Calvin Klein parent PVH’s sales grow 4%, but stock slides

PVH Corp. shares
PVH,
+1.59%
dropped more than 3% in the extended session Wednesday after the parent of the Calvin Klein and Tommy Hilfiger brands raised its per-share expectations for the year but reported third-quarter revenue slightly below Wall Street expectations. PVH earned $230 million, or $2.66 a share, in the quarter, swinging from a loss of $214 million, or $2.88 a share, in the prior-year period. Adjusted for one-time items, the company earned $2.90 a share. Revenue rose 4% to $2.36 billion, the company said. FactSet consensus called for adjusted earnings of $2.74 a share on sales of $2.4 billion. PVH guided for an increase of 1% on its full-year revenue, and raised its outlook for its full-year adjusted EPS to about $10.45, from about $10.35 previously. FactSet consensus calls for 2024 adjusted EPS of $10.35. The EPS raise was based on “significant progress” in the company’s performance in North America, it said.