PVH Posts Q2 Beat, But Analysts Expect Softer Trends In US And China To Continue
PVH Posts Q2 Beat, But Analysts Expect Softer Trends In US And China To Continue
Revenues declined by 6% year-on-year, but came in better than market expectations of a 6.3% contraction, she added.Shares of PVH Corp (NYSE:PVH) — the owner of Tommy Hilfiger, Calvin Klein, Warner's, Olga and True & Co. — tanked Wednesday after the clothing company reported downbeat second-quarter earnings.
纽交所的PVH Corp（纽交所：PVH）股票在周三暴跌，这家品牌服饰公司公布了令人失望的第二季度盈利报告，该公司拥有Tommy Hilfiger、Calvin Klein、Warner's、Olga和True & Co。
- Goldman Sachs analyst Brooke Roach maintained a Buy rating and price target of $144.
- JPMorgan analyst Matthew Boss reiterated an Overweight rating and price target of $154.
- 高盛分析师布鲁克·罗奇维持买入评级并将价格目标维持在144美元。
- 摩根大通分析师马修·博斯重申超配评级，并将价格目标维持在154美元。
Check out other analyst stock ratings.
查看其他分析师的股票评级。
Goldman Sachs: PVH reported adjusted earnings of $3.01 per share, beating consensus of $2.29 per share, driven mainly by a 55 cents per share benefit from "an unplanned favorable tax settlement," Roach said.
高盛：PVH报告调整后的每股收益为3.01美元，超过每股2.29美元的共识，主要受到来自"一项未经计划的有利税务结算"的55美分每股的好处，罗奇说。
Revenues declined by 6% year-on-year, but came in better than market expectations of a 6.3% contraction, she added.
营业收入同比下降6%，但好于市场预期的6.3%的收缩，她补充道。
PVH raised its full-year earnings guidance, but that was to reflect the tax benefit, and the company still expects a revenue decline of between 6% and 7%.
PVH提高了全年盈利指引，但那只是为了反映税收收益，公司仍预计营业收入将下降6%至7%。
"The guidance also embeds an incremental [5 cent] headwind from FX and a more favorable interest outlook," Roach said.
罗奇说：“该指引还包含外汇的额外[5美分]不利因素和更有利的利率展望。”
The company released disappointing guidance for the fiscal third quarter, citing "an increasingly challenged global macroeconomic backdrop" and "softness in China and Australia."
公司发布了令人失望的第三财季指引，称"全球宏观经济背景日益严峻"，并提到"中国和澳洲的市场疲软。"
JPMorgan: PVH's full-year guidance reflect a flow-through of the second quarter's tax benefit, Boss said.
摩根大通：PVH今年全年指引反映了第二季度税收利益的影响，Boss说。
Management has effectively "de-risked" the revenue and gross margin outlook for the back half "by using 2Q's ~$0.20 fundamental EPS beat as an offset," he added.
管理层有效地"通过利用第二季度约0.20美元的基本每股收益超出预期来降低了营业收入和毛利率的后半年前景"，他补充说。
Management assumes that the softer trends witnessed exiting the second quarter, notably in the U.S. and China, would continue throughout the back half of the year, "in addition to embedding a potentially more promotional backdrop in 2H as a result of the dynamic macro backdrop," the analyst wrote. The guidance for adjusted earnings implies an operating margin contraction of around 150bps year-on-year at the midpoint, he further stated.
管理层假设第二季度结束时出现的疲软趋势，特别是在美国和中国，将持续到年后半段，"另外还嵌入了宏观背景动态可能导致的更多促销活动"，分析师写道。调整后盈利的指引意味着在中点处，营业利润率将同比收缩约150个基点，他进一步指出。
PVH Price Action: Shares of PVH had declined by 6.24% to $97.94 at the time of publication on Wednesday.
PVH股价走势：PVH的股价在周三出版时下跌了6.24%，至97.94美元。
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