PVH Corp. (PVH) has reported a 69.60 percent plunge in profit for the quarter ended Apr. 30, 2017. The company has earned $70.40 million, or $0.89 a share in the quarter, compared with $231.60 million, or $2.83 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $130.20 million, or $1.65 a share compared with $122.80 million or $1.50 a share, a year ago.

Revenue during the quarter grew 3.71 percent to $1,989 million from $1,917.80 million in the previous year period. Gross margin for the quarter expanded 184 basis points over the previous year period to 54.34 percent. Total expenses were 94.31 percent of quarterly revenues, up from 84.64 percent for the same period last year. That has resulted in a contraction of 967 basis points in operating margin to 5.69 percent.

Operating income for the quarter was $113.20 million, compared with $294.60 million in the previous year period.

However, the adjusted operating income for the quarter stood at $192.50 million compared to $188.50 million in the prior year period. At the same time, adjusted operating margin contracted 15 basis points in the quarter to 9.68 percent from 9.83 percent in the last year period.

Commenting on these results, Emanuel Chirico, chairman and chief executive officer, noted, "We continue to experience strong momentum in our Calvin Klein and Tommy Hilfiger businesses, which allowed us to exceed both our sales and earnings guidance for the first quarter despite the volatile macroeconomic environment and the highly promotional retail market in the U.S." Mr. Chirico continued, “Our first quarter performance underscored the power of our diversified business model and the strength in our international businesses. We believe that our brands, led by CALVIN KLEIN and Tommy Hilfiger, continue to resonate with consumers and are gaining market share against our competition. As the global retail environment shifts, we continue to focus on adapting to change, while investing in our brands and operating platforms to capitalize on the opportunities for each of our businesses."

For the second-quarter 2017, PVH Corp. expects revenue to grow at 5 percent and forecasts adjusted revenue to grow at by 7 percent. The company forecasts diluted earnings per share to be in the range of $1.35 to $1.38. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $1.60 to $1.63.

For financial year 2017, PVH Corp. expects revenue to grow at 3 percent and forecasts adjusted revenue to grow at 5 percent. The company forecasts diluted earnings per share to be in the range of $6.24 to $6.34 and forecasts diluted earnings per share to be in the range of $7.40 to $7.50 on adjusted basis.