Narrow-Moat PVH Is Expanding Its Key Brands in New Markets
Narrow-moat PVH’s adjusted earnings per share of $2.46 in 2019’s first quarter exceeded our forecast of $2.39. Sales of $2.36 billion nearly matched our forecast of $2.37 billion, while adjusted operating margin of 11.3% beat our 11.1% estimate. The adjusted operating margin outperformance was mainly due to good results for Calvin Klein in Europe and the North American wholesale channel. The 13.3% adjusted operating margin for Calvin Klein exceeded our 12.5% estimate and was a 110-basis-point im...PVH is a branded apparel company. The company designs and markets branded dress shirts, neckwear, sportswear, jeanswear, performance apparel, intimate apparel, underwear, swimwear, swim products, handbags, accessories, footwear and other related products. The company also licenses the use of its trademarks to third parties and joint ventures. The company's businesses include: Tommy Hilfiger, which consists of the Tommy Hilfiger North America and Tommy Hilfiger International segments; Calvin Klein, which consists of the Calvin Klein North America and Calvin Klein International segments; and Heritage Brands, which consists of the Heritage Brands Wholesale and Heritage Brands Retail segments.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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