PVH Corp

Latest Results (24.12.2024):

Third Quarter Revenue

In the third quarter of 2024, PVH Corp. reported a revenue decrease of 5% to $2.255 billion compared to the prior year period. This decline was slightly better than the company's guidance, which anticipated a decrease of 6% to 7%. On a constant currency basis, the revenue decreased by 6%, reflecting the impact of strategic decisions, including the sale of the Heritage Brands women's intimates business.

Earnings Per Share (EPS)

PVH Corp.'s earnings per share for the third quarter of 2024 exceeded expectations. On a GAAP basis, EPS was $2.34, surpassing the guidance of approximately $2.30. On a non-GAAP basis, EPS was $3.03, significantly higher than the projected $2.50. The results included a positive impact of $0.05 per share from foreign currency translation.

Operating Margin and Profitability

The company's operating margin on a GAAP basis for the third quarter of 2024 was projected to be approximately 9.2%, a slight decrease from the previous guidance of 9.8%. On a non-GAAP basis, the outlook remained flat compared to 10.1% in 2023. PVH Corp. continues to focus on cost efficiencies and strategic investments to drive long-term profitability.

Stock Repurchase Program

During the third quarter of 2024, PVH Corp. repurchased 300,000 shares of its common stock for $29 million, as part of its commitment to return excess cash to stockholders under the PVH+ Plan. For the first nine months of 2024, the company repurchased a total of 2.4 million shares for $254 million and expects to repurchase approximately $400 million worth of common stock for the full year.

Full Year 2024 Outlook

PVH Corp. reaffirmed its full-year 2024 revenue guidance, projecting a decrease of 6% to 7% compared to 2023. The company also adjusted its EPS guidance, projecting a range of $10.55 to $10.70 on a GAAP basis and $11.55 to $11.70 on a non-GAAP basis. These projections account for the impact of foreign currency translation and strategic business decisions.