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In Q1 2023, the company's share price increased by 20.4%, driven by strong performance in its core brands, Calvin Klein and Tommy Hilfiger.

Calvin Klein achieved record consumer engagement in Q1, with the "Calvins or nothing" campaign and partnerships with K-Pop star Jungkook and an immediately sold out capsule collection with Jennie Kim of Blackpink, resulting in nearly 700 million social media impressions and strong sales growth.

Tommy Hilfiger maintained high global visibility in Q1, generating 5.5 billion impressions and 56 million social engagements, with its Classics Reborn spring campaign and collaboration with Shawn Mendes performing well.

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PVH Corp (PVH) Rises 20.4% YTD, To Gain From Growth Strategies

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Despite rising costs, PVH Corp (PVH) is well-poised for further growth on the back of brand strength, a robust international business and other strategic endeavors.

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PVH Corp. reported $2.2 billion in Q2 2023 revenue, a 4% year-over-year increase driven by Tommy Hilfiger and Calvin Klein, with Calvin Klein International revenue up 11%.

Calvin Klein North America's revenue decreased by 9% due to a 3% drop in the wholesale business, while Tommy Hilfiger North America saw a 4% increase in revenue.

Gross margin improved to 57.6% from 57.2% in the prior year, benefiting from lower freight costs, price increases, and a favorable shift in regional and channel mix, despite higher product costs.

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COMPANY COMPLETED $200 MILLION STOCK REPURCHASES DURING THE SECOND QUARTER, INCREASES FULL YEAR PLANNED REPURCHASES TO UP TO $400 MILLION

Second quarter revenue increased 4% to $2.207 billion compared to the prior year period (increased 2% on a constant currency basis); guidance was an increase of low single-digits

Second quarter EPS

GAAP basis: $1.50 compared to guidance of approximately $1.70. Results include pre-tax costs of $39 million, or $0.48 per share, not known at time of guidance, related to actions taken in July 2023 in conjunction with the Company's plan to reduce people costs in its global offices.

Non-GAAP basis: $1.98 exceeded guidance of approximately $1.70

Full year outlook

Revenue: Reaffirms projected increase of 3% to 4% (increase 2% to 3% on a constant currency basis)

EPS:

GAAP basis: Approximately $9.60 compared to approximately $10.00 previously

Non-GAAP basis: Approximately $10.35 compared to approximately $10.00 previously

NEW YORK--(BUSINESS WIRE)--Aug. 29, 2023--

PVH Corp. [NYSE: PVH] today reported its 2023 second quarter results and updated its full year outlook.

Stefan Larsson, Chief Executive Officer, commented, "We delivered another strong quarter across both Calvin Klein and TOMMY HILFIGER driven by the disciplined execution of our long-term, brand-building growth plan, the PVH+ Plan. We generated double-digit revenue growth in our direct-to-consumer business in both our stores and in e-commerce, through our relentless focus on building brand desirability through product, consumer engagement and marketplace execution."

Mr. Larsson added, "We are increasing our EPS outlook for the year, excluding restructuring charges, based on the confidence we have in our ability to execute in the back half of the year, while continuing to successfully navigate the macroeconomic environment. As we lean into the five key growth drivers of the PVH+ Plan, we're continuing to gain traction by connecting our consumer-facing execution with an increasingly demand-driven operating engine to fuel long-term profitable growth."

Zac Coughlin, Chief Financial Officer, said, "We drove another quarter of strong performance, and excluding restructuring charges, have raised our full year EPS outlook, while continuing to project a double-digit EBIT margin, underscoring the conviction we have in our ability to drive improved profitability. In addition, reflecting the confidence that we have in our ability to deliver sustainable long-term growth, we have increased our share repurchases. We now expect to repurchase up to $400 million of stock in 2023, having repurchased $200 million of stock in just the second quarter. We are well-positioned to achieve strong EPS growth in 2023 and generate significant and increasing cash flow to create value for shareholders."

