PVH Corp. raises FY16 adjusted EPS to $6.70-$6.75 from $6.55-$6.65
Backs FY16 revenue growth view roughly 2%, consensus $8.21B. "The company currently expects its full year 2016 earnings per share results will be negatively impacted compared to 2015 by approximately $1.65 per share attributable to foreign currency exchange rates due to the stronger U.S. dollar against other currencies in which the Company transacts significant levels of business," PVH said in a statement. "Approximately 80% of the negative impact is expected to be on a transactional basis and approximately 20% is expected to be due to currency translation. The negative impact on a transactional basis is primarily due to our international businesses purchasing inventory in U.S. dollars, as the increased local currency value of inventory results in higher cost of goods in local currency when the goods are sold. The negative translation impact is related to the earnings generated in foreign markets, which will translate into fewer U.S. dollars."