Shares of PVH Corp. jumped after-hours on Wednesday after the maker of Calvin Klein and Tommy Hilfiger clothing offered a more upbeat full-year forecast, following a third quarter that was aided by price increases for clothing. Executives said they expected full-year sales to be "at the top end of previous guidance range," for a decrease of around 3% year-over-year, compared with a prior forecast for a drop of between 3% and 4%. PVH forecast adjusted earnings per share of $8.25, compared with a prior forecast for $8. Shares rose 10.2% after hours. For the third quarter, the company reported a loss of $186.7 million, or $2.88 a share, contrasting with a $279.7 million profit, or $3.89 a share, in the prior-year quarter. Sales were $2.14 billion, compared with $2.21 billion in the same quarter last year. Adjusted for goodwill and cost savings plans, PVH earned $2.60 a share, compared with $2.67 in the period in 2021. Analysts polled by FactSet expected adjusted earnings of $2.18 a share on revenue of $2.23 billion. Chief Executive Stefan Larsson noted "continuing macroeconomic headwinds," but said PVH's "pricing power" held steady, and he said he was encouraged by trends in North America. "Our international businesses continued to execute well across both brands, even as macro conditions remain challenging in Europe and COVID impacts continued in Asia," he said.
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