PVH’s Growth Prospects: More Tommy Distribution, Nike Underwear

When Stefan Larsson steps in as president of PVH Corp. on Monday — and starts learning the ropes to take over the job of chief executive officer from Emanuel Chirico — he will come into a company with lots of moving parts and hopes that the second half will show stronger trends. “We believe that as we head into the second half of the year, we will be up against significantly easier [comparable] store sales comparisons and that the noise around trade and tariffs will moderate,” Chirico told analysts on Thursday after PVH reported a 1.8 percent gain in first-quarter sales and better-than-projected adjusted earnings. Comp sales at both Tommy Hilfiger and Calvin Klein fell in the quarter. “We expect a much healthier back half of the year for the company,” he said. “We believe that the incredible brand power behind Calvin Klein and Tommy Hilfiger continues to position us well in the marketplace against our competition in light of the difficult macro and retail environment.” That macro environment includes a strong U.S. dollar, which is hurting tourism spending, and costs associated to the trade war in China, which is starting to impact consumers on both sides of the Pacific. Investors are growing wary

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