PVH Corporation (PVH) appears encouraging, thanks to the successful execution of its strategic initiatives and strong fundamentals. The company’s multi-year strategy PVH+ Plan to drive sustainable growth is working smoothly while momentum in its international business also continues. Its brand strength, particularly in Calvin Klein and TOMMY HILFIGER, is an added positive.Buoyed by such endeavors, the clothing designer’s shares have skyrocketed 67.7% in the past three months, surpassing the industry’s 30.7% ...

Revenue and Earnings - The company reported revenue of $9.0 billion in 2022, with over 65% generated outside the United States, and over 90% of revenue coming from TOMMY HILFIGER and Calvin Klein brands [155]. - Total revenue for the third quarter of 2023 was $2.363 billion, a 4% increase from $2.281 billion in the same quarter of the previous year, with a 3% positive impact from foreign currency translation [177]. - For the thirty-nine weeks ended October 29, 2023, total revenue was $6.728 billion, a 3% increase from $6.536 billion in the prior year, including a 1% positive impact from foreign currency translation [187]. - The company expects full-year 2023 revenue to increase approximately 1% compared to 2022, with a projected decrease of 3% to 4% in the fourth quarter [189]. - The company anticipates a revenue increase of approximately $45 million in 2023 due to favorable foreign currency translation [172]. Cost and Expenses - Inflationary pressures negatively impacted revenue and earnings in 2022 and continued through the first nine months of 2023, with increased labor and product costs leading to a slowdown in consumer demand [162]. - The company expects to incur approximately $7 million in the fourth quarter of 2023 related to its 2022 cost savings initiative, which aims to reduce people costs by approximately 10% by the end of 2023, resulting in annual savings of over $100 million [171]. - SG&A expenses for the third quarter of 2023 were $1.124 billion, maintaining 47.6% of total revenue, with increases attributed to a change in revenue mix and higher marketing investments [180]. - SG&A expenses for the thirty-nine weeks ended October 29, 2023 were $3.326 billion, or 49.4% of total revenue, up from 48.9% in the prior year, due to a change in revenue mix and increased strategic investments [192]. - SG&A expenses as a percentage of revenue for Q4 2023 are expected to increase by approximately 100 basis points compared to Q4 2022, driven by changes in revenue mix and higher expenses in direct-to-consumer channels [194]. Impairments and Charges - The company recorded a pre-tax noncash goodwill impairment charge of $417 million in the third quarter of 2022 due to increased discount rates from economic conditions [171]. - The company recorded a pre-tax noncash goodwill impairment charge of $417 million in the third quarter of 2022, driven by increased discount rates due to economic conditions [182]. Foreign Currency Impact - The company expects 2023 revenue and net income to increase by approximately $45 million and $7 million, respectively, due to foreign currency translation [238]. - Unfavorable foreign currency translation adjustments recognized during the thirty-nine weeks ended October 29, 2023, amounted to $150 million, primarily due to a 3% strengthening of the U.S. dollar against the euro [239]. - The company anticipates a decrease in 2023 net income by approximately $75 million compared to 2022 due to the transactional impact of foreign currency, with an expected negative impact on gross margin of approximately 100 basis points [241]. Cash and Debt Management - Cash and cash equivalents decreased to $358 million as of October 29, 2023, down from $551 million at January 29, 2023, impacted by $266 million in stock repurchases [205]. - The company expects long-term debt repayments of approximately $112 million during 2023, including $100 million of debentures repaid on November 15, 2023 [222]. - As of October 29, 2023, loans outstanding under the Euro TLA facility amounted to $455 million, net of debt issuance costs [229]. - Approximately 80% of the company's long-term debt was at a fixed interest rate as of October 29, 2023 [235]. Ratings and Outlook - As of October 29, 2023, the issuer credit rating was BBB- with a positive outlook from Standard & Poor's [232].

PVH Corp. (NYSE:PVH) Q3 2023 Earnings Call Transcript November 30, 2023 9:00 AM ET Company Participants Sheryl Freeman - Vice President, Investor Relations Stefan Larsson - Chief Executive Officer Zac Coughlin - Chief Financial Officer Conference Call Participants Robert Drbul - Guggenheim Michael Binetti - Evercore ISI Matthew Boss - JPMorgan Jay Sole - UBS Dana Telsey - Telsey Advisory Group Operator Good morning, everyone, and welcome to today's PVH Third Quarter 2023 Earnings Conference Call. [Operator ...

