BOARD AUTHORIZES $2
BILLION INCREASE TO STOCK REPURCHASE PROGRAM
- 2023 fourth quarter and full year revenue:
- Fourth quarter revenue of $2.490 billion was flat as compared
to the prior year period (decreased 1% on a constant currency
basis) and exceeded guidance of a decrease of 3% to 4%
- Full year revenue increased 2% to $9.218 billion compared to
the prior year period (increased 1% on a constant currency basis);
guidance was an increase of approximately 1%
- 2023 fourth quarter and full year EPS exceeded guidance:
- GAAP basis: $4.55 (fourth quarter) compared to guidance of
approximately $3.48 and $10.76 (full year) compared to guidance of
approximately $9.75
- Non-GAAP basis: $3.72 (fourth quarter) compared to guidance of
approximately $3.45 and $10.68 (full year) compared to guidance of
approximately $10.45
- 2024 full year outlook
- Revenue: Projected to decrease 6% to 7% (decrease 6% to 7% on a
constant currency basis) as compared to 2023, inclusive of a 2%
reduction resulting from the sale of the Heritage Brands women’s
intimates business in November 2023 and a 1% reduction from the
53rd week in 2023
- Operating margin: Projected to be approximately flat compared
to 10.1% in 2023
- EPS: Projected to be $10.75 to $11.00
PVH Corp. [NYSE: PVH] today reported its 2023 fourth quarter and
full year results and provided its 2024 outlook.
Stefan Larsson, Chief Executive Officer, commented, “We
delivered a strong fourth quarter and fiscal 2023, generating high
single-digit direct-to-consumer growth, with growth in both Calvin
Klein and Tommy Hilfiger and all regions. We significantly expanded
our gross margins, drove strong pricing power, and are beginning to
realize the benefits from the early buildout of our demand-driven
supply chain, which allowed us to decrease inventory 21% to last
year with much better stock freshness to start the new spring
season.”
Mr. Larsson added, “Looking ahead to 2024, we will continue to
build momentum with our PVH+ Plan, driving brand desirability for
both Calvin and Tommy in product, consumer engagement and
marketplace execution, powered by our demand-driven underlying
operating engine. This will directly translate into growth in Asia
and North America, while in Europe where the macro has become more
challenged, our focus is on quality of sales to further strengthen
our market-leading position. We see big, value-creating upside
through the compounded effect of our consistency in PVH+ Plan
execution and strong brand-building focus as we drive long-term,
profitable, brand-accretive growth.”
Zac Coughlin, Chief Financial Officer, said, “Our disciplined
execution of the PVH+ Plan drove strong gross margin expansion and
EPS growth for 2023. In a tougher macroeconomic backdrop in 2024,
we are leaning into the next level of PVH+ Plan execution across
the Company to create value by increasing quality of sales, driving
gross margin improvements and cost efficiencies to deliver
significant cash flow and attractive returns for our shareholders.
Reflecting confidence in our long-term growth potential, the Board
authorized a $2.0 billion increase to the Company’s stock
repurchase program.”
Non-GAAP Amounts: Amounts stated to be on a non-GAAP
basis exclude the items that are defined or described in greater
detail near the end of this release under the heading “Non-GAAP
Exclusions.” Amounts stated on a constant currency basis also are
deemed to be on a non-GAAP basis. Reconciliations of amounts on a
GAAP basis to amounts on a non-GAAP basis are presented after the
Non-GAAP Exclusions section and identify and quantify all excluded
items.
Fourth Quarter Review:
- Revenue was flat compared to the prior year period
(decreased 1% on a constant currency basis). Overall revenue in the
Company’s international businesses increased 4% over the prior year
period as strong growth in the Asia Pacific region across all
markets more than offset a continued challenging macroeconomic
environment in Europe, particularly impacting the wholesale
business. In North America, revenue in the Tommy Hilfiger and
Calvin Klein businesses combined was down 2% compared to the prior
year period, as strong growth in the direct-to-consumer business
was more than offset by a decline in wholesale revenue, as
wholesale customers continue to take a cautious approach. The
benefit from the 53rd week in the fourth quarter of 2023 was
largely offset by a reduction related to the sale of the Heritage
Brands women's intimates business that closed in the fourth quarter
of 2023.
- Direct-to-consumer revenue increased 9% compared to the
prior year period (increased 9% on a constant currency basis), with
growth in all regions in both the Company’s owned and operated
stores and digital commerce business. Owned and operated digital
commerce revenue increased 10% compared to the prior year period
(increased 9% on a constant currency basis).
- Wholesale revenue decreased 10% compared to the prior
year period (decreased 12% on a constant currency basis), inclusive
of a 3% reduction related to the sale of the Heritage Brands
women's intimates business, as wholesale customers continue to take
a cautious approach.
- Total digital revenue increased 1% compared to the prior
year period (decreased 1% on a constant currency basis) as the
strong growth in the Company’s digital commerce business discussed
above was partially offset by a decrease in wholesale sales to
traditional retailers’ ecommerce businesses and pure players. Total
digital penetration as a percentage of total revenue was
approximately 20%.
- Gross margin was 60.3% compared to 55.9% in the prior
year period. The increase reflects benefits from lower freight
costs, a favorable shift in regional and channel mix and lower
product costs.
- Inventory decreased 21% compared to the prior year
period, in line with expectations, as the Company continues to
proactively manage its inventory levels.
Fourth Quarter Consolidated Results:
- Revenue of $2.490 billion was flat compared to the prior
year period (decreased 1% on a constant currency basis). The
benefit from the 53rd week in 2023 was largely offset by the
revenue reduction related to the sale of the Heritage Brands
women's intimates business.
- Tommy Hilfiger revenue increased 1% compared to the
prior year period (decreased 1% on a constant currency basis).
- Tommy Hilfiger International revenue decreased 1%
(decreased 3% on a constant currency basis).
- Tommy Hilfiger North America revenue increased 4%.
- Calvin Klein revenue increased 4% compared to the prior
year period (increased 3% on a constant currency basis).
- Calvin Klein International revenue increased 12%
(increased 10% on a constant currency basis).
- Calvin Klein North America revenue decreased 8% driven
by a decrease in the wholesale business.
- Heritage Brands revenue decreased 41% compared to the
prior year period, which included a 30% decrease resulting from the
sale of the Heritage Brands women's intimates business.
