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The parent company of Calvin Klein and Tommy Hilfiger has unveiled a more robust than expected 2022 fiscal year. Despite an unfavorable macroeconomic context, its annual sales only decreased by 1% to 9.024 billion dollars.

PVH Corp (ex-Phillips-Van Heusen Group) – including the lifestyle brands Calvin Klein and Tommy Hilfiger – has managed to deceive the prognosis and bounce back in a most tumultuous international geopolitical context. While the Russian-Ukrainian conflict disrupted its supplies and distribution, the fourth quarter enabled the group to pull itself out of the water, but not to survive.

 

Indeed, the group’s 2022 annual turnover fell by only 1% on a comparable basis to 9.024 billion dollars.These results were marked by the sale to Authentic Brands Group of its Heritage Brands portfolio (Van Heusen, Arrow, etc.), the cessation of operations of dedicated retail outlets and the Ukrainian conflict. On a constant currency basis, growth was +5%.

 

Including a negative impact of $94 million due to currency translation, EBITDA amounted to $857 million, compared to $983 million in 2021.

 

A decisive fourth quarter

 

While analysts had predicted a 4% drop in sales (and 4% growth at constant exchange rates) for its fourth quarter, PVH Group finally posted 2% growth to 2.489 billion dollars on a comparable basis (and 8% at constant exchange rates).

 

Quarterly growth was impacted by 1% by the Russian-Ukrainian conflict, which disrupted the normal course of its supply chain and distribution. This included the closure of its stores in Russia, the halt of its wholesale deliveries to the Russian and Belarusian markets, and a reduction in deliveries to Ukraine.

 

Although in single digits, revenue growth over the period was strongly driven by its iconic Calvin Klein and Tommy Hilfiger brands. Growth was stronger in Europe and, to a lesser extent, in North America. The direct channel contributed most to this situation. Encouraging results in light of the difficulties caused by the war in Ukraine and the Zero Covid policy still being pursued by the government in China during this period.

 

In a statement, Stefan Larsson, CEO of the PVH Group, welcomed the group’s strong performance in the fourth quarter, noting “stronger than expected revenue growth at constant exchange rates and better than expected profits.”

 

Calvin Klein and Tommy Hilfiger are in good shape across the Atlantic

 

In this troubled macroeconomic environment, Calvin Klein posted the strongest growth worldwide: + 3% on a comparable basis and + 10% at constant exchange rates. This momentum was driven by the US market (+8% on a comparable basis), while its international subsidiary was virtually stagnant (+1%).

 

Tommy Hilfiger, although underperforming on a global scale (-1% compared to 2021) as well as on its international subsidiary (-4%), has not failed across the Atlantic (-9%).

 

For fiscal year 2023, the PVH group expects sales growth of around 3% to 4% on a comparable basis. It is also counting on strong earnings per share (EPS), rising from $3.03 on a GAAP basis and $8.97 on a non-GAAP basis in 2022 to $10 each for the year 2023.

 

Read also > The PVH group suffers and will have to reduce its workforce

 

 

Featured photo : © Presse[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]

The parent company of Calvin Klein and Tommy Hilfiger has unveiled a more robust than expected 2022 fiscal year. Despite an unfavorable macroeconomic context, its annual sales only decreased by 1% to 9.024 billion dollars.

PVH Corp (ex-Phillips-Van Heusen Group) – including the lifestyle brands Calvin Klein and Tommy Hilfiger – has managed to deceive the prognosis and bounce back in a most tumultuous international geopolitical context. While the Russian-Ukrainian conflict disrupted its supplies and distribution, the fourth quarter enabled the group to pull itself out of the water, but not to survive.

 

Indeed, the group’s 2022 annual turnover fell by only 1% on a comparable basis to 9.024 billion dollars.These results were marked by the sale to Authentic Brands Group of its Heritage Brands portfolio (Van Heusen, Arrow, etc.), the cessation of operations of dedicated retail outlets and the Ukrainian conflict. On a constant currency basis, growth was +5%.

 

Including a negative impact of $94 million due to currency translation, EBITDA amounted to $857 million, compared to $983 million in 2021.

 

A decisive fourth quarter

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The parent company of Calvin Klein and Tommy Hilfiger has unveiled a more robust than expected 2022 fiscal year. Despite an unfavorable macroeconomic context, its annual sales only decreased by 1% to 9.024 billion dollars.

PVH Corp (ex-Phillips-Van Heusen Group) – including the lifestyle brands Calvin Klein and Tommy Hilfiger – has managed to deceive the prognosis and bounce back in a most tumultuous international geopolitical context. While the Russian-Ukrainian conflict disrupted its supplies and distribution, the fourth quarter enabled the group to pull itself out of the water, but not to survive.

 

Indeed, the group’s 2022 annual turnover fell by only 1% on a comparable basis to 9.024 billion dollars.These results were marked by the sale to Authentic Brands Group of its Heritage Brands portfolio (Van Heusen, Arrow, etc.), the cessation of operations of dedicated retail outlets and the Ukrainian conflict. On a constant currency basis, growth was +5%.

 

Including a negative impact of $94 million due to currency translation, EBITDA amounted to $857 million, compared to $983 million in 2021.

 

A decisive fourth quarter

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Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

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