PVH Corp. has recently published First Quarter 2022 Financial Report. Stefan Larsson, Chief Executive Officer, commented “We are pleased with our first-quarter performance in which we delivered strong underlying top-line growth and beat our guidance. This performance is just the beginning of our multi-year journey to execute the PVH+ Plan – our strategic growth plan that we unveiled at our recent Investor Day. The plan is centered around winning with the consumer through our brand-focused, direct-to-consumer, and digitally-led approach across each of our regions to unlock the full potential of our two global iconic brands, Calvin Klein and TOMMY HILFIGER.”
Zac Coughlin, Chief Financial Officer, said, “For the first quarter, we delivered both revenue and EPS above our guidance. Through the PVH+ Plan, we are leaning into and flexing our business to accelerate growth and realize efficiencies – balanced across our regions and brands – to drive strong profitability, significant cash flow, and attractive returns for our shareholders.”
First Quarter 2022 Results:
- Revenue increased 2% to $2.123 billion compared to the prior-year period (increased 7% on a constant currency basis).
- Tommy Hilfiger revenue increased 2% compared to the prior-year period (increased 7% on a constant currency basis), including a 2% decrease (5% increase on a constant currency basis) in Tommy Hilfiger International revenue and a 15% increase in Tommy Hilfiger North America revenue.
- Calvin Klein revenue increased 13% compared to the prior-year period (increased 17% on a constant currency basis), including a 7% increase (13% increase on a constant currency basis) in Calvin Klein International revenue and a 26% increase in Calvin Klein North America revenue.
- Heritage Brands revenue decreased 31% compared to the prior-year period and includes a 42% decrease resulting from the Heritage Brands transaction and the exit from the Heritage Brands Retail business.
- Interest expense decreased to $22 million from $29 million in the prior-year period.
- The effective tax rate was 29.4% as compared to 40.7% on a GAAP basis and 36.8% on a non-GAAP basis in the prior-year period.
- Stock Repurchase Program: The Company repurchased 1.2 million shares of its common stock for $100 million during the first quarter of 2022 ($1.9 billion since inception) under the $3.0 billion stock repurchase program authorized by the Board of Directors.
