PVH Corp. (PVH) shares surged 8.12% in after-hours on Tuesday, August 31, 2021, and closed the daily trading at $113.30. In the regular trading session of Tuesday, PVH’s stock lost 1.79%. PVH shares have risen 87.93% over the last 12 months, and they have moved down by 5.27% in the past week. Over the past three months, the stock has lost 4.22%, while over the past six months, it has shed 0.52%.
Let’s have a look at its latest news.
PVH recent financial results announcement
On August 31, 2021, PVH Corp reported its 2021 second-quarter results, which ended on August 1, 2021.
Q2 2021 financial highlights
- The company earned revenue of $2.313 billion inQ2 2021 compared to $1.58 billion in Q2 2020.
- In Q2 2021, the gross margin was 57.7% as compared to 55.9% in the prior-year period.
- It suffered a net loss of $181.8 million in Q2 2021 compared to a net loss of $51.7 million in Q2 2020.
- On a GAAP basis, EPS was$2.51 for the second quarter of 2021 compared to a loss per share of $0.72 in the prior-year period.
FY 2021 financial guidance
- For FY 2021, the company is expecting that revenue will increase 26% to 28% as compared to 2020.
- For Q3 21, revenue is projected to increase by 11% to 13% compared to the prior-year period.
- The company predicting that earnings per share on a non-GAAP basis will be approximately $8.50 for FY 21 compared to a loss per share of $1.97 in 2020.
PVH sold its Heritage Brands
On August 02, 2021, PVH Corp completed its previously announced sale of certain intellectual property and other assets of its Heritage Brands business to Authentic Brands Group (ABG). The cash purchase price for the transaction, which includes the IZOD, Van Heusen, ARROW and Geoffrey Beene trademarks and certain related inventories and other assets, was $223 million, subject to adjustment.
PVH Corporate Responsibility report
On June 10, 2021, PVH Corp published its 2020 Corporate Responsibility (CR) report, noting progress toward key targets in the company’s Forward Fashion CR strategy to advance inclusion and diversity, environmental sustainability, and human rights, and fight climate change.
This report marks the 13th publication of PVH’s global CR data, available to all stakeholders, as the company furthers its commitment to transparency and accountability.
PVH corporate update
On June 3, 2021, PVH Corp announced that Mike Shaffer and Cheryl Abel-Hodges, who have both played important roles in shaping PVH’s strong foundation, will be leaving PVH in the coming months. Shaffer, Chief Operating and Financial Officer will be leaving in September to pursue other opportunities.
Abel-Hodges will be stepping down as CEO of Calvin Klein and moving to an advisory position with effect from July 1 through February 2022. Trish Donnelly, CEO, PVH Americas, who has had oversight of Calvin Klein, will take full global leadership responsibility for the business.
Conclusion
PVH stock went up in the after-hours on Tuesday after the company announced its top-notch financial results for Q2 2021 and we can expect it to continue its streak on Wednesday as well.
