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PVH Corp. (PVH) drives global fashion through iconic brands like Calvin Klein and Tommy Hilfiger. This news hub provides investors and industry professionals with essential updates from the apparel leader.
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PVH Corp. (NYSE: PVH) has reported its 2024 first-quarter results, surpassing both revenue and earnings guidance, and has updated its full-year EPS outlook. Despite a 10% decline in revenue to $1.952 billion, the figures exceeded the anticipated 11% drop. GAAP EPS reached $2.59, above the $2.15 guidance, while non-GAAP EPS was $2.45.
Full-year projections include a confirmed revenue decline of 6%-7%, stable operating margins, and a raised EPS forecast of $11.15-$11.40 on a GAAP basis and $11.00-$11.25 on a non-GAAP basis. The company noted robust growth in North America and Asia Pacific for Calvin Klein and Tommy Hilfiger, alongside strategic sales improvements in Europe.
Other key points include a 350 basis point increase in gross margin to 61.4% and a 22% reduction in inventory. The company repurchased $200 million worth of shares, with a full-year target of $400 million. Interest expense dropped from $22 million to $18 million, and the effective tax rate decreased to 19.2% GAAP and 19.4% non-GAAP.
Calvin Klein, part of PVH Corp. [NYSE: PVH], has appointed Veronica Leoni as Creative Director of Collection, signaling a return to the runway. Leoni, a 2023 LVMH Prize finalist and founder of QUIRA, brings extensive experience from brands like Jil Sander, Céline, Moncler, and The Row. Her role includes designing men's and women's apparel, underwear, and accessories with a debut in Fall 2025. Leoni will collaborate with Calvin Klein Global Brand President, Eva Serrano, and report directly to her. This appointment is part of a strategic effort under Serrano's leadership to enhance the brand and engage the next generation of consumers.
PVH Corp. (NYSE: PVH) will release its Q1 2024 earnings results on June 4, 2024, after the market closes.
The following day, June 5, 2024, at 9:00 AM ET, a conference call hosted by CEO Stefan Larsson and CFO Zac Coughlin will discuss the results.
The call will be broadcast live on PVH's website under the Investors section, and a replay will be available for 12 months.
PVH Corp. has declared a quarterly cash dividend of $0.0375 per share, payable on June 26, 2024, to stockholders of record on June 5, 2024.
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