Phillips-Van Heusen Corp. (PVH) posted second-quarter results in mid-August. Earnings per share of 60 cents came in slightly below last year’s 66 cents but topped the Zack Consensus Estimate by 36%. Revenue of $529.3 million slipped by 1% year-over-year.

Company Description

Phillips-Van Heusen Corp is a global designer and marketer of branded dress shirts, sportswear footwear and other similar products, offering several well-known brands. Calvin Klein, Izod, Bass and DKNY are just a few of the company’s brands.

The company grants licensing rights to its brands and holds key licenses to brands in the dress shirts, neckwear, and sportswear segments.

A Solid Quarter

Phillips-Van Heusen posted second-quarter results in mid-August. Earnings per share of 60 cents came in slightly below last year’s 66 cents but topped the Zack Consensus Estimate by 36%.

Revenue of $529.3 million came in above the company’s guidance but slipped by 1% year-over-year.

PVH noted that its wholesale and retail divisions performed better than planned, particularly the wholesale and retail sportswear businesses.

Comparable store sales of the retail divisions dipped 3% for the second quarter, which is a significant improvement from the first quarter’s drop of 8%.

Calvin Klein royalty revenue decreased 6% for the second quarter, which includes a $1.6 million negative impact from a stronger U.S. dollar. On a constant exchange rate basis, Calvin Klein royalty revenue fell 3%.

The company outpaced the market over the past year and surged past the S&P 500 by about 15% since announcing the second quarter.

Bullish Forecasts

Phillips-Van Heusen upped its full-year earnings guidance to a range of $2.30 to $2.40 per share.

Analysts polled by Zacks are even more bullish, calling for earnings of $2.42 per share. Last week the Zacks Consensus Estimate stood at $2.41 and was pegged at $2.31 1 month ago.

For the following year, the Zacks Consensus Estimate of $2.73 per share was increased from last week’s $2.70 and last month’s $2.56.

Strong Fundamentals

Phillips-Van Heusen’s return on equity (ROE) of 13% beats the industry’ average of 12%. The company’s net profit margin of 3% tops the industry average of 2%. The Growth and Income pick offers an industry-leading dividend yield of 0.4%.

Zacks Investment Research
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