PVH Earnings Seen Rising With Bass Shoe Unit Sales
PVH Corp. (PVH) shares gapped up as much as 7% Thursday after boosting its outlook on an otherwise bleak day for the overall market. The apparel maker, which owns Izod, Van Heusen and other brands, said late Wednesday it's selling its G.H. Bass & Co. shoe unit, which it acquired in 1987, to G-III Apparel Group (GIII) for about $50 million in cash. PVH said it will focus on its lifestyle apparel business such as Calvin Klein and Tommy Hilfiger.