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NEW YORK, United States — PVH Corp., the apparel company that owns the Calvin Klein and Tommy Hilfiger brands, gained as much as 8.1 percent after saying that 2015 profit came in at the high end of its projections.
Earnings will be at or above $7 a share in the period, excluding some items, the New York-based company said in a statement Monday. That was the top of its earlier forecast and above the $6.96 predicted by analysts.
Demand for the Calvin Klein and Tommy Hilfiger brands helped PVH cope with the strong dollar, which lowered the value of its overseas sales. The U.S. retail market also was challenging last quarter, when warm weather in much of the country hurt sales of winter clothing, Chief Executive Officer Emanuel Chirico said in the statement.
PVH’s designer brands “enabled us to successfully navigate through the difficult macroeconomic environment,” he said.
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The stock rose as high as $79.11 in New York on Tuesday, the biggest intraday gain since June 2015. PVH shares tumbled 43 percent last year, when slow mall traffic, the strong dollar and a decrease in tourist spending took a toll on U.S. retailers.
PVH, which calls itself the world’s largest shirt and neckwear company, also sells apparel under the Van Heusen, Izod and Kenneth Cole brands.
By Nick Turner; editor: Mark Schoifet.
