PVH(PVH, $82.66) posts Q4 earnings

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published in Blogs

Mar 31, 2022

Clothing company PVH Corp reported its fourth quarter earnings, that experienced a rebound from the year-ago quarter's losses.

PVH Corp.’s fourth quarter earnings on a GAAP basis were $5.53 dollars per share for the fourth quarter compared to a loss per share of -81 cents in the year-ago quarter. On a non-GAAP basis, earnings were $2.84 per share compared to a loss per share of -38 cents in the prior year period.

Fourth quarter revenue at PVH Corp. increased +16% from the year-ago quarter (or +20% on a constant currency basis) to $2.430 billion.

The company’s revenue in its Tommy Hilfiger business increased +18% year-over-year (or +23% on a constant currency basis). That includes a +20% increase (or 26% on a constant currency basis) in Tommy Hilfiger international revenue, and a +14% increase in Tommy Hilfiger North America revenue.

Calvin Klein business revenue saw a +27% year-over-year increase (or a +30% increase on a constant currency basis), which includes + 24% (or +30% increase on a constant currency basis) in Calvin Klein international revenue and a +32% increase in Calvin Klein North America revenue.

However, the company’s Heritage Brands business experienced a -33% decrease in the compared to the prior year period, which included a -51% year-over-year decrease resulting from the Heritage Brands transaction and the exit from the Heritage Brands retail business.

For the full-year 2021, PVH revenue increased +28% (or +26% in constant currency) to $9.15 billion dollars compared to 2020. Earnings per share on a GAAP basis were $13.25 for 2021 compared to a loss per share of -$15.96 in 2020. Earnings per share on a non-GAAP basis were $10.15 a share compared to a loss per share of -$1.97 dollars in 2020.

Looking ahead, the company projects 2022 revenue to increase +2% to +3% (or increase +6% to +7 % on a constant currency basis as compared to 2021.

It is expecting 2022 operating margin to be approximately 10 percent, and earnings per share will be approximately $9 compared to $13.25 on a GAAP basis and $10.15 on a non-GAAP basis in 2021.

The company forecasts that first quarter 2022 earnings per share will be in a range of $1.55 to $1.60 compared to $1.38 dollars on a GAAP basis and 1.92 dollars on a non-GAAP basis in the prior year period. Revenue in the first quarter of 2022 is expected to be relatively flat and increase approximately +4% on a constant currency basis.

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