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.

Second Quarter Review:

Revenue increased 4% compared to the prior year period (increased 2% on a constant currency basis) driven by growth in both the Tommy Hilfiger and Calvin Klein businesses. The increase included solid performance in the Company's international businesses, particularly in the Asia Pacific region, including over 20% growth in local currency in China reflecting continued recovery after the lifting of COVID restrictions in the fourth quarter of 2022, and continued growth in Europe in euros. The increase also reflected continued growth in the North America direct-to-consumer business.

Direct-to-consumer revenue increased 11% compared to the prior year period (increased 10% on a constant currency basis), with growth in both the Company's owned and operated stores and owned and operated digital commerce business in all regions.

Wholesale revenue decreased 3% compared to the prior year period (decreased 6% on a constant currency basis) as wholesale customers continue to take a cautious approach.

Owned and operated digital commerce revenue increased 12% compared to the prior year period (increased 11% on a constant currency basis). The strong growth in the Company's digital commerce business was more than offset by a decrease in wholesale sales to traditional retailers' ecommerce businesses and pure players, resulting in a 10% decrease in total digital revenue compared to the prior year period (decreased 12% on a constant currency basis). Total digital penetration as a percentage of total revenue was approximately 20%.

Gross margin was 57.6% compared to 57.2% in the prior year period. The increase reflects benefits from a favorable shift in regional and channel mix, lower freight costs, and price increases, partially offset by higher product costs, including an approximately 120 basis point negative impact on inventory costs due to foreign currency exchange rates.

Inventory increased 6% compared to the prior year period. The 6% increase is in line with projected sales growth and reflects a sequential improvement as compared to the 24% year-over-year increase in the first quarter of 2023.

Second Quarter Consolidated Results:

Revenue increased 4% to$2.207 billion compared to the prior year period (increased 2% on a constant currency basis).

Tommy Hilfiger revenue increased 6% compared to the prior year period (increased 3% on a constant currency basis).

Tommy Hilfiger International revenue increased 6% (increased 3% on a constant currency basis).

Tommy Hilfiger North America revenue increased 4%.

Calvin Klein revenue increased 3% compared to the prior year period (increased 2% on a constant currency basis)

Calvin Klein Internationalrevenue increased 11% (increased 9% on a constant currency basis).

Calvin Klein North America revenue decreased 9% primarily driven by a decrease in the wholesale business.

Heritage Brands revenue decreased 11% compared to the prior year period.

Earnings before interest and taxes ("EBIT") on a GAAP basis was $143 million, inclusive of a $5 million positive impact due to foreign currency translation, compared to $177 million in the prior year period. EBIT on a GAAP basis included costs of $39 million in the current quarter and net costs of $34 million in the prior year 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 $182 million, inclusive of a $5 million positive impact due to foreign currency translation, compared to $211 million in the prior year period. The revenue increase discussed above was more than offset by (i) the approximately 120 basis point negative impact on inventory costs due to foreign currency exchange rates, discussed above and (ii) overall higher expenses driven by a planned increase in investments to drive the Company's strategic initiatives, including an increase in marketing, compared to the prior year period. The Company continues to take a disciplined approach to managing expenses, driving cost efficiencies while making targeted investments to drive its strategic initiatives.

Earnings per share ("EPS")

GAAP basis: $1.50 compared to $1.72 in the prior year period.

Non-GAAP basis: $1.98 compared to $2.08 in the prior year period.

EPS on both a GAAP and a non-GAAP basis for the second quarter of 2023 includes the positive impact of $0.05 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 excluded these amounts.

Interest expense increased to $24 million from $20 million in the prior year period primarily due to higher interest rates.

Effective tax rate was 21.3% on a GAAP basis as compared to 26.4% in the prior year period. The effective tax rate was 21.6% on a non-GAAP basis as compared to 26.9% in the prior year period.

