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PVH Corp Q1 results beat estimates amid boost from China

Investing.com -- PVH Corp reported Wednesday fiscal first-quarter results that topped Wall Street estimates as the return of China consumers from the COVID hiatus spurred growth.     

PVH Corp (NYSE:PVH) was flat following the report.

The company reported Q1 EPS of $2.14 on revenue of $2.16 billion, beating estimates of $1.93 on revenue of $2.12B.

Revenue growth was driven by "solid performance in its international businesses, particularly in the Asia Pacific region, including 44% growth in local currency in China following the lifting of COVID restrictions in the fourth quarter of 2022," the company said. 

Gross margin fell to 57.9% from 58.4 in the same period a year earlier, pressured by higher product costs. 

Tommy Hilfiger revenue increased 5%, while Calvin Klein revenue was flat compared to the prior year period.

Looking ahead, the company forecasts EPS to be approximately $10.00 compared to $3.03 on a GAAP basis and $8.97 on a non-GAAP basis in 2022. While revenue was expected to climb 3% to 4% as compared to 2022.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.