What: Shares of clothing-maker PVH Corp. (NYSE:PVH) gained 10% in June, according to data from S&P Capital IQ, aided by a strong earnings report at the beginning of the month.

PVH Chart

PVH data by YCharts

So what: The parent of brands such as Calvin Klein and Tommy Hilfiger saw its stock jump 10% in the two sessions following its June 1 earnings release, accounting for the entirety of its gain for the month. In the report, PVH posted earnings per share of $1.50 against expectations of $1.38, and adjusting for the impact of currency fluctuations, profits would have been $1.77 per share. On a constant-currency basis, revenues improved 3% in the period, with growth being driven by the Calvin Klein label, whose sales increased 5%. Overall international sales were also strong. 

Management also announced the approval of a $500 million stock buyback program and said it plans to take more direct ownership of the segments of Calvin Klein and Tommy Hilfiger that are licensed, as well as make other strategic acquisitions. 

Now what: PVH stock had been struggling this year before the earnings report, falling 18%. Peers such as Gap have also been forced to retrench as fast fashion brands such as H&M and Zara have encroached on territory once held by more by traditional brands such as Gap and PVH, and consumer tastes have shifted to "athleisure" labels such as Nike and Lululemon Athletica. With its diverse portfolio and lack of retail stores, PVH is better equipped than Gap, though, to prosper through this transition. 

At a P/E of 18, shares are reasonably priced, and the company should return to growth next year, as the strong dollar is expected to sink earnings in 2015. PVH has also been one of the best performing fashion stocks since the recession, a sign that it should continue to grow in spite of any headwinds from the overall industry. I wouldn't expect any miracles out of the company, but with its savvy management and strong brand portfolio, it looks like a solid bet to outperform over a longer time horizon.

Jeremy Bowman owns shares of Nike. The Motley Fool recommends Lululemon Athletica and Nike. The Motley Fool owns shares of Lululemon Athletica and Nike. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.