- Earnings before interest and taxes (“EBIT”) on a GAAP
basis was $357 million, inclusive of a $5 million positive impact
due to foreign currency translation, compared to $297 million in
the prior year period. Included in the fourth quarter and the prior
year period were recognized actuarial gains on retirement plans of
$46 million and $78 million, respectively. EBIT on a GAAP basis for
these periods also includes the other amounts for the applicable
period described under the heading “Non-GAAP Exclusions” later in
this release. EBIT on a non-GAAP basis for these periods excludes
these amounts. EBIT on a non-GAAP basis was $301 million, inclusive
of the $5 million positive impact due to foreign currency
translation, compared to $215 million in the prior year period. The
increase was driven by the gross margin improvement discussed
above. The Company continued to take a disciplined approach to
managing expenses and driving cost efficiencies, while making
targeted investments to drive its strategic initiatives.
- Earnings per share (“EPS”)
- GAAP basis: $4.55 compared to $2.18 in the prior year
period.
- Non-GAAP basis: $3.72 compared to $2.38 in the prior
year period.
EPS on both a GAAP and a non-GAAP basis for
the fourth quarter of 2023 includes the positive impact of $0.06
per share related to foreign currency translation.
EPS on a GAAP basis for these periods also
included the amounts for the applicable period described under the
heading “Non-GAAP Exclusions” later in this release. EPS on a
non-GAAP basis for these periods excludes these amounts.
- Interest expense decreased to $20 million from $22
million in the prior year period.
- Effective tax rate was 19.3% on a GAAP basis as compared
to 49.7% in the prior year period. The effective tax rate for the
prior year period included the negative impact resulting from a
$417 million pre-tax noncash goodwill impairment charge recorded in
the third quarter of 2022, which was non-deductible for tax
purposes and factored into the Company’s annualized effective tax
rate. The effective tax rate on a GAAP basis for these periods also
includes pre-tax amounts and related tax effects for the applicable
period described under the heading “Non-GAAP Exclusions” later in
this release. The effective tax rate on a non-GAAP basis for these
periods excludes these amounts. The effective tax rate was 21.1% on
a non-GAAP basis as compared to 21.7% in the prior year
period.
Full Year 2023 Consolidated Results:
- Revenue increased 2% to $9.218 billion compared to 2022
(increased 1% on a constant currency basis). The benefit from the
53rd week in 2023 was largely offset by the revenue reduction
related to the sale of the Heritage Brands women's intimates
business.
- Tommy Hilfiger revenue increased 4% compared to 2022
(increased 2% on a constant currency basis).
- Tommy Hilfiger International revenue increased 3%
(increased 1% on a constant currency basis).
- Tommy Hilfiger North America revenue increased 6%.
- Calvin Klein revenue increased 3% compared to 2022
(increased 3% on a constant currency basis).
- Calvin Klein International revenue increased 10%
(increased 9% on a constant currency basis).
- Calvin Klein North America revenue decreased 7% driven
by a decrease in the wholesale business.
- Heritage Brands revenue decreased 18% compared to 2022,
including a 7% decrease resulting from the sale of the Heritage
Brands women's intimates business.
- EBIT on a GAAP basis was $929 million, inclusive of an
$11 million positive impact due to foreign currency translation,
compared to $471 million in 2022. These results include the amounts
for the applicable period described under the heading “Non-GAAP
Exclusions” later in this release. EBIT on a non-GAAP basis for
these periods excludes these amounts. EBIT on a non-GAAP basis was
$931 million, inclusive of the $11 million positive impact due to
foreign currency translation, compared to $857 million in 2022. The
increase was driven by a 140 basis point improvement in gross
margin, partially offset by higher expenses, including an increase
in marketing and other investments to drive the Company’s strategic
growth initiatives compared to 2022. The Company continued to take
a disciplined approach to managing expenses and driving cost
efficiencies, while making targeted investments to drive its
strategic initiatives.
- EPS
- GAAP basis: $10.76 compared to $3.03 in 2022.
- Non-GAAP basis: $10.68 compared to $8.97 in 2022.
EPS on both a GAAP and a non-GAAP basis for
2023 includes the positive impact of $0.13 per share related to
foreign currency translation.
EPS on a GAAP basis for 2022 and 2023 also
include the amounts for the applicable period described under the
heading “Non-GAAP Exclusions” later in this release. EPS on a
non-GAAP basis for these periods excluded these amounts.
- Interest expense increased to $88 million from $83
million in 2022 primarily due to higher interest rates.
- Effective tax rate was 21.1% on a GAAP basis as compared
to 48.4% in 2022. The effective tax rate was 21.9% on a non-GAAP
basis as compared to 23.3% in 2022.
Stock Repurchase Program: Delivering on its commitment
under the PVH+ Plan to return excess cash to stockholders, the
Company repurchased 2.5 million shares of its common stock for $282
million during the fourth quarter of 2023, bringing total share
repurchases for the full year 2023 to 5.7 million shares for $550
million.
On March 27, 2024, the Board of Directors approved a $2.0
billion increase to the stock repurchase program and extended it
through July 2028.
2024 Outlook:
Full Year 2024 Guidance
- Revenue is projected to decrease 6% to 7% as compared to
2023 (decrease 6% to 7% on a constant currency basis), inclusive of
a 2% reduction related to the sale of the Heritage Brands women’s
intimates business and a 1% reduction from the 53rd week in
2023.
- Operating margin is projected to be approximately
flat compared to 10.1% in 2023.
- EPS is projected to be in a range of $10.75 to $11.00
compared to $10.76 on a GAAP basis and $10.68 on a non-GAAP basis
in 2023. The 2024 EPS projection includes the estimated negative
impact of approximately $0.10 per share related to foreign currency
translation. EPS on a GAAP basis for 2023 included the amounts
described under the heading “Non-GAAP Exclusions” later in this
release. EPS on a non-GAAP basis for 2023 excluded these
amounts.
- Interest expense is projected to be relatively flat as
compared to $88 million in 2023.
- Effective tax rate is projected to be approximately
21%.
First Quarter 2024 Guidance
- Revenue is projected to decrease approximately 11% as
compared to the first quarter of 2023 (decrease approximately 10%
on a constant currency basis), inclusive of a reduction of 3%
related to the sale of the Heritage Brands women's intimates
business.
- EPS is projected to be approximately $2.15 compared to
$2.14 in the first quarter of 2023. The first quarter 2024 EPS
projection includes the estimated negative impact of approximately
$0.05 per share related to foreign currency translation.
- Interest expense is projected to decrease to
approximately $20 million compared to $22 million in the first
quarter of 2023.
