The maker of Tommy Hilfiger and Speedo reported better-than-expected earnings and the stock is jumping
PVH Corp. announced higher than expected earnings for the fourth quarter and full year 2015 Wednesday sending the stock jumping.
The maker of such clothing brands as Speedo, Tommy Hilfiger, and Calvin Klein reported earnings per share of $1.52 against expectations of $1.46 per share. Additionally, the company generated $2.11 billion in revenue against expectations of $2.07 billion.
The company also announced that it will acquire the rest of the Tommy Hilfiger Chinese branch.
"More specifically, we announced that we will acquire the remaining 55% stake in our Tommy Hilfiger China joint venture, providing us with the opportunity to further strengthen our market position in China," said CEO Emanuel Chirico in a release accompanying the earnings.
After the earnings the stock jumped by around 5% to $92.00 from its closing price of $87.63.
Google Finance
More to come...