Shares of PVH Corp. (NYSEW:PVH) jumped Tuesday after the bell on a strong earnings report.
The Calvin Klein topped earnings expectations by 71 cents a share, while revenue came in a $2.49 billion and above a Refinitiv estimate of $2.37 billion.
The retail company also shares better-than-expected guidance for the first quarter and full year.
Revenue is projected to increase 3% to 4% as compared to 2022 (increase 2% to 3% on a constant currency basis), which reflects a benefit of less than 1% from the 53rd week in 2023.
Operating margin is projected to be approximately 10%.
EPS is projected to be approximately $10.00 compared to $3.03 on a GAAP basis and $8.97 on a non-GAAP basis in 2022. The 2023 EPS projection includes the estimated positive impact of approximately $0.15 per share related to foreign currency translation. EPS on a GAAP basis for 2022 included the amounts described under the heading “Non-GAAP Exclusions” later in this release. EPS on a non-GAAP basis excluded these amounts.
Interest expense is projected to increase to approximately $100 million compared to $83 million in 2022 primarily due to higher interest rates.
Effective tax rate is projected to be approximately 24%.
PVH shares began trading Tuesday up $13.85, or 18.8%, to $87.47.