- Effective tax rate is projected to be approximately
21%.
Please see the section entitled “Full Year and Quarterly
Reconciliations of GAAP to Non-GAAP Amounts” at the end of this
release for further detail and reconciliations of GAAP to non-GAAP
amounts discussed in this section.
Non-GAAP Exclusions: The discussions in this release that
refer to non-GAAP amounts exclude the following:
- Pre-tax gain of $46 million recorded in the fourth quarter of
2023 related to the recognized actuarial gain on retirement
plans.
- Pre-tax net gain of $13 million recorded in the fourth quarter
of 2023 in connection with the sale of the Company’s Heritage
Brands women's intimates business, which includes a gain on the
sale, less costs to sell, and severance and other termination
benefits associated with the transaction.
- Pre-tax restructuring costs of $61 million incurred in 2023
consisting principally of severance related to actions taken in the
second and third quarters of 2023 under the plans initially
announced in August 2022 to reduce people costs in the Company’s
global offices by approximately 10% by the end of 2023, of which
$39 million was incurred in the second quarter, $19 million was
incurred in the third quarter and $4 million was incurred in the
fourth quarter.
- Pre-tax gain of $78 million recorded in the fourth quarter of
2022 related to the recognized actuarial gain on retirement
plans.
- Pre-tax noncash goodwill impairment charge of $417 million
recorded in the third quarter of 2022, which was non-operational
and primarily driven by a significant increase in discount
rates.
- Pre-tax restructuring costs of $20 million incurred in 2022,
consisting principally of severance related to initial actions
under the plans announced in August 2022 to reduce people costs in
the Company’s global offices by approximately 10% by the end of
2023, of which $17 million was incurred in the third quarter and $4
million was incurred in the fourth quarter.
- Pre-tax net costs of $43 million recorded in 2022 in connection
with the Company’s decision to exit from its Russia business,
primarily consisting of noncash asset impairments and a gain on
contract terminations, of which $50 million of charges were
recorded in the second quarter and an $8 million gain was recorded
in the fourth quarter.
- Pre-tax gain of $16 million recorded in the second quarter of
2022 in connection with the sale of the Company’s equity investment
in Karl Lagerfeld Holding B.V.
- Estimated tax effects associated with the above pre-tax items,
which are based on the Company’s assessment of deductibility. In
making this assessment, the Company evaluated each item that it had
identified above as a non-GAAP exclusion to determine if such item
was (i) taxable or tax deductible, in which case the tax effect was
taken at the applicable income tax rate in the local jurisdiction,
or (ii) non-taxable or non-deductible, in which case the Company
assumed no tax effect.
The Company presents constant currency revenue information,
which is a non-GAAP financial measure, because it is a global
company that transacts business in multiple currencies and reports
financial information in U.S. dollars. Foreign currency exchange
rate fluctuations affect the amounts reported by the Company in
U.S. dollars with respect to its foreign revenues and can have a
significant impact on the Company’s reported revenues. The Company
calculates constant currency revenue information by translating its
foreign revenues for the relevant period into U.S. dollars at the
average exchange rates in effect during the comparable prior year
period (rather than at the actual exchange rates in effect during
the relevant period).
The Company presents non-GAAP financial measures, including
constant currency revenue information, as a supplement to its GAAP
results. The Company believes presenting non-GAAP financial
measures provides useful information to investors, as it provides
information to assess how its businesses performed excluding the
effects of non-recurring and non-operational amounts and the
effects of changes in foreign currency exchange rates, as
applicable, and (i) facilitates comparing the results being
reported against past and future results by eliminating amounts
that it believes are not comparable between periods and (ii)
assists investors in evaluating the effectiveness of the Company’s
operations and underlying business trends in a manner that is
consistent with management’s evaluation of business performance.
The Company believes that investors often look at ongoing
operations of an enterprise as a measure of assessing performance.
The Company uses its results excluding these amounts to evaluate
its operating performance and to discuss its business with
investment institutions, the Company’s Board of Directors and
others. The Company’s results excluding non-recurring and
non-operational amounts are also the basis for certain incentive
compensation calculations. Non-GAAP financial measures should be
viewed in addition to, and not in lieu of or as superior to, the
Company’s operating performance calculated in accordance with GAAP.
The non-GAAP financial measures presented may not be comparable to
similarly described measures reported by other companies.
Please see tables 1 through 8 and the section entitled
“Reconciliations of Constant Currency Revenue” later in this
release for reconciliations of GAAP to non-GAAP amounts.
Conference Call Information: The Company will host a
conference call to discuss its fourth quarter earnings release on
Tuesday, April 2, 2024 at 9:00 a.m. EDT. Please log
on to the Company’s website at www.PVH.com and go to the
Events page in the Investors section to listen to the live webcast
of the conference call. The webcast will be available for replay
for one year after it is held. Please log on to www.PVH.com as
described above to listen to the replay. The conference call and
webcast consist of copyrighted material. They may not be
re-recorded, reproduced, re-transmitted, rebroadcast or otherwise
used without the Company’s express written permission. Your
participation represents your consent to these terms and
conditions, which are governed by New York law.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: Forward-looking statements in this press
release and made during the conference call/webcast, including,
without limitation, statements relating to the Company’s future
revenue, earnings, plans, strategies, objectives, expectations and
intentions are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be
predicted with accuracy, and some of which might not be
anticipated, including, without limitation, (i) the Company’s
plans, strategies, objectives, expectations and intentions are
subject to change at any time at the discretion of the Company;
(ii) the Company’s ability to realize anticipated benefits and
savings from divestitures, restructurings and similar plans, such
as the headcount cost reduction initiative announced in August
2022, the 2021 sale of assets of, and exit from, its Heritage
Brands menswear and retail businesses, and the November 2023 sale
of the Heritage Brands women’s intimate apparel business to focus
on its Calvin Klein and Tommy Hilfiger businesses; (iii) the
ability to realize the intended benefits from the acquisition of
licensees or the reversion of licensed rights (such as the
announced plan to bring in-house most of the product categories
currently licensed to G-III Apparel Group, Ltd. upon the
expirations over time of the underlying license agreements) and
avoid any disruptions in the businesses during the transition from
operation by the licensee to the direct operation by us; (iv) the
Company has significant levels of outstanding debt and borrowing
capacity and uses a significant portion of its cash flows to
service its indebtedness, as a result of which the Company might
not have sufficient funds to operate its businesses in the manner
it intends or has operated in the past; (v) the levels of sales of
the Company’s apparel, footwear and related products, both to its
wholesale customers and in its retail stores and its directly
operated digital commerce sites, the levels of sales of the
Company’s licensees at wholesale and retail, and the extent of
discounts and promotional pricing in which the Company and its
licensees and other business partners are required to engage, all
of which can be affected by weather conditions, changes in the
economy (including inflationary pressures like those currently
being experienced globally), fuel prices, reductions in travel,
fashion trends, consolidations, repositionings and bankruptcies in
the retail industries, consumer sentiment and other factors; (vi)
the Company’s ability to manage its growth and inventory; (vii)
quota restrictions, the imposition of safeguard controls and the
imposition of new or increased duties or tariffs on goods from the
countries where the Company or its licensees produce goods under
its trademarks, any of which, among other things, could limit the
ability to produce products in cost-effective countries, or in
countries that have the labor and technical expertise needed, or
require the Company to absorb costs or try to pass costs onto
consumers, which could materially impact the Company’s revenue and
profitability; (viii) the availability and cost of raw materials;
(ix) the Company’s ability to adjust timely to changes in trade
regulations and the migration and development of manufacturers
(which can affect where the Company’s products can best be
produced); (x) the regulation or prohibition of the transaction of
business with specific individuals or entities and their affiliates
or goods manufactured in (or containing raw materials or components
from) certain regions, such as the listing of a person or entity as
a Specially Designated National or Blocked Person by the U.S.
