According to an article published on WWD Wednesday, Tommy Hilfiger and Calvin Klein helped offset weakness at parent corporation PVH’s heritage brands unit raising the company’s first-quarter revenues and profits “well above its own guidance and Wall Street’s estimates.”
The first quarter ending April 29 saw the New York-based apparel giant’s net income expand an impressive 61.5 percent to $93.1 million. Shares have risen nearly 50 cents from a year ago.
According to WWD, “Emanuel Chirico, chairman and chief executive officer, noted that the Hilfiger and Klein brands ‘continued to demonstrate their worldwide consumer appeal during the first quarter, allowing us to perform above our expectations for both revenue and EPS despite the cost pressures and economic headwinds in Europe that have impacted our industry.”
Chirico speculated that “cost pressures are expected to abate in the second half of the year.”