PVH Corp Q1 results beat estimates amid boost from China

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PVH Corp Q1 results beat estimates amid boost from China
Credit: © Reuters.

Investing.com -- PVH Corp reported 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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