PVH Corp (NYSE:PVH) shares jumped more than 20% on Tuesday after the company beat Street estimates for its fiscal Q4 results due to its accelerated growth plan for its core brands Calvin Klein and Tommy Hilfiger, despite a challenging macroeconomic environment.

Q4 EPS came in at $2.38 on revenue of $2.49 billion, beating the expected EPS of $1.66 and revenue of $2.36 billion. Although the gross margin fell to 55.9% from the previous year's 58.3%, the PVH+ plan's progress to increase Calvin Klein and Tommy Hilfiger's growth contributed to the beat. Calvin Klein and Tommy Hilfiger revenues increased by 3% compared to the previous year's period.

The company expects Q1 EPS of $1.90, compared to the Street estimate of $1.88. Revenue is expected to grow approximately 3% year-over-year on a constant currency basis.

For the full 2023 year, the company expects EPS of $10.00, compared to the Street estimate of $8.92. Revenue growth is at 2%-3% on a constant currency basis.