PVH (PVH) will report Q1 earnings after the market closes today (4:30 ET last quarter) with a conference call at 9 ET tomorrow.

Current Cap IQ consensus estimates Q1 adj. EPS of $2.45 (vs $2.36 last year) on revs of $2.37 bln (+2.4% Y/Y). 

  • Current Q1 guidance calls for adj. EPS of $2.40-2.45 on revs growth of 2%

  • PVH will provide Q2 guidance in the press release

    • Current Cap IQ consensus estimates Q2 adj. EPS of $2.42 (vs $2.18 last year) on revs growth of 3.3% to $2.41 bln

  • PVH will also update FY 19 guidance which currently calls for adj. EPS of $10.30-10.40 on revs growth of +4%

    • Current Cap IQ Consensus estimates FY 19 EPS of $10.43 (vs $9.60 in FY 18) on revs of $10.03 bln (+4%). 

Last quarter, PVH beat Q4 estimates and provided upside revenue guidance. PVH also announced a $750 mln share repurchase increase. Other Q4 notables:

  • Europe continues to be an ‘exceptional market' for both Tommy Hilfiger and Calvin Klein despite the soft macro environment

  • PVH continues to believe is Calvin Klein's single largest growth opportunity in the near term

  • Calvin Klein revs flat

    • China CK retail comps -1%

  • Tommy sales +5%

    • International revs +7% w/ retail comps +16%

    • NA retail comps +5%

  • Heritage revs -5% w/ flat comps

TECHS:

PVH has an $8 bln market cap and trades at a forward PE of 12x vs peers GIII (12x) and RL (16.6x)

PVH shares have been under heavy pressure in the last month as shares have fallen ~20% on no real news other than the broader market struggling.

TRADE: JUN21 90P