PVHNYSE: PVH

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PVH gains from its brand strength and direct-to-consumer business. Its PVH+ Plan also looks encouraging.

I upgrade PVH stock from sell to buy due to improved demand outlook and visible path to margin expansion, enabling faster earnings growth than top line. Easing inflation in key markets and improved consumer sentiment have significantly boosted the demand outlook, with strong sell-through rates and improving order books. Management's cautious 3Q24 revenue decline guidance is prudent, but early signs of strong sales and record consumer engagement suggest potential outperformance.

PVH gains from its brand strength and direct-to-consumer business. Its PVH+ Plan also looks encouraging.

PVH Corp.'s 2Q24 results met expectations, with revenue declines mainly due to the sale of legacy brands, and showed sequential improvement in North America and Europe. Despite a 20% stock drop since June, fundamentals have improved, making the current 9.5x earnings valuation attractive; I maintain my Buy rating. Mixed top line performance: 2Q24 revenue down 6%, with a 3% comparable decrease; Europe showed significant improvement, while North America was flat and Asia declined.

PVH's Q2 results reflect EPS growth, driven by strong execution of the PVH+ Plan while revenues decline across all channels.

Calvin Klein parent PVH Corp (NYSE:PVH) joined today's flood of retail earnings , announcing its second-quarter report after the close yesterday.

Shares of PVH (PVH) sank in premarket trading Wednesday, a day after the parent of Calvin Klein and Tommy Hilfiger reported a 6% year-over-year second-quarter sales drop amid a "challenging consumer environment."

While the top- and bottom-line numbers for PVH (PVH) give a sense of how the business performed in the quarter ended July 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.