Tommy Hilfiger a Strong Performer for PVH in 3Q, but Pricey Calvin Klein Jeans Disappoint
We continue to view narrow-moat PVH as attractive (trading below our existing $153 valuation) after solid third-quarter results. Revenue growth of 7.1% matched our estimate for the quarter, and it raised guidance after a solid start to the holiday season. Tommy Hilfiger was the standout performer in the quarter, especially in Europe and Asia. Its international segment reported revenue and same-store sales growth of 16.4% and 13%, respectively. Heritage Brands also performed well with 8.4% revenu...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.
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