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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