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PVH Corp revenue up 3% to $2.6 billion in Q3 2019

26
Nov '19
Pic: PVH Corp
Pic: PVH Corp
The third quarter revenue of PVH Corp, one of world's top fashion and lifestyle companies, increased 3 per cent to $2.6 billion (up 4 per cent on a constant currency basis), compared to prior year period. Revenue for first nine months of 2019 increased 2 per cent to $7.3 billion (up 5 per cent on a constant currency basis) compared to prior year period.

“We are pleased with our third quarter results, which exceeded our expectations despite the difficult market environment. During the quarter, we experienced continued outperformance by our European businesses while experiencing volatility in our businesses in North America and across China, including the impact of the ongoing protests in Hong Kong,” said Emanuel Chirico, chairman and chief executive officer, PVH Corp.

The company’s third quarter of 2019 results include two acquisitions that closed in the second quarter of 2019. The first was the company’s acquisition of the approximately 78 per cent interest in Gazal Corporation Limited (Australia acquisition). PVH Australia came under the company’s full control as a result of the Australia acquisition. The second was the company’s acquisition of the Tommy Hilfiger retail business in Central and Southeast Asia from the Company’s previous licensee in that market.

Revenue in the Tommy Hilfiger business for the quarter increased 10 per cent to $1.2 billion (increased 12 per cent on a constant currency basis) compared to the prior year period. Tommy Hilfiger International revenue increased 16 per cent to $821 million (increased 20 per cent on a constant currency basis) compared to the prior year period. Tommy Hilfiger North America revenue of $423 million was flat compared to the prior year period.

Revenue in the Calvin Klein business for the quarter increased 1 per cent to $969 million (increased 3 per cent on a constant currency basis) compared to the prior year period. Calvin Klein International revenue increased 7 per cent to $514 million (increased 10 per cent on a constant currency basis) compared to the prior year period. International comparable store sales decreased 2 per cent. Calvin Klein North America revenue decreased 5 per cent to $455 million compared to the prior year period.

Revenue in the Heritage Brands business for the quarter decreased 13 per cent to $375 million compared to the prior year period.

PVH Corp’s revenue increase in first nine months was due to a 7 per cent increase (11 per cent increase on a constant currency basis) in the Tommy Hilfiger business, a 2 per cent decrease (1 per cent increase on a constant currency basis) in the Calvin Klein business and a 4 per cent decrease in the Heritage Brands business compared to the prior year period.

“Looking ahead to the remainder of 2019, we are raising our earnings guidance for the year, while continuing to take a prudent approach to planning our business for the fourth quarter. We believe the current holiday season will be very competitive and highly promotional and expect that the macroeconomic and geopolitical volatility we are experiencing globally will remain a headwind.”

“We have great confidence in our ability to navigate this evolving consumer landscape and uncertain market environment with the underlying power of Calvin Klein and Tommy Hilfiger and our global diversified business model. We believe that we are well positioned to capture the heart of the consumer by executing our strategic priorities, while delivering sustainable long term returns for our stockholders,” concluded Chirico.

Revenue for the full year of 2019 is projected to increase approximately 1 per cent (increase approximately 4 per cent on a constant currency basis) as compared to 2018. Revenue for the Tommy Hilfiger business is projected to increase approximately 6 per cent (increase approximately 9 per cent on a constant currency basis). Revenue for the Calvin Klein business is projected to decrease approximately 2 per cent (to be flat on a constant currency basis). Revenue for the Heritage Brands business is projected to decrease approximately 3 per cent.

Revenue in the fourth quarter of 2019 is projected to be flat (increase approximately 2 per cent on a constant currency basis) compared to the prior year period. Revenue for the Tommy Hilfiger business in the fourth quarter is projected to increase approximately 4 per cent (increase approximately 6 per cent on a constant currency basis). Revenue for the Calvin Klein business in the fourth quarter is projected to decrease approximately 5 per cent (decrease approximately 3 per cent on a constant currency basis). Revenue for the Heritage Brands business in the fourth quarter is projected to increase 1 per cent.

Fibre2Fashion News Desk (PC)


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