PVH Corporation, the parent company of brands like Tommy Hilfiger and Calvin Klein, reported a first-quarter revenue of $1.952 billion for fiscal 2024, a 10% decrease from the previous year. The decline was 9% on a constant currency basis, with a 3% impact from the sale of the Heritage Brands women’s intimates business. Tommy Hilfiger’s overall revenue dropped by 10%, with international revenue falling by 14% due to declining revenue in Europe. However, Tommy Hilfiger North America revenue increased by 2%. PVH Corporation attributes the revenue declines to various factors, including the impact of the pandemic on consumer behavior.
PVH Corporation, the parent company of brands like Tommy Hilfiger and Calvin Klein, reported a first-quarter revenue of $1.952 billion for fiscal 2024, a 10% decrease from the previous year. The decline was 9% on a constant currency basis, with a 3% impact from the sale of the Heritage Brands women’s intimates business. Tommy Hilfiger’s overall revenue dropped by 10%, with international revenue falling by 14% due to declining revenue in Europe. However, Tommy Hilfiger North America revenue increased by 2%. PVH Corporation attributes the revenue declines to various factors, including the impact of the pandemic on consumer behavior.
Calvin Klein’s revenue stayed the same year over year but rose by 1% when adjusted for currency changes. International revenue for Calvin Klein dropped by 2%, while North America revenue went up by 4%. Heritage Brands saw a 65% decrease in revenue, with a 47% drop due to the sale of the women’s intimates business.
PVH Corporation reported EBIT of $205 million on a GAAP basis and $195 million on a non-GAAP basis, up from $199 million in the previous year. GAAP EPS was $2.59, while non-GAAP EPS was $2.45, compared to $2.14 in the prior year. The company exceeded revenue expectations with growth in direct-to-consumer business, and beat earnings guidance for the first quarter. CEO Stefan Larsson highlighted brand growth for Calvin Klein and Tommy Hilfiger in North America and Asia Pacific, along with successful sales initiatives in Europe. Overall, PVH Corporation saw growth and strengthened brand positioning in the marketplace.
