Market Insider

PVH shares advance as Calvin Klein, Tommy Hilfiger drive Q1 beat

Calvin Klein store.
Cameron Spencer | Getty Images

PVH's stock rose more than 4 percent Thursday as investors cheered the company's latest quarterly results.

The clothing company reported adjusted first-quarter earnings per share of $1.50 on revenue of $1.92 billion, beating analysts' estimates, as its Calvin Klein and Tommy Hilfiger businesses led the way.

Quarterly revenues from Calvin Klein increased 13 percent year over year, while Tommy Hilfiger's rose 4 percent.

The company also raised its full-year earnings guidance to a range of $6.45-$6.55 from $6.30-$6.50.

"Looking ahead to the remainder of 2016, we are increasing our earnings guidance on a non-GAAP basis for the year, while continuing to take a prudent approach to planning our business, as foreign currency and global consumer spending remain unpredictable and the U.S. retail market is increasingly volatile and promotional," CEO Emanuel Chirico said in a statement Wednesday.

Analysts at Piper Jaffray raised their price target on PVH's stock to $109 from $103 following the earnings release.

"While PVH is not immune to the domestic consumer malaise, we are pleased by the initial Q2 EPS guide of $1.25-$1.30 — ahead of the Street's $1.21 and implies a 24-28% Y/Y CC growth rate. We believe the strength in both Europe and China is solid for the brand portfolio to date," they said in a note to clients Wednesday.

PVH's stock has soared more than 27 percent this year, but has slid about 4 percent over the past month.

PVH 1-month chart

Source: FactSet

—Reuters contributed to this report.

Disclosure: Piper makes a market in PVH.