PVH pleased with Q3 despite incremental advance
05/12/2023
Overall revenue in the international businesses increased 1% on a constant currency basis over the prior year period. In North America, revenue in the Tommy Hilfiger and Calvin Klein brand businesses combined grew 2%.
Earnings loss before interest and taxes was $230 million, inclusive of a $9 million positive impact due to foreign currency translation, compared with $214 million in the prior year period.
Inventory decreased 19% compared to the prior year period, as the company continues to manage its inventory levels towards its previously announced goal of a 25% reduction in inventory as a percentage of sales.
PVH CEO Stefan Larsson said: “Through our disciplined PVH+ Plan execution, we are gaining increasing traction in our product category offense and hero products, our cut-through marketing campaigns, and building out our demand-driven supply chain.
“We expanded gross margin, improved inventory productivity and increased our marketing investments, driving strong consumer engagement and overall, significantly improved profitability.
“I’m especially pleased with the outperformance in North America as we made significant progress towards unlocking our full potential.”
Full-year revenue is projected to increase 1% compared with 2022.
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