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The revenue of PVH Corp in the first quarter of fiscal 2022 has increased 2 per cent to $2.123 billion compared to the prior year period (increased 7 per cent on a constant currency basis) and exceeded guidance. The company continued to experience supply chain and logistics disruptions globally, as well as the impacts of the COVID-19 pandemic in China.
Direct-to-Consumer revenue increased 4 per cent, as compared to the prior year period (increased 9 per cent on a constant currency basis), inclusive of a 6 per cent reduction from the exit of the Heritage Brands Retail business. Directly operated digital commerce decreased 14 per cent (decreased 9 per cent on a constant currency basis) as compared to the exceptionally strong performance of 66 per cent growth in the prior year period attributable, in part, to temporary store closures in the prior year period.
Gross margin was 58.4 per cent as compared to 59.1 per cent in the prior year period, as more full price selling was more than offset by higher freight costs, including an increase in air freight to mitigate ongoing supply chain and logistics delays, the company said in a press release.
The revenue of PVH Corp in the first quarter of fiscal 2022 has increased by 2 per cent to $2.123 billion compared to the prior year period (increased 7 per cent on a constant currency basis) and exceeded guidance. The company continued to experience supply chain and logistics disruptions globally, as well as the impacts of the COVID-19 pandemic in China.
“We are pleased with our first quarter performance in which we delivered strong underlying top-line growth and beat our guidance. This performance is just the beginning of our multi-year journey to execute the PVH+ Plan – our strategic growth plan that we unveiled at our recent Investor Day. The plan is centered around winning with the consumer through our brand-focused, direct-to-consumer and digitally-led approach across each of our regions to unlock the full potential of our two global iconic brands, Calvin Klein and Tommy Hilfiger,” Stefan Larsson, chief executive officer, said.
“Looking ahead, we are encouraged by the sustained momentum of our overall underlying trends, and remain confident in our full year outlook. While we are mindful of and continue to navigate through the global macroeconomic headwinds, we are proactively managing our business to deliver on our commitments, drive growth and create long-term value,” Larsson added.
“For the first quarter, we delivered both revenue and EPS above our guidance. Through the PVH+Plan, we are leaning into and flexing our business to accelerate growth and realize efficiencies – balanced across our regions and brands – to drive strong profitability, significant cash flow and attractive returns for our shareholders,” Zac Coughlin, chief financial officer, said.
Fibre2Fashion News Desk (RR)
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