PVH Corp. Profit Rises In Q1, Beats estimates

PVH Corp. (PVH) revealed earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company’s bottom line totaled $133.1 million, or $1.94 per share. This compares with $99.9 million, or $1.38 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $1.61 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 1.9% to $2.12 billion from $2.08 billion last year.

PVH Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $133.1 Mln. vs. $99.9 Mln. last year.
-EPS (Q1): $1.94 vs. $1.38 last year.
-Analyst Estimate: $1.61
-Revenue (Q1): $2.12 Bln vs. $2.08 Bln last year.

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European Shares Inch Higher Ahead Of Key US Data

European stocks rose broadly on Thursday as investors reacted favorably to the latest Federal Reserve meeting minutes, indicating large rate hikes now while allowing Fed officials room for flexibility later in the year.

Meanwhile, market participants looked ahead to the release of key U.S. GDP, labor and housing market data later in the day for further clues about the outlook for the world’s largest economy.

The pan European Stoxx 600 edged up 0.2 percent to 435.31 after gaining 0.6 percent on Wednesday.

The German DAX rose 0.4 percent and France’s CAC 40 index gained half a percent while the U.K.’s FTSE 100 was marginally lower as the pound held steady, having briefly touched a three-week peak at $1.2612.

BT Group shares slumped 4.5 percent on news that Britain’s business minister will launch a national security review of a deal by the telecoms group’s biggest shareholder Patrick Drahi to increase his stake in BT to 18 percent.

Johnson Matthey plummeted 5.4 percent. The specialty chemicals and sustainable technologies company has agreed to sell a portion of its Battery Materials business to chemicals and cathode active materials producer EV Metals Group Plc for GBP 50 million in cash plus a minority equity stake in the buyer.

Casper’s Ice Cream Recalls Red Button Vintage Ice Cream

Richmond, Utah-based Casper’s Ice Cream is recalling its 56 ounce tubs of “Red Button Vintage Creamery Canadian Vanilla Ice Cream” due to undeclared allergen, the U.S. Food and Drug Administration said.

According to the agency, a limited number of the product were mispackaged with Burnt Almond Fudge Ice Cream containing undeclared almonds.

The product comes in a 56 ounce, paperboard tub packaging marked with lot # 344-21-946 and an expiration date of 12/10/24. The UPC for the product is 077865010017.

The recalled Red Button Canadian Vanilla ice cream were distributed throughout the mountain west states in Associated Foods retail stores.

The recall was initiated after it was discovered that the Burnt Almond Fudge-containing product was distributed in packaging of Canadian Vanilla. Following the investigation, it was found that the issue was caused by a temporary breakdown in the company’s production and packaging processes.

People who have allergies to almonds may get serious or life-threatening allergic reaction if they consume these products.

However, the company has not received any reports of illnesses related to the recalled product to date.

Consumers are urged to return the affected product to the place of purchase for a full refund.

U.S. Construction Spending Rises Less Than Expected In April

Construction spending in the U.S. increased by less than expected in the month of April, according to a report released by the Commerce Department on Wednesday.

The report showed construction spending edged up by 0.2 percent to an annual rate of $1.745 trillion in April after rising by 0.3 percent to a revised rate of $1.741 trillion in March.

Economist had expected construction spending to climb by 0.5 percent compared to the 0.1 percent uptick originally reported for the previous month.

The modest increase in construction spending came as spending on private construction rose by 0.5 percent to an annual rate of $1.395 trillion.

A 0.9 percent advance in spending on residential construction was partly offset by a 0.2 percent dip in spending on non-residential construction.

Meanwhile, the report showed spending on public construction slid by 0.7 percent to an annual rate of $350.1 billion.

Spending on educational construction declined by 0.7 percent, while spending on highway construction edged down by 0.1 percent.

The Commerce Department noted total construction spending in April was up 12.3 percent compared to the same month a year ago.

Remy Cointreau Annual Earnings Surge

Remy Cointreau (REMYF.PK), a French spirits firm, on Thursday posted a significant surge in earnings for fiscal 2021-22, reflecting an increase in segment sales.

For the 12-month period, the company posted a net profit -group share of 212.5 million euros or 4.21 euros per share, up 47 percent from 144.5 million euros or 2.89 euros per share a year ago.

Adjusted net earnings were 228.1 million euros or 4.52 euros per share, compared to 148.2 million euros or 2.96 euros per share of previous fiscal.

Operating profit moved up to 320.3 million euros, from 235.9 million euros last year.

Current operating profit was at 334.4 million euros as against 236.1 million euros last year.

The French firm generated sales of 1.312 billion euros on a reported basis, 30 percent higher than 1.010 billion euros of previous fiscal. Sales grew 27.3 percent organically.

The Cognac and Liqueurs & Spirits divisions recorded sales of 948.3 million euros and 333.2 million euros, respectively, compared to 735 million euros and 248.3 million euros a year ago.

Further, Remy Cointreau said it will propose an ordinary cash dividend of 1.85 euros per share and an exceptional dividend of 1.0 euro per share at the annual general meeting on July 21.

Looking ahead, Rémy Cointreau said it is starting fiscal year 2022-23 with confidence.

For the fiscal 2029-30, the company continues to expect to post a gross margin of 72 percent and a current operating margin of 33 percent.