Department of the Treasury’s Office of Foreign Assets Control and
the issuance of Withhold Release Orders by the U.S. Customs and
Border Protection; (xi) changes in available factory and shipping
capacity, wage and shipping cost escalation, and store closures in
any of the countries where the Company’s or its licensees’ or
wholesale customers’ or other business partners’ stores are located
or products are sold or produced or are planned to be sold or
produced, as a result of civil conflict, war or terrorist acts, the
threat of any of the foregoing, or political or labor instability,
such as the current war in Ukraine that led to the Company’s exit
from its retail business in Russia and the cessation of its
wholesale operations in Russia and Belarus, and the temporary
cessation of business by many of its business partners in Ukraine;
(xii) disease epidemics and health-related concerns, such as the
recent COVID-19 pandemic, which could result in (and, in the case
of the COVID-19 pandemic, did result in some of the following)
supply-chain disruptions due to closed factories, reduced
workforces and production capacity, shipping delays, container and
trucker shortages, port congestion and other logistics problems,
closed stores, and reduced consumer traffic and purchasing, or
governments implement mandatory business closures, travel
restrictions or the like, and market or other changes that could
result in shortages of inventory available to be delivered to the
Company’s stores and customers, order cancellations and lost sales,
as well as in noncash impairments of the Company’s goodwill and
other intangible assets, operating lease right-of-use assets, and
property, plant and equipment; (xiii) actions taken towards
sustainability and social and environmental responsibility as part
of the Company’s sustainability and social and environmental
strategy may not be achieved or may be perceived to be falsely
claimed, which could diminish consumer trust in the Company’s
brands, as well as the Company’s brands’ value; (xiv) the failure
of the Company’s licensees to market successfully licensed products
or to preserve the value of the Company’s brands, or their misuse
of the Company’s brands; (xv) significant fluctuations of the U.S.
dollar against foreign currencies in which the Company transacts
significant levels of business; (xvi) the Company’s retirement plan
expenses recorded throughout the year are calculated using
actuarial valuations that incorporate assumptions and estimates
about financial market, economic and demographic conditions, and
differences between estimated and actual results give rise to gains
and losses, which can be significant, that are recorded immediately
in earnings, generally in the fourth quarter of the year; (xvii)
the impact of new and revised tax legislation and regulations; and
(xviii) other risks and uncertainties indicated from time to time
in the Company’s filings with the Securities and Exchange
Commission (“SEC”).
This press release includes, and the conference call/webcast
will include, certain non-GAAP financial measures, as defined under
SEC rules. Reconciliations of these measures are included in the
financial information following this Safe Harbor Statement, as well
as in the Company’s Current Report on Form 8-K furnished to the SEC
in connection with this earnings release, which is available on the
Company’s website at www.PVH.com and on the SEC’s website at
www.sec.gov.
The Company does not undertake any obligation to update publicly
any forward-looking statement, including, without limitation, any
estimate regarding revenue or earnings, whether as a result of the
receipt of new information, future events or otherwise.
PVH CORP. Consolidated GAAP Statements of
Operations (In millions, except per share data)
Quarter Ended
Year Ended
2/4/24
1/29/23
2/4/24
1/29/23
Net sales
$
2,369.7
$
2,362.5
$
8,751.8
$
8,544.9
Royalty revenue
95.4
98.3
368.2
372.0
Advertising and other revenue
24.8
27.9
97.7
107.3
Total revenue
$
2,489.9
$
2,488.7
$
9,217.7
$
9,024.2
Gross profit
$
1,501.2
$
1,390.5
$
5,363.2
$
5,122.9
Selling, general and administrative
expenses
1,216.3
1,182.6
4,542.6
4,377.4
Goodwill impairment
417.1
Non-service related pension and
postretirement income
45.8
81.7
47.2
91.9
Other gain
15.3
15.3
Equity in net income of unconsolidated
affiliates
10.9
7.8
45.7
50.4
Earnings before interest and taxes
356.9
297.4
928.8
470.7
Interest expense, net
20.0
21.6
87.8
82.5
Pre-tax income
336.9
275.8
841.0
388.2
Income tax expense
65.1
137.1
177.4
187.8
Net income
$
271.8
$
138.7
$
663.6
$
200.4
Diluted net income per common share
(1)
$
4.55
$
2.18
$
10.76
$
3.03
Quarter Ended
Year Ended
2/4/24
1/29/23
2/4/24
1/29/23
Depreciation and amortization expense
$
75.6
$
76.2
$
298.6
$
301.5
Please see following pages for information related to non-GAAP
measures discussed in this release.
(1)
Please see Note A in Notes to Consolidated
GAAP Statements of Operations for the reconciliations of GAAP
diluted net income per common share to diluted net income per
common share on a non-GAAP basis.
