“We delivered a strong fourth quarter performance with stronger than expected high-single digit constant currency revenue growth and earnings above guidance. Our disciplined execution of the PVH+ Plan, our multi-year, brand-focused, direct-to-consumer and digitally-led strategy enabled us to compete to win despite the challenging macro situation. Since we introduced our PVH+ Plan, we have made significant progress all around the world in driving brand desirability by getting closer to the consumer, creating great products and delivering very strong consumer engagement through impactful talent partnerships”, commented Stefan Larsson, Chief Executive Officer of PVH.

Fourth Quarter Results

In the three months to the 29^th of January 2023, the group's revenue increased by 2% (or by 8% on a constant currency basis) reaching 2.49 billion US dollars, as compared to the same period of the prior fiscal year, including a reduction of 1% resulting from the impact of the war in Ukraine.

PHV highlighted that this “underlying high single-digit revenue growth” was due to the performances of its Tommy Hilfiger and Calvin Klein brands, whose revenue grew by 3%, or respectively by 10% and 8% on a constant currency basis. In turn, Heritage Brands' revenue declined by 10% in the last quarter of fiscal 2022, on a comparable basis to a similar period of last year.

In the fourth quarter of the last fiscal year, the net income attributable to PVH Corp amounted to 138.7 million US dollars, or earnings of 2.18 US dollars per diluted share, as compared to the 390.8 million US dollars, or earnings of 5.54 US dollars per diluted share, recorded in the same months of the previous fiscal year.

Fiscal 2022 Results

PVH Corp reported a full year revenue of 9.02 billion US dollars, which reflects a decrease of 1% (or growth of 5% on a constant currency basis) over fiscal 2021, including a 3% negative impact resulting from the Heritage Brands transaction and the exit from the Heritage Brands retail business, as well as the impact of the war in Ukraine.

In particular, Tommy Hilfiger's revenue was down by 1% (or up by 7% on a constant currency basis) last year, while Calvin Klein's revenue grew by 3% (or 10% on a constant currency basis), on a comparable basis to the prior fiscal year. Meanwhile, Heritage Brands' revenue decreased by 26%, year-over-year, including a 25% decline caused by the Heritage Brands transaction and the exit from the Heritage Brands Retail business.

In the twelve months to the 29^th of January, the company's net income totalled 200.4 million US dollars, or earnings of 3.03 US dollars diluted share, as compared to the full year 2021 net income of 952.3 million US dollars, or earnings of 13.25 US dollars diluted share.

Fiscal 2023 Outlook

PVH Corp is expecting its 2023 revenue to increase by 3% to 4% (an increase of 2% to 3% on a constant currency basis) over 2022, reflecting the benefit of less than 1% from the 53^rd week in 2023, while its earnings per share should stand at approximately 10.00 US dollars on a GAAP basis.