PVH Corp., the parent company of iconic brands Calvin Klein and Tommy Hilfiger, has exceeded expectations with its first-quarter financial results for fiscal 2022. The company reported a 2% increase in revenues, reaching $2.123 billion compared to the same period last year. This growth was primarily driven by Calvin Klein, which experienced an impressive 13% increase in revenues. The brand saw a 7% growth in international revenue and a remarkable 26% surge in North America revenue. On the other hand, PVH’s Heritage Brands, including Van Heusen and IZOD, faced challenges and witnessed a decline in revenue by 31%. This decline can be attributed to the Heritage Brands transaction and the company’s exit from the Heritage Brands Retail business.
PVH Corp.’s CEO, Stefan Larsson, expressed satisfaction with the company’s performance in the first quarter and reemphasized their dedication to executing the PVH+ Plan. This strategic growth plan aims to achieve success by focusing on building strong brands, adopting a direct-to-consumer approach, and leading through digital platforms. Besides strong revenue growth, PVH also reported increased net income for the first quarter, with diluted shares reaching $1.94, compared to $1.38 in the previous year.
Looking forward, PVH remains confident in its full-year outlook and anticipates a revenue increase of 1% to 2% compared to 2021. However, this projection takes into account a 2% reduction resulting from the Heritage Brands transaction and the exit from the Heritage Brands Retail business. Additionally, a 2% reduction is expected due to the ongoing conflict in Ukraine. Recognizing the potential challenges posed by global macroeconomic factors, PVH is actively managing its business to ensure the fulfillment of its commitments, drive sustained growth, and create long-term value for its stakeholders.
Useful links:
1. PVH Corp. Official Website: Explore PVH Corp.’s official website to learn more about the company’s diverse brand portfolio and strategic initiatives.
2. Calvin Klein Official Website: Visit the official website of Calvin Klein to discover the latest collections, campaigns, and news from this renowned luxury brand.
