Third quarter revenue increased 4 percent or 1 percent on a constant currency basis to 2.363 billion dollars compared to the prior year period.
The company said EBIT on a GAAP basis was 230 million dollars compared to negative 214 million dollars in the prior year period, while EBIT on a non-GAAP basis was 249 million dollars compared to 220 million dollars in the prior year period.
GAAP earnings per share were 2.66 dollars compared to negative 2.88 dollars and non-GAAP earnings per share were 2.90 dollars compared to 2.60 dollars in the prior year period.
Commenting on the third quarter results, Stefan Larsson, PVH CEO, said in a statement: “We delivered another strong quarter, with high single-digit revenue growth for our direct-to-consumer businesses across Calvin Klein and Tommy Hilfiger, with growth in all regions, and we exceeded our EPS guidance.”
PVH posts sales growth across brand portfolio
The company added that Tommy Hilfiger revenue increased 4 percent and remained flat on a constant currency basis with international revenue increasing 3 percent or decreasing 3 percent on a constant currency basis. Tommy Hilfiger North America revenue increased 6 percent.
Calvin Klein revenue increased 6 percent or 3 percent on a constant currency basis with international revenue increase of 10 percent or 6 percent on a constant currency basis. Calvin Klein North America revenue decreased 1 percent driven by a decrease in the wholesale business.
“I’m especially pleased with the outperformance in North America as we made significant progress towards unlocking our full potential, delivering a 13.1 percent non-GAAP EBIT margin in the region for Calvin Klein and Tommy Hilfiger combined. Based on our solid year-to-date performance, we are raising our EPS guidance for the full year,” added Larsson
Heritage Brands revenue decreased 11 percent compared to the prior year period. The company completed the sale of its Heritage Brands intimate apparel business on November 27, 2023.
PVH raises full year EPS guidance
PVH further said that for the full year, revenue is projected to increase approximately 1 percent and also 1 percent on a constant currency basis.
GAAP EPS is expected to reach approximately 9.75 dollars compared to 3.03 dollars in 2022 and non-GAAP EPS of approximately 10.45 dollars compared to 8.97 dollars in 2022.
Fourth quarter revenue is projected to decrease 3 percent to 4 percent on both reported and constant currency basis.
GAAP EPS is expected to reach approximately 3.48 dollars compared to 2.18 dollars in the prior year period and non-GAAP EPS to approximately 3.45 dollars compared to 2.38 dollars in the prior year period.