Revenue Performance - The company's revenue for 2022 was $9.0 billion, with over 65% generated outside the United States, and TOMMY HILFIGER and Calvin Klein brands together accounted for over 90% of total revenue [138]. - Total revenue for the second quarter of 2023 was $2.207 billion, a 4% increase from $2.132 billion in the prior year, with a 2% positive impact from foreign currency translation [158]. - For the twenty-six weeks ended July 30, 2023, total revenue was $4.365 billion, a 3% increase from $4.255 billion in the prior year, with a 1% negative impact from foreign currency translation [168]. - The company expects full-year 2023 revenue to increase by approximately 3% to 4% compared to 2022, including a positive impact of about 1% from foreign currency translation [169]. Cost and Expenses - The company recorded net pre-tax costs of $43 million in 2022 related to exiting the Russia business, including $44 million in noncash asset impairments [141]. - The company plans to reduce people costs in global offices by approximately 10% by the end of 2023, aiming for annual cost savings of over $100 million [152]. - SG&A expenses in Q2 2023 were $1.138 billion, or 51.6% of total revenue, compared to 50.2% in the prior year, reflecting increased investments in strategic initiatives [162]. - SG&A expenses for the twenty-six weeks ended July 30, 2023, were $2.202 billion, or 50.5% of total revenue, with an expected increase of approximately 70 basis points for the full year 2023 [173][174]. Profitability and Margins - Gross profit for Q2 2023 was $1.272 billion, representing 57.6% of total revenue, up from 57.2% in the prior year, driven by price increases and lower freight costs [161]. - Gross profit for the twenty-six weeks ended July 30, 2023, was $2.523 billion, maintaining a gross margin of 57.8% [170]. - The company anticipates a decrease in net income of approximately $75 million in 2023 due to the transactional impact of foreign currency, with an expected negative impact on gross margin of about 100 basis points [153]. Foreign Currency Impact - The company expects its 2023 revenue and net income to increase by approximately $70 million and $10 million, respectively, due to the impact of foreign currency translation [151]. - The company has been impacted by macroeconomic uncertainties due to inflation, the war in Ukraine, and foreign currency volatility, affecting its 2023 outlook [148]. - A 10% change in foreign currency exchange rates against the U.S. dollar would result in a change in the fair value of foreign currency forward exchange contracts of approximately $115 million [219]. - The company has designated €1.125 billion of senior notes as net investment hedges, with a 10% change in the euro against the U.S. dollar resulting in a change in fair value of approximately $125 million [220]. - Over 65% of the company's $9.0 billion revenue in 2022 was generated outside the United States, exposing it to significant foreign exchange risk [213]. Debt and Cash Flow - As of July 30, 2023, the company had $15 million in short-term borrowings and $1.620 billion in long-term debt, with a total stockholders' equity of $5.038 billion [197]. - The company expects long-term debt repayments of approximately $112 million during 2023 [198]. - Cash and cash equivalents decreased to $373 million as of July 30, 2023, down from $551 million at January 29, 2023, impacted by $198 million in completed stock repurchases [184]. - Cash provided by operating activities was $196 million for the twenty-six weeks ended July 30, 2023, compared to cash used of $163 million in the prior year, driven by changes in working capital [188]. Pension and Interest Expenses - Non-service related pension and postretirement income for Q2 2023 was approximately $300,000, down from $3 million in the prior year [163]. - Interest expense increased to $24 million in Q2 2023 from $20 million in the prior year, primarily due to rising interest rates [166]. - Interest expense, net increased to $46 million for the twenty-six weeks ended July 30, 2023, up from $42 million in the prior year, with a full year expectation of approximately $100 million compared to $83 million in 2022 [180]. - The effective income tax rate for the twenty-six weeks ended July 30, 2023 was 22.4%, a decrease from 28.0% in the prior year, with an expected rate of approximately 22% for the full year 2023 [181][182]. Macroeconomic Factors - Inflationary pressures negatively impacted revenue and earnings in 2022, with increased labor and product costs leading to a slowdown in consumer demand, particularly in North America [143]. - The cumulative inflation rate in Turkey surpassed 100% over a three-year period, leading the company to account for its Turkish operations as highly inflationary [221].

