PVH Corp (NYSE: PVH) shares hiked Thursday just before noon, as the company reported better-than-expected results for its fourth quarter and issued a strong forecast.
The New York-based company declared fourth-quarter revenue increased 19% (13% on a constant currency basis) compared to the prior-year period.
The company also enthused over record full-year 2017 revenue of $8.9 billion, which increased 9% (7% on a constant currency basis) compared to the prior year.
2017 figures exceeded guidance and were, on a GAAP basis: $1.39 (fourth quarter) and $6.84 (full year).
Guidance is for full-year revenue to increase approximately 7% (approximately 4% on a constant currency basis) as compared to 2017. GAAP basis EPS: $8.76 to $8.86 (full year) and $2.13 to $2.18 (first quarter)
CEO Emanuel Chirico said, "Our 2017 results demonstrate our strong execution and commitment to our long-term vision. We continued to make investments that centered around areas most impacted by the changing dynamics in the industry - the growing prominence of digital, the importance of having a nimble and responsive supply chain and our ever-present commitment to driving consumer engagement.
"We encouraged our associates to be forward-thinking, with a focus on adapting to the evolving consumer environment, enhancing our brands and their competitive positioning across product lines and geographies, and better aligning our business to make it easier to initiate and effect change."
Shares in PVH galloped $7.76, or 5.4%, to $151.78, within a 52-week trading range of $96.85 to $157.96.
