Benzinga | Jun 23, 2021 12:31PM EDT

PVH Shares Gain On Raised FY21 Revenue Outlook

* PVH Corp (NYSE:PVH) has raised its FY21 sales outlook due to its plan to sell certain intellectual property and other assets of its Heritage Brands business to Authentic Brands Group LLC.

* The cash purchase price for the transaction is about $220 million and will include the IZOD, Van Heusen, ARROW, and Geoffrey Beene brand trademarks.

* The transaction is expected to close in the third quarter of 2021.

* As a result of the transaction, PVH has raised its FY21 sales growth guidance to 22%-24% year-on-year, from 19%-21% earlier.

* PVH has reiterated FY21 Adjusted EPS guidance of ~$6.50 and Q2 EPS of $1.15-$1.18.

* Price action: PVH shares are trading higher by 4.09% at $109.01 on the last check Wednesday.