PVH Lifts Q4, FY18 Forecast, Plans Calvin Klein Restructuring; Stock Up

(RTTNews) - Shares of PVH Corp. (PVH) gained around 6 percent in the after hours trading on Thursday after the apparel company lifted its earnings and revenue forecast for its fourth quarter and fiscal 2018.

The company currently expects revenue in the fourth quarter and full year 2018 to be at least $2.40 billion and $9.57 billion, respectively, which is above its plan.

Further, the company currently expects its adjusted earnings per share for the fourth quarter 2018 to be at least $1.75, which is $0.15 per share above the high end of its previous guidance range.

The company currently expects its full year 2018 adjusted earnings per share to be at least $9.50. The previous view was between $9.33 and $9.35 per share.

Emanuel Chirico, Chairman and Chief Executive Officer, said, "Our improved 2018 outlook reflects the power of our diversified global business model. Specifically, we are experiencing outperformance across all of our businesses relative to our previous guidance, despite the increasingly volatile macroeconomic and geopolitical environment."

Further, the company said it expects to incur pre-tax costs of approximately $120 million over the next 12 months in connection with the planned restructuring of its unit Calvin Klein Inc.

Separately, Steve Shiffman, chief executive officer of lifestyle brand Calvin Klein, unveiled a series of strategic changes to the company in response to the rapidly evolving fashion and retail landscape. The brand is relaunching the CALVIN KLEIN 205W39NYC business under a new name, design approach and creative direction.

On the NYSE, PVH shares dropped 3.5 percent on Thursday's regular trading to $98.94. In the extended trading, shares gained 5.9 percent to $104.77.
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