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Jan. 16, 2014, 2:18 PM
- A new survey on luxury spending by wealthy consumers in China indicates a soft demand trend may continue.
- Spending on gifts fell 25% last year, while overall spending by the wealthy fell 15%.
- A number of factors are in play with Chinese consumption taxes high and the government cracking down on corruption, but the underlying trend is that a surprising number of high net worth consumers are leaving China for new residences overseas.
- The good news for the sector is that some of the lost sales could be recaptured in different markets.
- Related stocks: Gucci (GUCG), Prada, Louis Vuitton (LVMUY), Coach (COH), Ralph Lauren (RL), Michael Kors (KORS), Swatch (SWGAY), Burberry (BURBY), Louis Vuitton (LVMHF), Tiffany (TIF), and Warnaco (WRC).
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)."
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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