PVH CORP. Non-GAAP Measures
The Company believes it is useful to investors to present its
results for the periods ended February 4, 2024 and January 29, 2023
on a non-GAAP basis by excluding (i) the recognized actuarial gains
on retirement plans in the fourth quarters of 2023 and 2022; (ii)
the gain recorded in the fourth quarter of 2023 in connection with
the sale of the Company’s Heritage Brands women's intimates
business (the "Heritage Brands intimates transaction"), which
includes a gain on the sale, less costs to sell; (iii) the costs
incurred in the fourth quarter of 2023 in connection with the
Heritage Brands intimates transaction, consisting of severance and
other termination benefits; (iv) the restructuring costs incurred
in the second, third and fourth quarters of 2023 and the third and
fourth quarters of 2022 related to actions taken under the plans
initially announced in August 2022 to reduce people costs in the
Company’s global offices by approximately 10% by the end of 2023
(the “2022 cost savings initiative”), consisting principally of
severance; (v) the net costs incurred in connection with the
Company’s decision to exit from its retail business in Russia and
the cessation of its wholesale operations in Russia and Belarus
(the “Russia business exit”), consisting of noncash asset
impairments, contract termination and other costs, and severance
recorded in the second quarter of 2022, partially offset by a gain
on contract terminations recorded in the fourth quarter of 2022;
(vi) the gain recorded in the second quarter of 2022 in connection
with the sale of the Company’s equity investment in Karl Lagerfeld
Holding B.V. (the “Karl Lagerfeld transaction”); (vii) the noncash
goodwill impairment charge recorded in the third quarter of 2022,
which was non-operational and primarily driven by a significant
increase in discount rates, as a result of then-current economic
conditions; and (viii) the tax effects associated with the
foregoing pre-tax items. The Company excludes these amounts because
it deems them to be non-recurring or non-operational and believes
that their exclusion (i) facilitates comparing the results being
reported against past and future results by eliminating amounts
that it believes are not comparable between periods, thereby
permitting management to evaluate performance and investors to make
decisions based on the ongoing operations of the Company, and (ii)
assists investors in evaluating the effectiveness of the Company’s
operations and underlying business trends in a manner that is
consistent with management’s evaluation of business performance.
The Company believes that investors often look at ongoing
operations of an enterprise as a measure of assessing performance.
The Company uses its results excluding these amounts to evaluate
its operating performance and to discuss its business with
investment institutions, the Company’s Board of Directors and
others. The Company’s results excluding the items described above
are also the basis for certain incentive compensation calculations.
The non-GAAP measures should be viewed in addition to, and not in
lieu of or superior to, the Company’s operating performance
measures calculated in accordance with GAAP. The information
presented on a non-GAAP basis may not be comparable to similarly
titled measures reported by other companies.
The following table presents the non-GAAP measures that are
discussed in this release. Please see Tables 1 through 8 for the
reconciliations of the GAAP amounts to amounts on a non-GAAP
basis.
Quarter Ended
Year Ended
2/4/24
1/29/23
2/4/24
1/29/23
Non-GAAP Measures
Selling, general and administrative
expenses (1)
$
1,211.0
$
1,186.6
$
4,479.5
$
4,314.2
Goodwill impairment (2)
—
Non-service related pension and
postretirement income (3)
0.3
3.3
1.7
13.5
Other gain (4)
—
—
Equity in net income of unconsolidated
affiliates (5)
34.3
Earnings before interest and taxes (6)
301.4
215.0
931.1
856.5
Income tax expense (7)
59.3
42.0
184.4
180.4
Net income (8)
222.1
151.4
658.9
593.6
Diluted net income per common share
(9)
$
3.72
$
2.38
$
10.68
$
8.97
(1)
Please see Table 3 for the reconciliations
of GAAP selling, general and administrative (“SG&A”) expenses
to SG&A expenses on a non-GAAP basis.
(2)
Please see Table 4 for the reconciliation
of GAAP goodwill impairment to goodwill impairment on a non-GAAP
basis.
(3)
Please see Table 5 for the reconciliations
of GAAP non-service related pension and postretirement income to
non-service related pension and postretirement income on a non-GAAP
basis.
(4)
Please see Table 6 for the reconciliations
of GAAP other gain to other gain on a non-GAAP basis.
(5)
Please see Table 7 for the reconciliation
of GAAP equity in net income of unconsolidated affiliates to equity
in net income of unconsolidated affiliates on a non-GAAP basis.
(6)
Please see Table 2 for the reconciliations
of GAAP earnings before interest and taxes to earnings before
interest and taxes on a non-GAAP basis.
(7)
Please see Table 8 for the reconciliations
of GAAP income tax expense to income tax expense on a non-GAAP
basis and an explanation of the calculation of the tax effects
associated with the pre-tax items identified as non-GAAP
exclusions.
(8)
Please see Table 1 for the reconciliations
of GAAP net income to net income on a non-GAAP basis.
(9)
Please see Note A in Notes to Consolidated
GAAP Statements of Operations for the reconciliations of GAAP
diluted net income per common share to diluted net income per
common share on a non-GAAP basis.
PVH CORP. Reconciliations of GAAP to Non-GAAP
Amounts (In millions, except per share data)
Table 1 -
Reconciliations of GAAP net income to net income on a non-GAAP
basis
Quarter Ended
Year Ended
2/4/24
1/29/23
2/4/24
1/29/23
Net income
$
271.8
$
138.7
$
663.6
$
200.4
Diluted net income per common share
(1)
$
4.55
$
2.18
$
10.76
$
3.03
Pre-tax items excluded:
SG&A expenses associated with the
Russia business exit
(7.5
)
43.0
SG&A expenses associated with the 2022
cost savings initiative
3.5
3.5
61.3
20.2
SG&A expenses associated with the
Heritage Brands intimates transaction
1.8
1.8
Goodwill impairment
417.1
Actuarial gain on retirement plans
(recorded in non-service related pension and postretirement
income)
(45.5
)
(78.4
)
(45.5
)
(78.4
)
Gain in connection with the Heritage
Brands intimates transaction (recorded in other gain)
(15.3
)
(15.3
)
Gain in connection with the Karl Lagerfeld
transaction (recorded in equity in net income of unconsolidated
affiliates)
(16.1
)
Tax effects of the pre-tax items above
(2)
5.8
95.1
(7.0
)
7.4
Net income on a non-GAAP basis
$
222.1
$
151.4
$
658.9
$
593.6
Diluted net income per common share on a
non-GAAP basis (1)
$
3.72
$
2.38
$
10.68
$
8.97
(1)
Please see Note A in Notes to the
Consolidated GAAP Statements of Operations for the reconciliations
of GAAP diluted net income per common share to diluted net income
per common share on a non-GAAP basis.