Stock Repurchase Program:
Delivering on its commitment under the PVH+ Plan to return excess cash to stockholders, the Company repurchased 2.4 million shares of its common stock for $200 million during the second quarter of 2023.

2023 Outlook:

Full Year 2023 Guidance

Revenue is projected to increase 3% to 4% as compared to 2022 (increase 2% to 3% on a constant currency basis).

EPS on a GAAP basisis projected to be approximately $9.60 compared to $3.03 in 2022. EPS on a non-GAAP basis, which excludes restructuring charges, is projected to be approximately $10.35. EPS on a non-GAAP basis was $8.97 in 2022. The 2023 EPS projections on both a GAAP and a non-GAAP basis include the estimated positive impact of approximately $0.15 per share related to foreign currency translation. EPS on a GAAP basis for these periods also include the amounts described under the heading "Non-GAAP Exclusions" later in this release. EPS on a non-GAAP basis exclude these amounts.

Interest expense is projected to increase to approximately $100 million compared to $83 million in 2022 primarily due to higher interest rates.

Effective tax rate is projected to be approximately 22%.

Third Quarter 2023 Guidance

Revenue is projected to increase mid-single digits as compared to the third quarter of 2022 (increase low-single digits on a constant currency basis).

EPS on a GAAP basis is projected to be approximately $2.43 compared to $(2.88) in the prior year period. EPS on a non-GAAP basis, which excludes restructuring charges, is projected to be approximately $2.70. EPS on a non-GAAP basis was $2.60 in the prior year period. The third quarter 2023 EPS projections include the estimated positive impact of approximately $0.15 per share related to foreign currency translation. EPS on a GAAP basis for these periods also include the amounts described under the heading "Non-GAAP Exclusions" later in this release. EPS on a non-GAAP basis exclude these amounts.

Interest expense is projected to increase to approximately $25 million compared to $19 million in the third quarter of 2022 primarily due to higher interest rates.

Effective tax rate is projected to be approximately 22%.

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 restructuring costs of approximately $60 million incurred and expected to be incurred in 2023 consisting principally of severance related to actions taken in July 2023 and expected to be taken in the third quarter 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 and approximately $21 million is expected to be incurred in the third 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 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 5 and the sections entitled "Reconciliations of Constant Currency Revenue" and "Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts" 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 second quarter earnings release on Wednesday, August 30, 2023 at 9:00 a.m. EDT. Please log on to the Company's website at 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.

Please see following pages for information related to non-GAAP measures discussed in this release.

Non-GAAP Measures

The Company believes it is useful to investors to present its results for the periods ended July 30, 2023 and July 31, 2022 on a non-GAAP basis by excluding (i) the restructuring costs incurred in the second quarter of 2023 related to actions taken in July 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 (the "2022 cost savings initiative"), consisting principally of severance; (ii) the costs incurred in the second quarter of 2022 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; (iii) 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"); and (iv) 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 5 for the reconciliations of the GAAP amounts to amounts on a non-GAAP basis.

Table 2 - Reconciliations of GAAP earnings before interest and taxes to earnings before interest and taxes on a non-GAAP basis

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.

Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts

The Company is presenting its 2023 estimated results on a non-GAAP basis by excluding (i) the restructuring costs incurred and expected to be incurred related to the 2022 cost savings initiative, consisting principally of severance and (ii) the estimated tax effects associated with the foregoing pre-tax item. The Company has provided the reconciliations set forth below to present its estimates on a GAAP basis and excluding the foregoing amounts.

The 2023 estimated results are presented on both a GAAP and non-GAAP basis. The Company believes presenting these results on a non-GAAP basis provides useful additional information to investors. The Company excludes such amounts that it deems to be non-recurring or non-operational and believes that excluding them (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 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 estimated tax effect associated with the above pre-tax item is based on the Company's assessment of deductibility. In making this assessment, the Company evaluated and concluded that the pre-tax item identified above as a non-GAAP exclusion is tax deductible, with the tax effect taken at the applicable statutory income tax rates of the local jurisdictions.