Financial Data and Key Metrics Changes - The company reported a revenue growth of 4% on a reported basis and 2% in constant currency for Q2 2023, exceeding earnings expectations on a non-GAAP basis [9][57] - Non-GAAP EPS guidance for the full year was raised to approximately $10.35, reflecting a 15% increase compared to 2022 [12][84] - Gross margin improved to 57.6%, an increase of 40 basis points year-over-year, despite a negative impact from product costs due to exchange [69][70] Business Line Data and Key Metrics Changes - Direct-to-consumer (D2C) businesses experienced double-digit growth, with significant increases in both stores and owned e-commerce [11][66] - Tommy Hilfiger revenues increased by 6% and Calvin Klein revenues rose by 3% on a reported basis, driven by a focus on consumer engagement [67][68] - Key categories for Tommy, such as polos, saw over 30% year-over-year growth, while Calvin's core premium essentials in D2C grew nearly 30% [53] Market Data and Key Metrics Changes - In Europe, reported revenue growth was high single-digit year-over-year, with the business now nearly 30% larger than pre-pandemic levels [31] - Asia Pacific delivered a strong performance with revenue growth of 16% in constant currency, including over 20% growth in China [36][62] - North America saw mid-single-digit growth in D2C, with significant improvements in profitability across both brands [41][42] Company Strategy and Development Direction - The company is focused on executing the PVH+ Plan, which aims to build Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands globally [14][56] - A demand-driven supply chain is being developed, targeting a 25% reduction in inventory levels as a percentage of sales [28][58] - Increased share buybacks from $200 million to $400 million for the full year demonstrate confidence in long-term brand potential [13][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a choppy macro environment while focusing on long-term growth opportunities [56][84] - The company anticipates continued strong performance in the second half of the year, reaffirming revenue guidance and operating margin outlook [59][75] - Management highlighted the importance of connecting products with culturally relevant events to enhance brand desirability [20][68] Other Important Information - The company is committed to improving its supply chain efficiency, with a focus on on-time delivery and shorter lead times [40][86] - SG&A expenses as a percentage of revenue are expected to increase approximately 70 basis points compared to 2022 due to investments in DTC and international business [81][82] - The company is also addressing the impact of recent wildfires in Maui, ensuring support for affected team members [55] Q&A Session Summary Question: Update on North America traction and profitability - Management noted significant improvements in D2C growth for both brands, with mid-single-digit growth driven by the PVH+ execution [92] - Profitability increased across both brands, with Tommy showing greater than 6% and Calvin greater than 8% improvements [93] Question: Developments in the supply chain side of the PVH+ Plan - Management highlighted strengthened supply chain leadership and foundational improvements leading to a target of 25% less inventory in relation to sales by the end of 2024 [97] Question: Insights on fall product by brand - Early responses to fall products are positive, with good inventory levels and composition across brands [100] Question: SG&A cadence and marketing spend - The $100 million in net savings from the people cost reduction program is expected to have a significant impact in Q4 [110] - Marketing spend is planned to increase by 20%, which management believes will effectively support growth targets [109]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-07572 PVH CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorpor ...

PVH Corp. (NYSE:PVH) Q1 2023 Earnings Call Transcript June 1, 2023 9:00 AM ET Company Participants Sheryl Freeman - VP, IR Stefan Larsson - CEO & Director Zachary Coughlin - EVP & CFO Conference Call Participants Robert Drbul - Guggenheim Securities Jay Sole - UBS Irwin Boruchow - Wells Fargo Dana Telsey - Telsey Advisory Group Paul Kearney - Barclays Operator Good morning, everyone, and welcome to today's PVH First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only m ...

PVH Corp (NYSE:PVH) Q4 2022 Earnings Conference Call March 28, 2023 9:00 AM ET Company Participants Sheryl Freeman - VP, IR Stefan Larsson - CEO & Director Zachary Coughlin - EVP & CFO Conference Call Participants Robert Drbul - Guggenheim Securities Michael Binetti - Crédit Suisse Jay Sole - UBS Dana Telsey - Telsey Advisory Group Christopher Nardone - Bank of America Merrill Lynch Irwin Boruchow - Wells Fargo Securities Operator Good morning, everyone, and welcome to today's PVH's Fourth Quarter and Full ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 29, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ___________ Commission File Number 001-07572 PVH CORP. (Exact name of registrant as specified in its charter) Delaware 13-1166910 (State or other juri ...

