PVH raises 1Q guidance
PVH increases 1st quarter net income guidance due to higher shipments, tax items
NEW YORK (AP) -- Clothing maker PVH said Tuesday that it expects first-quarter results above expectations due to higher-than-expected wholesale shipments and tax items.
PVH, previously known as Phillips-Van Heusen, sells brands like Calvin Klein, Tommy Hilfiger, Izod and Timberland. Last month it bpught rival Warnaco in a $2.9 billion deal to help cement its control of the Calvin Klein clothing brand.
In March the company said it expected first-quarter adjusted net income, excluding acquisition costs, of $1.33 per share on revenue of $1.9 billion. Now it expects adjusted earnings to be above that guidance, without stating an exact number.
Analysts expect $1.34 per share on revenue of $1.89 billion, according to FactSet.
PVH shares fell 34 cents to $114.01 in morning trading.
