Calvin Klein owner PVH Corp. on Wednesday announced third-quarter revenue increased 2% to $2.294 billion, with Calvin Klein and Tommy Hilfiger driving momentum.
PVH tops Q3 guidance, lifts outlook – Calvin Klein
The New York-based company said Tommy Hilfiger revenue increased 1 percent and Calvin Klein rose 2 percent, though both brands saw slight constant-currency declines.
By region, EMEA revenue rose 4 percent year-over-year but declined 2 percent on a constant currency basis due to softer direct-to-consumer and wholesale trends. Revenue in the Americas grew 2 percent, driven by wholesale, while APAC revenue decreased 1 percent, remaining flat in constant currency.
Direct-to-consumer revenue was flat compared to the prior year period. Digital commerce revenue increased 1 percent, while wholesale revenue grew 4 percent, or 1 percent on a constant-currency basis.
Finally, licensing revenue declined 11 percent, largely reflecting the transition of certain women’s categories in-house.
“In the third quarter, we exceeded our guidance across reported revenue, operating margin and EPS, and delivered constant-currency revenue in line with expectations,” said Stefan Larsson, chief executive officer.
“Through disciplined PVH+ Plan execution, we continued to lean into the iconic brand strength of Calvin Klein and Tommy Hilfiger, expanding innovation across product and delivering cut-through marketing. Calvin drove growth in key categories like underwear and fashion denim, while Tommy Hilfiger delivered growth in core lifestyle categories, elevating style icons through the Hilfiger Racing Club campaign.”
Looking ahead, for the full year, PVH now expects revenue to increase in the low single digits, narrowing its outlook from a range of flat to low-single-digit growth. The company reaffirmed its expectation of flat to slightly positive constant-currency revenue.
