1.99 billion.

For the full year, PVH foresees adjusted earnings of $7.40 to $7.50 per share on revenue of approximately $8.5 billion. Wall Street expects full-year earnings of $7.77 per share on revenue of $8.64 billion.

Its shares gained $6.08, or 5.2 percent, to $123.30 in midday trading. Over the past year, the shares are up more than 8 percent..