PVH Corp. Logs $182 Million Profit; Raises Outlook for the Year

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PVH Corp.'s CEO Stefan Larsson told WWD that there was strength in e-commerce, Europe and all product categories during the quarter.

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. We continued to drive strength in e-commerce, which is currently 25 percent of our business overall and that’s doubled since the pre-pandemic. And then we delivered strength in our product across all brands, all regions. Our hero product focus that we have had drove demand growth with the consumer at a higher price, at a higher [average unitper share outlook on a non-GAAP basis from the previous outlook of $6.50 apiece to $8.50 each.

Headwinds include continued COVID-19 restrictions, pressures along the supply chain and a reduction of about 2 percent in total revenues for the year because of the recent sale of the Heritage Brands business — which includes the Van Heusen, Izod, Arrow and Geoffrey Beene brands — as well as store closures, particularly in parts of Asia, and the North American business.

“Each region is in a different phase of recovery,” Larsson said. “In North America, we are being most negatively impacted by the lack of tourism. In a normal year, we have 30 to 40 percent of the business driven by tourism. That’s temporarily down. Almost all gone. It will come back. But in the meantime, what we’re working on is increasing our focus on the domestic consumer. And we see some green shoots there in product strength, pricing power and e-commerce growth.

Shares of PVH, which closed down 1.98 percent to $104.59 Tuesday, are up 81.4 percent, year-over-year “When we execute Tommy and Calvin really well, like we do in Europe, we drive exceptional performance,” Larsson said. “That shows what’s possible also for other regions. And it provides a blueprint for when we connect Calvin and Tommy really close to where the consumer is going, that’s the kind of performance we’re able to drive.”

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