PVH earnings surge

Fashion concern Phillips-Van Heusen Corp reported a rise in second quarter earnings of 23.2 percent, thanks to the strong performance of the Calvin Klein licensing business. Its fragrance Euphoria did particularly well. “The strength of the Calvin Klein brand and our execution of the strategies we have implemented for that brand continue to fuel earnings increases in our Calvin Klein men’s better sportswear, Calvin Klein outlet retail, and notably, Calvin Klein Licensing business,” chief executive Emanuel Chirico said in a statement. Net income for the quarter ended 30 July increased to $29 million (£15.4 million), up from $23.5 million last year. Revenues jumped 3.5 percent to $458.9 million, including a sales increase of 2.4 percent to $407.1 million. For the first six months, net income surged 60.3 percent to $77.7 million. Revenues for the period gained 5.4 percent to $965.4 million, including a sales gain of 5 percent to $861.3 million. “Our strategy of marketing our nationally recognized brands across multiple channels of distribution continues to benefit our bottom line,” Chirico said. “We remain focused on maximizing the growth opportunities for Calvin Klein and our wholesale businesses. Further, the continued strengthening of our balance sheet enables us to support these initiatives as well as look for additional vehicles for future growth.” Brands in PVH’s stable include Michael Kors, Kenneth Cole and Geoffrey Beene.

Leave a Reply

Your email address will not be published. Required fields are marked *