Upcoming AWS Coverage on Vince Holding Post-Earnings Results
LONDON, UK / ACCESSWIRE / December 7, 2016 / Active Wall St. announces its post-earnings coverage on PVH Corp. (NYSE: PVH). The Company posted its third quarter fiscal 2016 financial results on November 30, 2016. The clothing company's earnings and sales numbers outperformed market expectations. Register with us now for your free membership at: http://www.activewallst.com/register/.
One of PVH Corp.'s competitors within the Textile - Apparel Clothing space, Vince Holding Corp. (NYSE: VNCE), will report its Q3 2016 financial results pre-market on Thursday, December 8, 2016. The Company will also hold a conference call to discuss its financial results on the same day at 8:30 a.m. ET. AWS will be initiating a research report on Vince Holding in the coming days.
Today, AWS is promoting its earnings coverage on PVH; touching on VNCE. Get our free coverage by signing up to:
For the three months ended on October 30, 2016, PVH generated revenue of $2.24 billion compared to revenue of $2.16 billion for the year ago same period. The Company's sales number topped analysts' forecasts of $2.23 billion.
PVH's earnings before interest and taxes on a GAAP basis decreased to $198 million for Q3 2016 compared to $254 million in the prior year's same period, principally driven by an increase of $43 million of net costs. Earnings before interest and taxes on a non-GAAP basis for the reported quarter was $276 million, inclusive of a $41 million negative impact due to foreign currency exchange rates, compared to $288 million in the prior year's comparable period.
The company posted net income attributed to PVH Corp. of $126.2 million, or $1.56 per share, for Q3 2016 compared to net income attributed to PVH Corp. of $221.9 million, or $2.67 per share in Q3 2015. On an adjusted basis, the company posted earnings of $2.60 per share, which also surpassed Wall Street's expectations of $2.41 per share.
During Q3 2016, revenue in PVH's Calvin Klein business increased 9% to $891 million compared to the prior year's same period. Calvin Klein International revenue increased 16% on a y-o-y basis to $389 million, including a 7% increase in comparable store sales. Calvin Klein North America revenue increased 5% to $502 million compared to the prior year's same period primarily driven by continued healthy growth in the wholesale business. North America retail revenue was flat compared to the prior's year same period as square footage expansion in company-operated stores was offset by a 5% comparable store sales decline driven by continued weakness in traffic and consumer spending trends in Calvin Klein's US stores located in international tourist locations. The segment's earnings before interest and taxes on a GAAP basis for Q3 2016 decreased to $69 million compared to $142 million in the prior year's same period.
For Q3 2016, PVH's revenue from its Tommy Hilfiger business increased 4% to $927 million compared to Q3 2015. Tommy Hilfiger International revenue surged 16% on a y-o-y basis to $525 million compared to the prior year's period. This increase was driven by continued strong growth in Europe, including a 10% increase in comparable store sales, and the Company's April 2016 acquisition of the 55% interest in its joint venture for Tommy Hilfiger in China that it did not already own. Tommy Hilfiger North America revenue decreased 7% to $402 million compared to the prior year's same period. Earnings before interest and taxes on a GAAP basis for the quarter decreased to $116 million compared to $126 million in the prior year's same period.
Revenue in PVH's Heritage Brands business fell 8% to $426 million for Q3 2016 compared to Q3 2015, primarily attributed to the rationalization initiatives implemented in 2015 that continued to impact the business in 2016, and consisted of the exit from the Izod retail business and the discontinuation of several licensed product lines in the dress furnishings business. Heritage Brands?s Earnings before interest and taxes on a GAAP basis for the reported quarter increased to $44 million compared to $26 million in the prior year's same period.
During the first nine months of 2016, PVH repurchased approximately 2.3 million shares of its common stock for $226 million under the $500 million three-year stock repurchase program authorized by the Board of Directors in June 2015.
For Q4 2016, PVH is projecting earnings per share on a GAAP basis in the range of $0.99 to $1.04 compared to $1.63 in Q4 2015. The Company currently projects earnings per share on a non-GAAP basis to be in a range of $1.13 to $1.18 for Q4 2016 compared to $1.52 in the prior year's same period. Revenue in Q4 2016 is currently projected to decrease approximately 1% (increase approximately 1% on a constant currency basis) compared to the prior year's same period.
PVH Corp.'s share price finished yesterday's trading session at $106.49, slightly down 0.44%. A total volume of 1.11 million shares exchanged hands, which was higher than the 3 months average volume of 940.89 thousand shares. The stock has advanced 10.09% and 32.54% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the company have soared 44.83%. The stock is trading at a PE ratio of 14.93 and has a dividend yield of 0.14%.
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SOURCE: Active Wall Street