Dec. 21, 2013, 10:44 PM
- "Investors should regard it as a clear path to faster profit growth," Jack Hough says of PVH's move to reunite Calvin Klein's product lines with the $2.9B purchase of Warnaco.
- Barron's is bullish on PVH and says the shares could gain as much as 20% next year if the Warnaco purchase is handled as well as the fist Calvin Klein deal (in 2003) and the Tommy Hilfiger buyout (in 2010).
- They have "a knack for making ... purchases pay off for shareholders," Hough says.
- See also: A lot to like with PVH
Dec. 10, 2013, 1:56 PM
- Brean Capital backs PVH (PVH +3.4%) following the retailer's worse-than-forecast guidance for FQ4.
- The investment firm acknowledges some short-term pain and takes FY14 - and FY15 EPS estimates lower - but calls the business model of PVH one of the strongest in the apparel industry.
- Solid balance sheet management by PVH and the global potential for the Tommy Hilfiger and Calvin Kein brands makes shares attractive, says Brean.
- Shares of PVH have turned around last night's AH loss into a tidy gain.
Dec. 9, 2013, 4:28 PM
- PVH shares are down 2.7% AH following a FQ3 beat but ligher-than-expected FQ4 guidance.
- Revenue expanded 38% Y/Y to $2.26B, principally on the back of a $503M in revenue from the acquisition of Warnaco. The Tommy Hilfiger unit generated revenue growth of 10%, or $87M and pre-acquisition Calvin Klein businesses 19%, or $55M, partially offset by a 6% decrease, or $29M, in Heritage Brands.
- Calvin Klein comps jumped 3% Y/Y in North America but fell 1% internationally in FQ3. Tommy Hilfiger comps rose 3% in N.A. and 4% in Europe. Heritage Brands comps declined 3%.
- Management guides for Q4 EPS of $1.40-$1.60 (vs. analyst consensus of $1.54) and revenue of $2.08B (vs. $2.14B).
- Conference call at 9am ET tomorrow, PR
Dec. 9, 2013, 4:07 PM
Dec. 9, 2013, 12:10 AM
Dec. 8, 2013, 5:35 PM
Oct. 2, 2013, 6:42 PM
- PVH is unloading footwear brand G.H. Bass & Co., owned by the company since 1987, to G-III Apparel (GIII) for $50M in cash. The deal is expected to close in Q4. (PR)
- PVH expects the sale to hurt its 2013 EPS by $0.05, and to be dilutive by $0.15/share on a full-year basis. Nonetheless, the company is reaffirming its guidance for 2013 EPS of $7. It's also raising its Q3 EPS guidance to $2.25, above prior guidance of $2.20 and a $2.22 consensus.
Sep. 9, 2013, 6:49 PM
- PVH Corp. (PVH) Q2 beats across the board, but the shares are lower after-hours as the company lowers guidance for Q3.
- Net earnings however swung to a loss, as acquisition costs offset a 47% rise in total sales Y/Y.
- Tommy Hilfiger revenue rose 11% to $799M, as same- store sales were up 10% in North America and 11% in its international business.
- Calvin Klein revenue more than doubled to $671M, mainly due to the Warnaco acquisition.
- Total gross margin narrowed to 54.4% from 55.6%.
- For the current quarter, the company expects its EPS to come in around $2.20 a share on revenue of $2.2B, below Street estimates of $2.28 per share on revenue of $2.23B.
- Shares -4.3% AH.
Sep. 9, 2013, 4:21 PM
Sep. 9, 2013, 2:21 PM
- Deutsche Bank hikes its PT on PVH to $145 ($125 previous) and reiterates a Buy rating ahead of the company's Q2 results announcement later today.
- Analyst Greg Poole expects an in-line Q2, a modest raise, and continued long-term growth. Poole notes, "Despite a recent slowdown in U.S. apparel industry trends, the market should continue to like the PVH story given: (1) potential synergies from the Warnaco integration, (2) out-year payoffs to this year's investments, and (3) a high-quality play on global growth (particularly if Europe is bottoming)."
Sep. 9, 2013, 12:10 AM
Sep. 8, 2013, 5:35 PM
Aug. 28, 2013, 10:50 AM
- Retail traffic to U.S. stores has declined in 8 out of the last 10 weeks, according to data compiled from ShopperTrak.
- Though a few on-trend firms such as Michael Kors (KORS +0.1%) and Express (EXPR +8.5%) are still firing on all cylinders, and a heat wave in the Midwest has had an effect, the overall trend for the back-to-school season and holiday season looks weak.
- Analysts also think consumers are likely to pick up their reliance on deals as discretionary spending on housing and automobiles "crowds out" normal outlays.
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Aug. 12, 2013, 12:02 PM
- Goldman's Lindsay Drucker Mann resumes TIF, RL at Neutral, PVH at Buy.
- Tiffany & Company (TIF +0.1%) is resumed at Neutral (six-month PT $84) as optimism regarding a "compelling long-term earnings runway ... is tempered by near-term earnings headwinds, including currency and an early-stage US turnaround effort."
- Ralph Lauren (RL -0.8%) is resumed at Neutral (six-month PT $205). The retailer has delivered "consistent top-line and EPS growth" for a decade against a "backdrop ... loaded with fashion and execution risk."
Jun. 13, 2013, 9:11 AM
Jun. 12, 2013, 5:30 PM
PVH vs. ETF Alternatives
PVH Corp is an apparel company, which designs and markets branded dress shirts, neckwear, sportswear,jeanswear, intimate apparel, swim productsand, to a lesser extent, footwear and other related products.
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