Earnings Review and Free Research Report: PVH's Q2 Results Topped Estimates
Research Desk Line-up: Lululemon Athletica Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 12, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on PVH Corp. (NYSE: PVH), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PVH, following the Company's announcement of its financial results on August 23, 2017 for the second quarter fiscal 2017 (Q2 FY17). The New York-based Company's total revenues and non-GAAP EPS grew 7% and 15% y-o-y, respectively; outshining market expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Textile - Apparel Clothing industry. Pro-TD has currently selected Lululemon Athletica Inc. (NASDAQ: LULU) for due-diligence and potential coverage as the Company announced on August 31, 2017 its financial results for Q2 FY17 which ended on July 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Lululemon Athletica when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on PVH; also brushing on LULU. With the links below you can directly download the report of your stock of interest-free of charge at:
http://protraderdaily.com/optin/?symbol=PVH
http://protraderdaily.com/optin/?symbol=LULU
Earnings Reviewed
In Q2 FY17, PVH's (NYSE: PVH) total revenues rose to $2.07 billion from $1.93 billion reported in Q2 FY16. Total revenues for the reported quarter topped market anticipation of $2.03 billion. Net sales increased to $1.96 billion during the reported quarter from $1.85 billion in Q2 FY16. The Company's royalty revenue came in at $81.4 million for Q2 FY17, compared to $69.9 million in the last year's same quarter. Furthermore, advertising and other revenue increased to $25.0 million in Q2 FY17 from $18.0 million in the last year's comparable quarter.
The owner of the Calvin Klein and Tommy Hilfiger brands reported GAAP net income attributable to PVH of $119.7 million, or $1.52 per diluted share, in Q2 FY17, compared to $90.5 million, or $1.11 per diluted share, in Q2 FY16. The Company's non-GAAP net income attributable to PVH was $133.1 million, or $1.69 per diluted share, for Q2 FY17, compared to $119.8 million, or $1.47 per diluted share, recorded in Q2 FY16. Meanwhile, Wall Street had expected the Company to report non-GAAP net income of $1.65 diluted per share.
Operating Metrics
During Q2 FY17, PVH's cost of goods sold was $922.6 million, compared to $899.5 million in Q2 FY16. The Company's GAAP gross profit came in at $1.15 billion, or 55.4% of total revenue, for Q2 FY17, compared to $1.03 billion, or 53.5% of total revenue, in Q2 FY16.
The Company's Q2 FY17 GAAP EBIT stood at $180.5 million, compared to $143.0 million in Q2 FY16. Furthermore, the non-GAAP EBIT for the reported was $199.7 million, compared to $182.7 million in the prior year's corresponding quarter.
PVH'S Segment Performance
Calvin Klein segment's net sales increased to $786.5 million during Q2 FY17 from $726.4 million in the prior year's same quarter. Meanwhile, the segment's non-GAAP EBIT fell to $95.5 million in Q2 FY17 from $105.7 million in the year-ago same quarter.
In the reported period, the Company's Tommy Hilfiger segment's net sales were $891.6 million, up from $860.2 million in Q2 FY16. The segment's non-GAAP EBIT also increased to $105.1 million in Q2 FY17 from $97.2 million in the year-ago corresponding quarter.
During Q2 FY17, Heritage Brand segment's sales also increased to $391.8 million from $346.7 million in the last year's same quarter. The segment's Q2 FY17 non-GAAP EBIT surged to $35.0 million from $12.0 million in Q2 FY16.
Cash Flow & Balance Sheet
During the six months ended on July 30, 2017, PVH's cash provided by operating activities was $202.9 million, compared to $409.2 million in the year ago same period. The Company had cash and cash equivalents balance of $559.4 million as on July 30, 2017, compared to $741.7 million at the close of books on July 31, 2017. Meanwhile, the Company's long-term debt decreased to $3.19 billion as on July 30, 2017, from $3.36 billion as on July 31, 2017.
Stock Repurchase
During the first six months of FY17, the Company repurchased 1.2 million shares of its common stock for $124 million. Furthermore, the Company has repurchased a total of 5.8 million shares for $565 million since the inception $1.25 billion stock repurchase program through June 03, 2020.
Outlook
The Company raised its full-year FY17 non-GAAP EPS to be between $7.60 and $7.70, up from previously provided EPS outlook range of $7.40 to $7.50.
Stock Performance
PVH Corp.'s (NYSE: PVH) share price finished yesterday's trading session at $129.60, advancing 1.44%. A total volume of 747.71 thousand shares have exchanged hands. The Company's stock price skyrocketed 22.03% in the last three months, 42.53% in the past six months, and 20.95% in the previous twelve months. Additionally, the stock soared 43.62% since the start of the year. Shares of the Company have a PE ratio of 24.76 and have a dividend yield of 0.12%. The stock currently has a market cap of $10.11 billion.
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