PART I -- FINANCIAL INFORMATION [Item 1 - Financial Statements](index=4&type=section&id=Item%201%20-%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the thirteen and thirty-nine weeks ended October 30, 2022, and the comparative prior year periods, including detailed notes on accounting policies and significant events [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) This table provides a comparative overview of the company's revenues, profits, and net income for the thirteen and thirty-nine weeks ended October 30, 2022, and prior year periods | Metric | Thirteen Weeks Ended Oct 30, 2022 (in millions) | Thirteen Weeks Ended Oct 31, 2021 (in millions) | Thirty-Nine Weeks Ended Oct 30, 2022 (in millions) | Thirty-Nine Weeks Ended Oct 31, 2021 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $2,280.8 | $2,332.5 | $6,535.5 | $6,725.0 | | **Gross Profit** | $1,274.2 | $1,345.1 | $3,732.4 | $3,907.8 | | **Goodwill Impairment** | $417.1 | $— | $417.1 | $— | | **(Loss) Income Before Taxes** | $(232.8) | $352.6 | $112.4 | $773.3 | | **Net (Loss) Income** | $(186.7) | $279.7 | $61.7 | $561.2 | | **Diluted EPS** | $(2.88) | $3.89 | $0.92 | $7.77 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) This table presents the company's financial position, including assets, liabilities, and equity, as of October 30, 2022, and comparative prior periods | Metric (in millions) | Oct 30, 2022 | Jan 30, 2022 | Oct 31, 2021 | | :--- | :--- | :--- | :--- | | **Cash and cash equivalents** | $457.0 | $1,242.5 | $1,298.7 | | **Inventories, net** | $1,821.2 | $1,348.5 | $1,379.6 | | **Goodwill** | $2,214.0 | $2,828.9 | $2,894.2 | | **Total Assets** | $11,405.9 | $12,396.8 | $12,816.0 | | **Long-Term Debt** | $2,109.1 | $2,317.6 | $2,605.2 | | **Total Stockholders' Equity** | $4,822.8 | $5,288.8 | $5,171.7 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This table details the cash inflows and outflows from operating, investing, and financing activities for the thirty-nine weeks ended October 30, 2022, and the prior year period | Cash Flow Activity (in millions) | Thirty-Nine Weeks Ended Oct 30, 2022 | Thirty-Nine Weeks Ended Oct 31, 2021 | | :--- | :--- | :--- | | **Net cash (used) provided by operating activities** | $(275.7) | $583.2 | | **Net cash (used) provided by investing activities** | $(181.9) | $52.2 | | **Net cash used by financing activities** | $(285.0) | $(975.0) | | **Decrease in cash and cash equivalents** | $(785.5) | $(352.7) | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of accounting policies, significant financial events, including goodwill impairment, the Russia business exit, and share repurchase activities - The company decided to exit its Russia business in Q2 2022 due to the war in Ukraine, resulting in pre-tax noncash impairment charges of **$43.6 million** for long-lived assets during the first thirty-nine weeks of 2022[29](index=29&type=chunk)[30](index=30&type=chunk) - A noncash goodwill impairment charge of **$417.1 million** was recorded in Q3 2022, primarily driven by a significant increase in discount rates, affecting Calvin Klein North America (**$162.6 million**), Calvin Klein International (**$77.3 million**), and Tommy Hilfiger North America (**$177.2 million**) segments[70](index=70&type=chunk) - The company initiated a cost savings plan in August 2022 to reduce global office people costs by approximately **10%** by the end of 2023, expecting over **$100 million** in annual savings, with initial pre-tax costs of **$16.7 million** for severance recorded in Q3 2022[160](index=160&type=chunk)[161](index=161&type=chunk) - During the first thirty-nine weeks of 2022, the company purchased **5.1 million shares** of its common stock for **$326.3 million** under its stock repurchase program, with **$896.6 million** remaining available for future repurchases as of October 30, 2022[156](index=156&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=47&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting headwinds from the war in Ukraine, inflation, and foreign currency volatility, while outlining the PVH+ strategic plan for future growth [Results of Operations](index=47&type=section&id=Results%20of%20Operations) This section details a 2% revenue decline in Q3 2022, impacted by negative currency effects and the Russia exit, alongside gross margin contraction and a significant goodwill impairment charge - The PVH+ Plan, introduced in April 2022, is the company's multi-year strategy focused on brand, digital, and direct-to-consumer growth through five key drivers: product, consumer engagement, digital marketplace, data-driven operations, and efficiency[208](index=208&type=chunk) - The war in Ukraine led to a decision to exit the Russia business, resulting in a revenue reduction of approximately **$37 