PVH Lowers Rev Forecast, Retains Profit View - Analyst Blog
14 January 2014 - 9:50AM
Zacks
Prior to the presentation at the ICR XChange Conference to be
held on Jan 13, PVH Corp. (PVH) reaffirmed its
earnings per share (EPS) guidance for the fourth quarter and fiscal
2013 but lowered the sales outlook for both the periods.
The company has reiterated its non-GAAP earnings guidance of
$1.40 and $7.00 per share for the fourth quarter and fiscal 2013,
respectively that was announced at its third-quarter earnings
release. Currently, the Zacks Consensus Estimate for both the
periods is pegged at $1.45 and $7.04 per share, respectively, above
the company’s forecast.
However, the company has lowered its previous non-GAAP sales
guidance of $2.08 billion for the fourth quarter and $8.24 billion
for fiscal 2013 to $2.06 billion and $8.22 billion, respectively.
At present, the Zacks Consensus Estimate for both the periods is
pegged at $2,080 million and $8,244 million.
Most retailers reported lackluster results for the holiday
shopping period in 2013, followed by lowered forecasts, as
retailers suffered from reduced traffic, an intensified promotional
environment, lesser shopping days between Thanksgiving and
Christmas, numerous icy storms and sluggish consumer spending.
Retailers that lowered their guidance battered by the holiday
results include Family Dollar Stores Inc. (FDO),
American Eagle Outfitters Inc. (AEO) and L
Brands Inc. (LB).
In early Dec 2013, PVH Corp. posted better-than-expected
third-quarter results. The company's third-quarter fiscal 2013
adjusted earnings of $2.30 per share beat its own guidance of $2.25
and the Zacks Consensus Estimate of $2.26. In the quarter, PVH
Corp.’s total revenue rose 37.5% year over year to $2,259.1 million
and surpassed the Zacks Consensus Estimate of $2,222.0 million.
PVH Corp. is now focused on brand building, asset management,
global expansion and effective implementation of business
strategies to drive long-term growth. We believe that the company
is moving in the right direction, which will help it to exploit
opportunities in the lifestyle apparel market. However, lingering
macroeconomic factors could dampen its growth in the near term.
Currently, PVH Corp. carries Zacks Rank #3 (Hold).
AMER EAGLE OUTF (AEO): Free Stock Analysis Report
FAMILY DOLLAR (FDO): Free Stock Analysis Report
L BRANDS INC (LB): Free Stock Analysis Report
PVH CORP (PVH): Free Stock Analysis Report
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