(2)
Please see Table 8 for an explanation of
the calculation of the tax effects of the above items.
Table 2 - Reconciliations of GAAP earnings
before interest and taxes to earnings before interest and taxes on
a non-GAAP basis
Quarter Ended
Year Ended
2/4/24
1/29/23
2/4/24
1/29/23
Earnings before interest and taxes
$
356.9
$
297.4
$
928.8
$
470.7
Items excluded:
SG&A expenses associated with the
Russia business exit
(7.5
)
43.0
SG&A expenses associated with the 2022
cost savings initiative
3.5
3.5
61.3
20.2
SG&A expenses associated with the
Heritage Brands intimates transaction
1.8
1.8
Goodwill impairment
417.1
Actuarial gain on retirement plans
(recorded in non-service related pension and postretirement
income)
(45.5
)
(78.4
)
(45.5
)
(78.4
)
Gain in connection with the Heritage
Brands intimates transaction (recorded in other gain)
(15.3
)
(15.3
)
Gain in connection with the Karl Lagerfeld
transaction (recorded in equity in net income of unconsolidated
affiliates)
(16.1
)
Earnings before interest and taxes on a
non-GAAP basis
$
301.4
$
215.0
$
931.1
$
856.5
PVH CORP. Reconciliations of GAAP to Non-GAAP Amounts
(continued) (In millions, except per share data)
Table 3 -
Reconciliations of GAAP SG&A expenses to SG&A expenses on a
non-GAAP basis
Quarter Ended
Year Ended
2/4/24
1/29/23
2/4/24
1/29/23
SG&A expenses
$
1,216.3
$
1,182.6
$
4,542.6
$
4,377.4
Items excluded:
Expenses associated with the Russia
business exit
7.5
(43.0
)
Expenses associated with the 2022 cost
savings initiative
(3.5
)
(3.5
)
(61.3
)
(20.2
)
Expenses associated with the Heritage
Brands intimates transaction
(1.8
)
(1.8
)
SG&A expenses on a non-GAAP basis
$
1,211.0
$
1,186.6
$
4,479.5
$
4,314.2
Table 4 -
Reconciliation of GAAP goodwill impairment to goodwill impairment
on a non-GAAP basis
Year Ended
1/29/23
Goodwill impairment
$
417.7
Item excluded:
Goodwill impairment
(417.7
)
Goodwill impairment on a non-GAAP
basis
$
—
Table 5 -
Reconciliations of GAAP non-service related pension and
postretirement income to non-service related pension and
postretirement income on a non-GAAP basis
Quarter Ended
Year Ended
2/4/24
1/29/23
2/4/24
1/29/23
Non-service related pension and
postretirement income
$
45.8
$
81.7
$
47.2
$
91.9
Item excluded:
Actuarial gain on retirement plans
(45.5
)
(78.4
)
(45.5
)
(78.4
)
Non-service related pension and
postretirement income on a non-GAAP basis
$
0.3
$
3.3
$
1.7
$
13.5
Table 6 -
Reconciliations of GAAP other gain to other gain on a non-GAAP
basis
Quarter Ended
Year Ended
2/4/24
2/4/24
Other gain
$
15.3
$
15.3
Item excluded:
Gain in connection with the Heritage
Brands intimates transaction
(15.3
)
(15.3
)
Other gain on a non-GAAP basis
$
—
$
—
PVH CORP. Reconciliations of GAAP to Non-GAAP Amounts
(continued) (In millions, except per share data)
Table 7 -
Reconciliation of GAAP equity in net income of unconsolidated
affiliates to equity in net income of unconsolidated affiliates on
a non-GAAP basis
Year Ended
1/29/23
Equity in net income of unconsolidated
affiliates
$
50.4
Item excluded:
Gain in connection with the Karl Lagerfeld
transaction
(16.1
)
Equity in net income of unconsolidated
affiliates on a non-GAAP basis
$
34.3
Table 8 -
Reconciliations of GAAP income tax expense to income tax expense on
a non-GAAP basis
Quarter Ended
Year Ended
2/4/24
1/29/23
2/4/24
1/29/23
Income tax expense
$
65.1
$
137.1
$
177.4
$
187.8
Item excluded:
Tax effects of pre-tax items identified as
non-GAAP exclusions (1)
(5.8
)
(95.1
)
7.0
(7.4
)
Income tax expense on a non-GAAP basis
$
59.3
$
42.0
$
184.4
$
180.4
(1)
The estimated tax effects associated with
the Company’s exclusions on a non-GAAP basis are based on the
Company’s assessment of deductibility. In making this assessment,
the Company evaluated each pre-tax item that it had identified
above as a non-GAAP exclusion to determine if such item was (i)
taxable or tax deductible, in which case the tax effect was taken
at the applicable income tax rate in the local jurisdiction, or
(ii) non-taxable or non-deductible, in which case the Company
assumed no tax effect.
PVH CORP. Notes to Consolidated GAAP Statements of
Operations (In millions, except per share data)
A. The Company computed its diluted net income per common share
as follows:
Quarter Ended
Quarter Ended
2/4/24
1/29/23
GAAP
Non-GAAP
GAAP
Non-GAAP
Results
Adjustments (1)
Results
Results
Adjustments (2)
Results
Net income
$
271.8
$
49.7
$
222.1
$
138.7
$
(12.7
)
$
151.4
Weighted average common shares
58.9
58.9
63.1
63.1
Weighted average dilutive securities
0.8
0.8
0.6
0.6
Total shares
59.7
59.7
63.7
63.7
Diluted net income per common share
$
4.55
$
3.72
$
2.18
$
2.38
Year Ended
Year Ended
2/4/24
1/29/23
GAAP
Non-GAAP
GAAP
Non-GAAP
Results
Adjustments (1)
Results
Results
Adjustments (2)
Results
Net income
$
663.6
$
4.7
$
658.9
$
200.4
$
(393.2
)
$
593.6
Weighted average common shares
61.0
61.0
65.7
65.7
Weighted average dilutive securities
0.7
0.7
0.5
0.5
Total shares
61.7
61.7
66.2
66.2
Diluted net income per common share
$
10.76
$
10.68
$
3.03
$
8.97
(1)
Represents the impact on net income in the
periods ended February 4, 2024 from the elimination of (i) the
recognized actuarial gain on retirement plans; (ii) the gain
recorded in connection with the Heritage Brands intimates
transaction; (iii) the costs related to the Heritage Brands
intimates transaction; (iv) the restructuring costs related to the
2022 cost savings initiative; and (v) the tax effects associated
with the foregoing pre-tax items. Please see Table 1 for the
reconciliations of GAAP net income to net income on a non-GAAP
basis.
