PVH Corp. Sees Continued Positive Impact From Foreign Currency -- Currency Comment

By Jennifer Tershak

PVH Corp. said its fourth-quarter revenue increased on a constant-currency basis and the fashion designer of brands like Calvin Klein and Tommy Hilfiger sees that trend continuing for the first quarter and full year.

On revenue:

Fourth-quarter revenue rose to $2.49 billion and reflected an increase of 8% on a constant-currency basis. Revenue for the full year ended Jan. 30 was $9.02 billion, up 5% on a constant-currency basis.

Stefan Larsson, Chief Executive Officer, commented, "We delivered strong fourth-quarter performance with stronger-than-expected high-single digit constant currency revenue growth and earnings above guidance. Our disciplined execution of the PVH+ Plan, our multi-year, brand-focused, direct-to-consumer and digitally-led strategy enabled us to compete to win despite the challenging macro situation."

On guidance:

Revenue for the upcoming year is projected to increase 3% to 4%, or 2% to 3% on a constant-currency basis, from the prior year. Earnings per share for the year is seen at about $10. The EPS projection includes an estimated positive impact of about 15 cents a share related to foreign-currency translation.

First-quarter revenue is projected to be relatively flat, or up about 3% on a constant-currency basis, compared to the prior-year quarter. First-quarter EPS is forecast at about $1.90 and includes the estimated negative impact of about 10 cents a share related to foreign-currency translation.

Write to Jennifer Tershak at [e-mail]

(END) Dow Jones Newswires

March 27, 2023 17:55 ET (21:55 GMT)

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