PVH’s net sales for Q2 increased six per cent compared to the same period last year. The corporation also saw its stock reach its highest level yet in 2017, jumping 3.5 per cent.
This was possible thanks to increased sales from Calvin Klein and Tommy Hilfiger. Sales for Calvin Klein increased eight per cent compared to the same period last year, while Tommy Hilfiger revenues grew four per cent.
While the Tommy Hilfiger brand saw strong sales in Europe and Asia with a nine per cent increase in international sales overall, its North American revenues fell two per cent. Calvin Klein’s sales also fell in North America by one per cent, mostly due to its deconsolidation in Mexico.
PVH has raised its full year earnings outlook based on its second quarter outperformance and an improvement in foreign currency rates. The strength of its brands will continue to drive its second half performance.
PVH will also devote more funds to its major brands after reviewing the second quarter results. In addition, in line with its projected full year sales increase, it is planning to invest an additional ten million dollars in marketing during the second half of this year.