(2)
Represents the impact on net income in the
periods ended January 29, 2023 from the elimination of (i) the
recognized actuarial gain on retirement plans, (ii) the net costs
related to the Russia business exit; (iii) the gain recorded in
connection with the Karl Lagerfeld transaction; (iv) the noncash
goodwill impairment charge; (v) the restructuring costs related to
the 2022 cost savings initiative; and (vi) the tax effects
associated with the foregoing pre-tax items. Please see Table 1 for
the reconciliation of GAAP net income to net income on a non-GAAP
basis.
PVH CORP. Consolidated Balance Sheets (In
millions)
2/4/24
1/29/23
ASSETS
Current Assets:
Cash and Cash Equivalents
$
707.6
$
550.7
Receivables
807.2
945.2
Inventories
1,419.7
1,802.6
Other
325.2
281.9
Total Current Assets
3,259.7
3,580.4
Property, Plant and Equipment
862.6
904.0
Operating Lease Right-of-Use Assets
1,213.8
1,295.7
Goodwill and Other Intangible Assets
5,419.5
5,608.9
Other Assets
417.3
379.3
TOTAL ASSETS
$
11,172.9
$
11,768.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts Payable and Accrued Expenses
$
1,905.1
$
2,255.7
Current Portion of Operating Lease
Liabilities
288.9
353.7
Short-Term Borrowings
—
46.2
Current Portion of Long-Term Debt
577.5
111.9
Other Liabilities
615.0
671.1
Long-Term Portion of Operating Lease
Liabilities
1,075.8
1,140.0
Long-Term Debt
1,591.7
2,177.0
Stockholders’ Equity
5,118.9
5,012.7
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
11,172.9
$
11,768.3
Note: Year over year balances are impacted by changes in foreign
currency exchange rates.
PVH CORP. Segment Data (In millions)
REVENUE BY
SEGMENT
Quarter Ended
Quarter Ended
2/4/24
1/29/23
Tommy Hilfiger North
America
Net sales
$
371.5
$
354.1
Royalty revenue
24.1
23.8
Advertising and other revenue
5.0
5.6
Total
400.6
383.5
Tommy Hilfiger
International
Net sales
932.2
936.4
Royalty revenue
13.4
15.6
Advertising and other revenue
5.0
5.6
Total
950.6
957.6
Total Tommy
Hilfiger
Net sales
1,303.7
1,290.5
Royalty revenue
37.5
39.4
Advertising and other revenue
10.0
11.2
Total
1,351.2
1,341.1
Calvin Klein North
America
Net sales
304.8
333.0
Royalty revenue
44.1
43.9
Advertising and other revenue
11.1
13.4
Total
360.0
390.3
Calvin Klein
International
Net sales
687.0
612.5
Royalty revenue
13.7
14.8
Advertising and other revenue
3.7
3.1
Total
704.4
630.4
Total Calvin
Klein
Net sales
991.8
945.5
Royalty revenue
57.8
58.7
Advertising and other revenue
14.8
16.5
Total
1,064.4
1,020.7
Heritage Brands
Wholesale
Net sales
74.2
126.5
Royalty revenue
0.1
0.2
Advertising and other revenue
—
0.2
Total
74.3
126.9
Total
Revenue
Net sales
2,369.7
2,362.5
Royalty revenue
95.4
98.3
Advertising and other revenue
24.8
27.9
Total
$
2,489.9
$
2,488.7
PVH CORP. Segment Data (continued) (In
millions)
EARNINGS BEFORE
INTEREST AND TAXES BY SEGMENT
Quarter Ended
Quarter Ended
2/4/24
1/29/23
Results
Results
Under
Non-GAAP
Under
Non-GAAP
GAAP
Adjustments (1)
Results
GAAP
Adjustments (2)
Results
Tommy Hilfiger North America
$
38.5
$
(0.9
)
$
39.4
$
9.4
$
(0.5
)
$
9.9
Tommy Hilfiger International
164.1
(1.4
)
165.5
165.2
4.7
160.5
Total Tommy Hilfiger
202.6
(2.3
)
204.9
174.6
4.2
170.4
Calvin Klein North America
36.2
(0.6
)
36.8
24.5
(0.6
)
25.1
Calvin Klein International
110.5
(0.6
)
111.1
65.0
1.6
63.4
Total Calvin Klein
146.7
(1.2
)
147.9
89.5
1.0
88.5
Heritage Brands Wholesale
17.8
13.5
4.3
9.9
(0.4
)
10.3
Corporate
(10.2
)
45.5
(55.7
)
23.4
77.6
(54.2
)
Total earnings before interest and
taxes
$
356.9
$
55.5
$
301.4
$
297.4
$
82.4
$
215.0
(1)
The adjustments for the quarter ended
February 4, 2024 represent the elimination of (i) the recognized
actuarial gain on retirement plans; (ii) the gain recorded in
connection with the Heritage Brands intimates transaction; (iii)
the costs related to the Heritage Brands intimates transaction; and
(iv) the restructuring costs related to the 2022 cost savings
initiative.
(2)
The adjustments for the quarter ended
January 29, 2023 represent the elimination of (i) the recognized
actuarial gain on retirement plans; (ii) the gain on contract
terminations related to the Russia business exit; and (iii) the
restructuring costs related to the 2022 cost savings
initiative.
