PVH Corp Raises FY21 Outlook; CFO Mike Shaffer Steps Down

(RTTNews) - PVH Corp. (PVH) on Wednesday raised its outlook for fiscal year 2021. Earnings per share is now expected at $5.50 from the earlier estimate of $5.00, while adjusted earnings per share has been raised to $6.50 from the earlier projection of $6.00. Full-year revenues is expected to increase 24-26 percent in comparison to last year. On a constant currency basis, the increase is 21-23 percent.

Analysts polled by Thomson Reuters expect the company to report earnings of $6.16 per share on revenues of $8.87 billion in the year ahead.

The company also provided outlook for the second quarter. In that period, PVH expects earnings per share between $0.79 and $0.82. On an adjusted basis, earnings per share are projected between $1.15 and $1.18.

Quarterly revenues are expected to rise 34-36 percent compared to last year. On a constant currency basis, the increase is 29-31 percent.

Analysts polled by Thomson Reuters expect the company to report earnings of $1.22 per share on revenues of $2.1 billion during the quarter.

Separately, PVH also announced certain leadership changes to its global organization. Mike Shaffer, Chief Operating and Financial Officer will step down from his post in September and an external search has been announced for his successor.

Cheryl Abel-Hodges will step down as Chief Executive Officer of Calvin Klein and move to an advisory position with effect from July 1 through February 2022. Trish Donnelly, CEO, PVH Americas, will take full global leadership responsibility for the business.