PVH Corp. Published 2021 Fourth Quarter & Full Year Results

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PVH Corp. has recently published its 2021 Fourth Quarter Results, Full Year Results and 2022 Outlook. Stefan Larsson, Chief Executive Officer, commented “We delivered strong fourth-quarter revenue and earnings above guidance. For 2021, we executed on our accelerated recovery priorities, achieving operating margins that were above 2019 pre-pandemic levels and ahead of our plan, driven by strong gross margin expansion, further positioning PVH to win with the consumer in the ‘new normal’ and deliver sustainable profitable long-term growth.”

2021 Fourth Quarter Consolidated Results:

  • Fourth-quarter revenue increased 16% to $2.430 billion (increased 20% on a constant currency basis) compared to the prior-year period.
  • An 18% increase (23% increase on a constant currency basis) in the Tommy Hilfiger business compared to the prior-year period, including a 20% increase (26% increase on a constant currency basis) in Tommy Hilfiger International revenue and a 14% increase in Tommy Hilfiger North America revenue.
  • A 27% increase (30% increase on a constant currency basis) in the Calvin Klein business compared to the prior-year period, including a 24% increase (30% increase on a constant currency basis) in Calvin Klein International revenue and a 32% increase in Calvin Klein North America revenue.
  • A 33% decrease in the Heritage Brands business compared to the prior-year period, which included a 51% decrease resulting from the Heritage Brands transaction and the exit from the Heritage Brands Retail business.

2021 The Full-Year Consolidated Results:

  • Revenue for 2021 increased 28% to $9.155 billion (increased 26% on a constant currency basis) compared to 2020. The revenue increase compared to 2020 reflects:
  • A 29% increase (27% increase on a constant currency basis) in the Tommy Hilfiger business compared to 2020, including a 32% increase (29% increase on a constant currency basis) in Tommy Hilfiger International revenue and a 22% increase in Tommy Hilfiger North America revenue.
  • A 39% increase (36% increase on a constant currency basis) in the Calvin Klein business compared to 2020, including a 39% increase (36% increase on a constant currency basis) in Calvin Klein International revenue and a 38% increase in Calvin Klein North America revenue.
  • An 8% decrease in the Heritage Brands business compared to 2020, which included a 27% decrease resulting from the sale of the Company’s Speedo North America business in April 2020, the Heritage Brands transaction, and the exit from the Heritage Brands Retail business.
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