American firm PVH Corp posts revenue of .952 bn in Q1 FY24

American firm PVH Corp posts revenue of $1.952 bn in Q1 FY24

Fashion



American firm PVH Corp posts revenue of $1.952 bn in Q1 FY24

US’ PVH Corporation, the parent company of globally recognised brands such as Tommy Hilfiger and Calvin Klein, has reported revenue of $1.952 billion for the first quarter of fiscal 2024 (Q1 FY24), marking a 10 per cent decrease compared to $2.158 billion in the same period last year. On a constant currency basis, revenue decreased by 9 per cent. This decline includes a 3 per cent impact from the sale of the Heritage Brands women’s intimates business.

Tommy Hilfiger revenue overall decreased by 10 per cent compared to the prior year period, a 9 per cent decrease on a constant currency basis. Tommy Hilfiger International revenue fell by 14 per cent, or 13 per cent on a constant currency basis, heavily impacted by declining revenue in Europe. In contrast, Tommy Hilfiger North America revenue increased by 2 per cent, PVH Corporation said in a press release.

PVH Corporation reported Q1 FY24 revenue of $1.952 billion, a 10 per cent decline from last year.
On a constant currency basis, revenue decreased by 9 per cent.
Tommy Hilfiger revenue dropped 10 per cent, while Calvin Klein remained flat.
Heritage Brands revenue fell 65 per cent. EBIT was $205 million (GAAP) and EPS rose to $2.59 (GAAP) and $2.45 (non-GAAP).

Calvin Klein revenue remained flat compared to the prior year period but increased by 1 per cent on a constant currency basis. Calvin Klein International revenue decreased by 2 per cent, flat on a constant currency basis, while Calvin Klein North America revenue increased by 4 per cent.

Revenue for Heritage Brands decreased significantly by 65 per cent compared to the prior year period, including a 47 per cent decline resulting from the sale of the Heritage Brands women’s intimates business.

PVH Corporation reported earnings before interest and taxes (EBIT) of $205 million on a GAAP basis and $195 million on a non-GAAP basis, compared to $199 million in the prior year period. On a GAAP basis, EPS was $2.59, up from $2.14 in the prior year period. On a non-GAAP basis, EPS was $2.45, compared to $2.14 in the prior year period, with no non-GAAP exclusions in the previous year.

“We delivered on our revenue expectations, led by growth in our direct-to-consumer business, and beat our earnings guidance for the first quarter. We further strengthened our brand positioning and pricing power in the marketplace, and as planned we generated growth for Calvin Klein and Tommy Hilfiger combined in both North America and Asia Pacific in constant currency, while successfully driving strategic quality of sales initiatives in Europe,” said Stefan Larsson, chief executive officer.

Fibre2Fashion News Desk (DP)




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