Tommy Hilfiger's overall revenue decreased 10 percent compared to the same period last year, a decrease of 9 percent in constant currency. Tommy Hilfiger International's revenue fell 14 percent, or 13 percent in constant currency, hit hard by declining revenue in Europe. By contrast, Tommy Hilfiger's revenue in North America increased 2 percent, PVH Corporation said in a press release.
PVH Corporation reported Q1 FY24 revenue of $1.952 billion, a 10 percent decrease from last year. In constant currency terms, revenue decreased 9 percent. Tommy Hilfiger's revenue fell 10 percent, while Calvin Klein was flat. Heritage Brands' revenue fell 65 percent. EBIT was $205 million (GAAP) and earnings per share increased to $2.59 (GAAP) and $2.45 (non-GAAP).
Calvin Klein's revenue was flat compared to the prior-year period, but increased 1 percent in constant currency. Calvin Klein International revenue decreased 2 percent, unchanged at constant currency, while Calvin Klein North America revenue increased 4 percent.
Heritage Brands' revenue decreased significantly by 65 percent compared to the prior-year period, including a 47 percent decline resulting from the sale of Heritage Brands' women's intimate apparel business.
PVH Corporation reported earnings before interest and taxes (EBIT) of $205 million on a GAAP basis and $195 million on a GAAP basis, compared to $199 million in the same period last year. On a GAAP basis, EPS was $2.59, compared to $2.14 in the same period last year. On a non-GAAP basis, EPS was $2.45, compared to $2.14 in the previous year periodno non-GAAP exclusions in the prior year.
“We met our revenue expectations, driven by growth in our direct-to-consumer business, and exceeded our first-quarter earnings guidance. We further strengthened our brand positioning and pricing power in the market and, as planned, generated growth for Calvin Klein and Tommy Hilfiger combined in both North America and Asia Pacific in constant currency, while successfully driving quality strategy of sales initiatives in Europe,” said Stefan Larsson, CEO.
Fiber2Fashion News Desk (DP)
