By Kimberly Chin
PVH Corp. posted profits in the second quarter, as revenue grew 46% thanks to online and international shoppers drawn to its brands.
Parent company Tommy Hilfiger and Calvin Klein said profit was $ 181.9 million, down from a loss of $ 51.4 million in the previous year quarter. On a per share basis, earnings were $ 2.51, down from losses of 72 cents a year earlier. PVH had adjusted earnings of $ 2.72 per share, beating analysts’ estimates of $ 1.20 per share, according to FactSet.
Total revenue was $ 2.31 billion, up from $ 2.08 billion in the first quarter and $ 1.58 billion in the same period a year earlier. This was ahead of analyst consensus estimates of $ 2.14 billion for the second quarter.
Revenues from its international operations were above pre-pandemic levels during the quarter, PVH said.
Its digital channel revenues increased 35% from last year, while direct-to-consumer revenues increased 19% from a year ago.
Last year’s financial results were negatively affected by temporary store closures due to the onset of the Covid-19 pandemic, the company said.
Earlier this month, PVH finalized the sale of Heritage Brands, which includes the assets and intellectual property of IZOD, Van Heusen, ARROW and Geoffrey Beene, to Authentic Brands Group.
Write to Kimberly Chin at [email protected]