The GAAP net income per common share amounts presented in the above table, as well as the amounts excluded in providing non-GAAP earnings guidance, would be expected to change as a result of (i) acquisition, restructuring, divestment or similar transactions or activities, (ii) the timing and strategy of restructuring and integration initiatives or other one-time events, such as the 2022 cost savings initiative, that the Company engages in or suffers during the period, (iii) any market or other changes affecting the Company's expected actuarial gain or loss on retirement plans, including the recent volatility in the financial markets, (iv) changes in the expected impacts of inflationary pressures, as well as unexpected additional impacts of the war in Ukraine and its broader macroeconomic implications, or (v) any discrete tax events including changes in tax rates or tax law and events arising from audits or the resolution of uncertain tax positions.

Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts (continued)

Please refer to the section entitled "Reconciliations of Constant Currency Revenue" on page 17 of this release for a description of the presentation of constant currency amounts.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230829339641/en/

Source: PVH Corp.

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PVH Corp. Reports Strong 2023 Second Quarter Results; Updates Full Year GAAP EPS Outlook to Reflect Restructuring Charges and Raises Full Year Non-GAAP EPS Outlook

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COMPANY COMPLETED $200 MILLION STOCK REPURCHASES DURING THE SECOND QUARTER, INCREASES FULL YEAR PLANNED REPURCHASES TO UP TO $400 MILLION Second quarter revenue increased 4% to $2.207 billion compared to the prior year period (increased 2% on a constant currency basis); guidance was an increase of low single-digits Second quarter EPS GAAP basis: $1.50 compared to guidance of approximately $1.70.

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'PVH’s revenue grew 4% across all regions and in their direct-to-consumer, wholesale and total digital revenue as well.

Their gross margin grew 1.8% compared to the same period from the previous year.

There was a 19% reduction in their inventory and they stated that their goal is to have a 25% decrease in inventory as a percentage of sales.

Tommy Hilfiger’s revenue increased both in North America and Internationally, while Calvin Klein saw a decrease in their brand’s sales in North America due to a decrease in the wholesale business.

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PVH Corp. Reports 2023 Third Quarter Earnings Above Guidance and Raises Full Year EPS Outlook

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NEW YORK--(BUSINESS WIRE)--Nov. 29, 2023--
PVH Corp. [NYSE: PVH] today reported its 2023 third quarter results and updated its full year outlook.

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Overall, the company's international business grew 4% in comparison to the previous year.

Direct to consumer and total digital revenue increased by 9% and 1%, respectively, when compared to previous year, while their wholesale revenue decreased by 10%.

In Q4, PVH sold the Heritage Brand women’s intimate business, which makes for 3% of the decrease in the wholesales department and a decrease of 41% in the revenue of the brand. 30% being related to the sale of it.

They had a 4.4% increase in their gross margin compared to the year prior

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PVH Corp. Reports 2023 Fourth Quarter Revenue and Earnings Above Guidance and Provides 2024 Outlook

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BOARD AUTHORIZES $2 BILLION INCREASE TO STOCK REPURCHASE PROGRAM

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Jeremy Allen White, known for his Emmy-winning role in "The Bear," returns for his second Calvin Klein denim and underwear campaign.

His appearance in the spring 2024 campaign, released in January, went viral on social media, featuring White in Calvin Klein underwear.

The fall 2024 campaign, directed by Mert Alas, captures White poolside in a classic Americana style, wearing Calvin Klein denim and underwear, with a video set to "Crimson and Clover" by The Shacks.

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Jeremy Allen White and Calvin Klein Reunite for Fall 2024 in Americana-inspired Underwear and Denim Campaign

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Jeremy Allen White stars in another Calvin Klein underwear and denim campaign, after his first was a viral sensation.