Calvin Klein owner PVH profit up 38 per cent, forecast raised

NEW YORK: Apparel maker PVH Corp reported a 38 per cent rise in second-quarter profit and raised its earnings forecasts for the year, helped by higher sales of its Calvin Klein and Tommy Hilfiger brands. The company now expects earnings of $9.20 to $9.25 per share, compared with its previous forecast of $9.05 to $9.15 per share. The New York-based apparel maker, like peers Tapestry Inc and Ralph Lauren Corp , has pulled heavily discounted products from department store shelves to regain its premium brand status. “We are increasing our revenue and earnings guidance for the year, while continuing to take a prudent approach to planning our business in the second half of the year, as we experience increasing macroeconomic and geopolitical volatility around the world,” PVH Corp Chief Executive Emanuel Chirico said in a news release. Many US retailers are bracing for the impact of tariffs imposed by the Trump administration on Chinese goods. Chirico said about $400 million of its products are produced in China for the US market. “There might be an impact from tariffs, although it’s not that big a component for us,” he told CNBC. — Reuters