PVH Corporation, a US-based global apparel company, has reported 54.7 per cent revenue growth to $2.0 billion in its first quarter (Q1) FY21 ended on May 2, 2021, compared to the revenue of $1.3 billion in the corresponding quarter of previous fiscal. The company’s net income during the quarter was $99.7 million (Q1 FY20: loss $1.0 billion).
“We are very pleased with our first quarter 2021 results, which significantly exceeded our expectations, and reflect our team’s strong execution of our accelerated recovery priorities across our businesses globally – focused on the Calvin Klein and Tommy Hilfiger brands, our international markets, driving product strength with increased pricing power and margin expansion, and winning in the marketplace through super-charging e-commerce,” Stefan Larsson, president at PVH Corp, said in a press release.
Total gross profit for Q1 FY21 increased to $1.2 billion ($665.9 Million), while selling, general and administrative expenses were $1.0 billion ($940.1 million). PVH Corp’s revenues through digital channels surged 95 per cent during the reported period with sales through its directly operated digital commerce businesses up 66 per cent compared to prior fiscal.
Sales of Tommy Hilfiger brand rose to $1.0 billion ($646.5 million), whereas Calvin Klein sales went up to $785.2 million ($476.6 million). Moreover, sales of Heritage Brands during Q1 FY21 grew to $240.4 million ($220.9 million).
“Looking ahead, we are increasing our full year outlook despite continued uncertainty in the macro environment, as we navigate through the pandemic and related supply chain disruptions. We are confident in our ability to drive towards an accelerated recovery in a way that positions PVH closer to the consumer than any time before. Our focus on the consumer, while leaning into our core strengths, combined with a more demand and data-driven way of driving profitable market share growth, forms a very strong foundation for long-term sustainable growth,” Larsson concluded.
Fibre2Fashion News Desk (JL)