PVH Corp.’s fourth quarter revenue increased 16% or 20% in constant currencies to $2.430 billion from the prior year period.

Earnings per share on a GAAP basis were $5.53 for the fourth quarter, compared to a loss per share of 81 cents in the same period a year earlier. Earnings per share on a non-GAAP basis were $2.84, compared to a loss per share of 38 cents in the prior year period.

Commenting on the company’s performance, Stefan Larsson, CEO of PVH, said, “We delivered strong fourth quarter revenue and better than expected earnings. Looking to the future, we are confident in the strength and momentum of our business and our ability to deliver strong underlying growth in top line and earnings by building on what is within our control. , despite significantly increased macroeconomic and geopolitical volatility in recent years. months, including the war in Ukraine, the impact of the global pandemic and the inflationary pressures we are seeing in our regions.

PVH Q4 Results Highlights

The increase in fourth quarter revenue over the prior year period reflects an 18% or 23% constant currency increase in Tommy Hilfiger business, including an increase of 20 or 26% at constant exchange rates of Tommy Hilfiger’s international sales and a 14% increase in Tommy Hilfiger’s sales in North America.

A 27% or 30% constant currency increase in Calvin Klein’s business, including a 24% or 30% constant currency increase in Calvin Klein international sales and a 32 % of Calvin Klein North America revenue.

The company reported a 33% decline in Heritage Brands business compared to the prior year period, which included a 51% decline resulting from the Heritage Brands transaction and the exit of the sales business in Heritage Brands detail.

EBIT on a GAAP basis for the quarter increased to $223 million from $26 million in the prior year period. On a non-GAAP basis, EBIT increased to $175 million from $28 million in the prior year period.

PVH posts 28% revenue growth for the full year

PVH revenue for 2021 increased 28% or 26% in constant currency to $9.155 billion from 2020.

The increase in revenue compared to 2020 reflects a 29% or 27% at constant currency increase in the Tommy Hilfiger business, including a 32% or 29% at constant currency increase in revenue. international business of Tommy Hilfiger and a 22% increase in Tommy Hilfiger. Revenue in North America.

PVH recorded a 39% or 36% constant currency increase in Calvin Klein business, including a 39% or 36% constant currency increase in Calvin Klein international revenue and a 38% increase of Calvin Klein’s sales in North America.

The company reported an 8% decline in Heritage Brands business from 2020, which included a 27% decline resulting from the sale of the company’s Speedo North America business in April 2020, the Heritage Brands transaction and the exit of the Heritage Brands retail business. business.

Earnings per share on a GAAP basis was $13.25 for 2021 compared to a loss per share of $15.96 in 2020. Earnings per share on a non-GAAP basis was $10.15 compared to a loss per share $1.97 in 2020.

Earnings before interest and taxes on a GAAP basis was $1.077 billion versus a loss before interest and taxes of $1.072 billion in 2020. EBIT on a non-GAAP basis was $983 million versus a loss before interest and taxes of $37 million in 2020.

PVH expects 2-3% revenue growth for FY22

Revenue in 2022 is expected to increase 2% to 3% or 6% to 7% at constant currency compared to 2021, reflecting a 2% reduction resulting from the Heritage Brands transaction and the exit of the Heritage Brands retail business. and a 2% reduction resulting from the company’s decision to temporarily close stores and suspend business operations in Russia and Belarus, as well as reduced wholesale shipments to Ukraine as a result of the war. .

The company currently expects 2022 operating margin to be approximately 10% and earnings per share to be approximately $9, compared to $13.25 on a GAAP basis and $10.15 on a non-GAAP basis in 2021 .

First-quarter 2022 revenue is expected to be relatively flat and increase approximately 4% at constant currency, reflecting a 5% reduction resulting from the Heritage Brands transaction and the exit of the Heritage Brands retail business and a 1% reduction resulting from the company’s decision to temporarily close stores and suspend business operations in Russia and Belarus, as well as reduced wholesale shipments to Ukraine following the war. The company currently expects first quarter earnings per share to be in the range of $1.55 to $1.60, compared to $1.38 on a GAAP basis and $1.92 on a non-GAAP basis for the period. of the previous year.