PVH Corp. (NYSE:PVH) rose Thursday after the company reported better-than-expected results for its fourth quarter.
The New York-based company reported fourth-quarter revenue of $2.48 billion decreased 1% (increased 2% on a constant currency basis) compared to the prior year period, including a $125-million negative impact as a result of 2017 including an additional (53rd) week
Fourth-quarter earnings per share proved to be $2.09.
The total negative impact in the fourth quarter of 2018 compared to the prior year period was approximately $125 million, comprised of (i) approximately $80 million due to one fewer week of revenue in the fourth quarter of 2018 as compared to the fourth quarter of 2017 and (ii) approximately $45 million of revenue that shifted out of the fourth quarter of 2018 due to the fiscal calendar misalignment in 2018 as compared to 2017.
In addition, as a result of the 53rd week in 2017, the fourth quarter 2018 comparable store sales are more appropriately compared with the 13-week period ended February 4, 2018 (which excludes for this purpose the first week of the fourth quarter of 2017).
Full-year revenue for 2019 is projected to increase approximately 4% (approximately 5% on a constant currency basis) as compared to 2018. GAAP basis EPS: $8.90 to $9.00 (full year) and $0.25 to $0.30 (first quarter)
The Board of Directors has also authorized a $750-million increase and extension to June 2023 of the Company’s stock repurchase program
Shares gushed $16.61, or 15%, early Thursday to $127.50