PVH CORP. Segment Data (continued) (In
millions)
REVENUE BY
SEGMENT
Year Ended
Year Ended
2/4/24
1/29/23
Tommy Hilfiger North
America
Net sales
$
1,262.7
$
1,185.0
Royalty revenue
88.5
86.0
Advertising and other revenue
20.5
21.7
Total
1,371.7
1,292.7
Tommy Hilfiger
International
Net sales
3,376.3
3,282.1
Royalty revenue
58.6
61.9
Advertising and other revenue
18.0
20.7
Total
3,452.9
3,364.7
Total Tommy
Hilfiger
Net sales
4,639.0
4,467.1
Royalty revenue
147.1
147.9
Advertising and other revenue
38.5
42.4
Total
4,824.6
4,657.4
Calvin Klein North
America
Net sales
1,112.4
1,205.6
Royalty revenue
165.2
170.1
Advertising and other revenue
47.0
54.7
Total
1,324.6
1,430.4
Calvin Klein
International
Net sales
2,523.0
2,290.3
Royalty revenue
55.0
53.1
Advertising and other revenue
11.9
9.6
Total
2,589.9
2,353.0
Total Calvin
Klein
Net sales
3,635.4
3,495.9
Royalty revenue
220.2
223.2
Advertising and other revenue
58.9
64.3
Total
3,914.5
3,783.4
Heritage Brands
Wholesale
Net sales
477.4
581.9
Royalty revenue
0.9
0.9
Advertising and other revenue
0.3
0.6
Total
478.6
583.4
Total
Revenue
Net sales
8,751.8
8,544.9
Royalty revenue
368.2
372.0
Advertising and other revenue
97.7
107.3
Total
$
9,217.7
$
9,024.2
PVH CORP. Segment Data (continued) (In
millions)
EARNINGS BEFORE
INTEREST AND TAXES BY SEGMENT
Year Ended
Year Ended
2/4/24
1/29/23
Results
Results
Under
Non-GAAP
Under
Non-GAAP
GAAP
Adjustments (1)
Results
GAAP
Adjustments (2)
Results
Tommy Hilfiger North America
$
93.5
$
(12.7
)
$
106.2
$
(175.4
)
$
(181.9
)
$
6.5
Tommy Hilfiger International
454.6
(17.3
)
471.9
514.8
(34.1
)
548.9
Total Tommy Hilfiger
548.1
(30.0
)
578.1
339.4
(216.0
)
555.4
Calvin Klein North America
107.6
(9.1
)
116.7
(81.9
)
(167.2
)
85.3
Calvin Klein International
386.0
(10.8
)
396.8
252.6
(92.2
)
344.8
Total Calvin Klein
493.6
(19.9
)
513.5
170.7
(259.4
)
430.1
Heritage Brands Wholesale
39.3
5.7
33.6
47.4
(2.6
)
50.0
Corporate
(152.2
)
41.9
(194.1
)
(86.8
)
92.2
(179.0
)
Total earnings before interest and
taxes
$
928.8
$
(2.3
)
$
931.1
$
470.7
$
(385.8
)
$
856.5
(1)
The adjustments for the year ended
February 4, 2024 represent the elimination of (i) the recognized
actuarial gain on retirement plans; (ii) the gain recorded in
connection with the Heritage Brands intimates transaction; (iii)
the costs related to the Heritage Brands intimates transaction; and
(iv) the restructuring costs related to the 2022 cost savings
initiative.
(2)
The adjustments for the year ended January
29, 2023 represent the elimination of (i) the recognized actuarial
gain on retirement plans; (ii) the net costs related to the Russia
business exit; (iii) the gain recorded in connection with the Karl
Lagerfeld transaction; (iv) the noncash goodwill impairment charge;
and (v) the restructuring costs related to the 2022 cost savings
initiative.
PVH CORP. Reconciliations of Constant Currency
Revenue (In millions)
As a supplement to the Company’s reported operating results, the
Company presents constant currency revenue information, which is a
non-GAAP financial measure. The Company presents results in this
manner because it is a global company that transacts business in
multiple currencies and reports financial information in U.S.
dollars. Foreign currency exchange rate fluctuations affect the
amounts reported by the Company in U.S. dollars with respect to its
foreign revenues. Exchange rate fluctuations can have a significant
impact on reported revenues. The Company believes presenting
constant currency revenue information provides useful information
to investors, as it provides information to assess how its
businesses performed excluding the effects of changes in foreign
currency exchange rates and assists investors in evaluating the
effectiveness of the Company’s operations and underlying business
trends in a manner that is consistent with management’s evaluation
of business performance.
The Company calculates constant currency revenue information by
translating its foreign revenues for the relevant period into U.S.
dollars at the average exchange rates in effect during the
comparable prior year period (rather than at the actual exchange
rates in effect during the relevant period).
Constant currency performance should be viewed in addition to,
and not in lieu of or as superior to, the Company’s operating
performance calculated in accordance with GAAP. The constant
currency revenue information presented may not be comparable to
similarly described measures reported by other companies.
Reconciliations
of 2023 Constant Currency Revenue
GAAP Revenue
% Change
Quarter Ended
GAAP
Positive Impact of Foreign
Exchange
Constant Currency
2/4/24
1/29/23
Tommy Hilfiger International
$
950.6
$
957.6
(0.7
)%
1.9
%
(2.6
)%
Total Tommy Hilfiger
1,351.2
1,341.1
0.8
%
1.4
%
(0.6
)%
Calvin Klein International
704.4
630.4
11.7
%
1.4
%
10.3
%
Total Calvin Klein
1,064.4
1,020.7
4.3
%
0.9
%
3.4
%
Total Revenue
$
2,489.9
$
2,488.7
—
%
1.0
%
(1.0
)%
Total Direct-to-Consumer
$
1,370.8
$
1,254.7
9.3
%
0.7
%
8.6
%
Owned and Operated Digital Commerce
$
276.0
$
250.4
10.2
%
1.0
%
9.2
%
Wholesale
$
998.9
$
1,107.8
(9.8
)%
1.7
%
(11.5
)%
Total Digital
$
525.2
$
521.7
0.7
%
1.7
%
(1.0
)%
GAAP Revenue
% Change
Year Ended
GAAP
Positive Impact of Foreign
Exchange
Constant Currency
2/4/24
1/29/23
Tommy Hilfiger International
$
3,452.9
$
3,364.7
2.6
%
1.6
%
1.0
%
Total Tommy Hilfiger
4,824.6
4,657.4
3.6
%
1.2
%
2.4
%
Calvin Klein International
2,589.9
2,353.0
10.1
%
0.9
%
9.2
%
Total Calvin Klein
3,914.5
3,783.4
3.5
%
0.5
%
3.0
%
Total Revenue
$
9,217.7
$
9,024.2
2.1
%
0.7
%
1.4
%
PVH CORP. Reconciliations of Constant Currency Revenue
(continued)
Reconciliations
of 2024 Constant Currency Revenue
Full Year
2024
(Estimated)
First Quarter
2024
(Estimated)
GAAP revenue decrease
(6)% to (7)%
(11)%
Negative impact of foreign exchange
—%
(1)%
Non-GAAP revenue decrease on a constant
currency basis
(6)% to (7)%
(10)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240401617447/en/
Investor Contact: Sheryl Freeman
investorrelations@pvh.com
Media Contact: communications@pvh.com
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