million** in Q3 and **$92 million** year-to-date, with the full-year 2022 revenue impact estimated at **$140 million**[209](index=209&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk) - Inflationary pressures negatively impacted results through increased costs and a slowdown in consumer demand, leading to a more promotional environment, partially mitigated by implemented price increases[214](index=214&type=chunk)[215](index=215&type=chunk) Key Financial Metrics | Metric | Q3 2022 vs Q3 2021 | YTD 2022 vs YTD 2021 | | :--- | :--- | :--- | | **Total Revenue** | -2% (includes -9% currency impact) | -3% (includes -7% currency impact) | | **Gross Margin** | 55.9% (down 180 bps) | 57.1% (down 100 bps) | | **SG&A as % of Revenue** | 47.6% (up 60 bps) | 48.9% (up 130 bps) | [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) This section analyzes the decrease in cash and cash equivalents due to share repurchases and negative operating cash flow, while highlighting the company's strong available borrowing capacity - Cash from operating activities was a use of **$276 million** for the first nine months of 2022, a significant decrease from the **$583 million** provided in the prior year period, primarily driven by an increase in inventories and lower net income[275](index=275&type=chunk) - The company repurchased **$326 million** of its common stock in the first nine months of 2022 and expects total repurchases of approximately **$400 million** for the full year[289](index=289&type=chunk)[290](index=290&type=chunk) - As of October 30, 2022, the company had **$457 million** in cash and approximately **$1.0 billion** of available borrowing capacity under its debt facilities[272](index=272&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate and significant foreign exchange risks, with over 60% of 2021 revenue from outside the U.S., anticipating substantial translational and transactional FX impacts on revenue and net income - A **10 basis point** change in short-term interest rates would impact annual interest income by approximately **$0.5 million**, and a similar change in the variable rate on euro-denominated debt would impact annual interest expense by about **$0.4 million**[314](index=314&type=chunk) - Foreign currency translation is expected to decrease 2022 revenue by approximately **$670 million** and net income by **$75 million**[317](index=317&type=chunk) - The transactional impact of foreign currency is expected to reduce 2022 net income by approximately **$25 million** and is projected to have a greater negative impact in 2023, including an estimated **100 basis point** reduction in gross margin[320](index=320&type=chunk)[321](index=321&type=chunk) [Controls and Procedures](index=69&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of October 30, 2022, with no material changes to internal control over financial reporting, despite ongoing SAP S/4 implementation - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[327](index=327&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter, with the company noting its ongoing multi-year SAP S/4 implementation is expected to strengthen controls over time[328](index=328&type=chunk)[329](index=329&type=chunk)[330](index=330&type=chunk) PART II -- OTHER INFORMATION [Legal Proceedings](index=70&type=section&id=Item%201%20-%20Legal%20Proceedings) The company is involved in legal proceedings, but management believes these will not materially adversely affect its financial position - Management does not expect current litigation to have a material adverse effect on the company's financial position[332](index=332&type=chunk) [Risk Factors](index=70&type=section&id=Item%201A%20-%20Risk%20Factors) This section confirms no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended January 30, 2022 - No material changes have been made to the company's risk factors as of October 30, 2022, from those disclosed in the last Annual Report[333](index=333&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202%20-%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's repurchase of 1,901,551 shares of its common stock at an average price of $54.68 per share during the third quarter of 2022 Stock Repurchases in Q3 2022 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Aug 1 - Aug 28, 2022 | 366,782 | $66.31 | | Aug 29 - Oct 2, 2022 | 900,090 | $53.87 | | Oct 3 - Oct 30, 2022 | 634,679 | $49.09 | | **Total Q3 2022** | **1,901,551** | **$54.68** | - As of October 30, 2022, the maximum approximate dollar value of shares that may yet be purchased under the company's stock repurchase program is **$896.6 million**[334](index=334&type=chunk) [Exhibits](index=71&type=section&id=Item%206%20-%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, debt indentures, and required CEO and CFO certifications