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Calvin Klein owner PVH forecasts full-year profit above estimates

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Calvin Klein owner PVH forecasts full-year profit above estimates
FILE PHOTO: Boards with Calvin Klein store logo are seen on a shopping center at the outlet village Belaya Dacha outside Moscow, Russia, April 23, 2016. REUTERS/Grigory Dukor   -   Copyright  Grigory Dukor(Reuters)
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(Reuters) – Apparel maker PVH Corp on Wednesday forecast full-year adjusted profit above Wall Street expectations, banking on increasing demand for its Tommy Hilfiger and Calvin Klein brand apparels and accessories.

Shares of the company, which also reported better-than-expected fourth-quarter sales and profit, rose 12 percent after the bell.

The New York-based company forecast full-year adjusted profit between $10.30 and $10.40 per share, the mid-point of which is above the average analysts’ estimate of $10.31.

Sales at Tommy Hilfiger, biggest contributor to PVH’s sales, rose 2.3 percent to $1.2 billion (£908 million) during the reported quarter.

Net income attributable to the company rose to $158.7 million, or $2.09 per share, in the fourth quarter ended February 3, from $108.5 million, or $1.39 per share, a year earlier.

Net revenue fell 0.6 percent to $2.48 billion as the year-ago quarter included an extra week.

Excluding items, PVH earned $1.84 per share.

Analysts on average had expected a profit of $1.76 on sales of $2.41 billion, according to IBES data from Refinitiv.

(Reporting by Soundarya J in Bengaluru; Editing by Shailesh Kuber)

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