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
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.
紐交所的PVH Corp（紐交所：PVH）股票在週三暴跌，這家品牌服飾公司公佈了令人失望的第二季度盈利報告，該公司擁有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.
- 高盛分析師布魯克·羅奇維持買入評級並將價格目標維持在144美元。
- 摩根大通分析師馬修·博斯重申超配評級，並將價格目標維持在154美元。
Check out other analyst stock ratings.
查看其他分析師的股票評級。
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報告調整後的每股收益爲3.01美元，超過每股2.29美元的共識，主要受到來自"一項未經計劃的有利稅務結算"的55美分每股的好處，羅奇說。
Revenues declined by 6% year-on-year, but came in better than market expectations of a 6.3% contraction, she added.
營業收入同比下降6%，但好於市場預期的6.3%的收縮，她補充道。
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，但那只是爲了反映稅收收益，公司仍預計營業收入將下降6%至7%。
"The guidance also embeds an incremental [5 cent] headwind from FX and a more favorable interest outlook," Roach said.
羅奇說：「該指引還包含外匯的額外[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."
公司發佈了令人失望的第三財季指引，稱"全球宏觀經濟背景日益嚴峻"，並提到"中國和澳洲的市場疲軟。"
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稅收利益的影響，Boss說。
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.
管理層有效地"通過利用第二季度約0.20美元的基本每股收益超出預期來降低了營業收入和毛利率的後半年前景"，他補充說。
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.
管理層假設第二季度結束時出現的疲軟趨勢，特別是在美國和中國，將持續到年後半段，"另外還嵌入了宏觀背景動態可能導致的更多促銷活動"，分析師寫道。調整後盈利的指引意味着在中點處，營業利潤率將同比收縮約150個點子，他進一步指出。
PVH Price Action: Shares of PVH had declined by 6.24% to $97.94 at the time of publication on Wednesday.
PVH股價走勢：PVH的股價在週三出版時下跌了6.24%，至97.94美元。
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