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PVH Corp Surpasses 2023 Targets, Sets Conservative 2024 Outlook Amid Stock Decline
NEW YORK, April 1, 2024—PVH Corp. (NYSE: PVH), the parent company of iconic brands Calvin Klein and Tommy Hilfiger, today released its financial results for the fourth quarter and full fiscal year of 2023, outperforming its financial guidance amidst challenging market conditions. Despite the positive performance, the company's shares fell by 22.5% in after-market trading, reflecting investor concerns over the conservative outlook for 2024.
2023 Financial Highlights
- Fourth Quarter Revenue: Reported at $2.490 billion, remaining flat compared to the prior year, yet surpassing the expected 3% to 4% decrease.
- Full Year Revenue: Grew by 2% year-on-year to $9.218 billion, slightly above the projected 1% increase.
- Earnings Per Share (EPS): Exceeded expectations with a GAAP basis EPS of $4.55 for Q4 and $10.76 for the full year. Non-GAAP basis EPS was $3.72 for Q4 and $10.68 for the full year, indicating a significant improvement in profitability.
Looking Forward: 2024 Outlook
- Revenue Forecast: Anticipated to decrease by 6% to 7% from 2023, factoring in the sale of the Heritage Brands women’s intimates business and the impact of the 53rd week in 2023.
- Operating Margin: Expected to remain roughly stable at around 10.1%.
- EPS Guidance: Projected in the range of $10.75 to $11.00, mirroring the uncertainty in the global economic landscape.
Strategic Moves and Shareholder Returns
In response to its robust financial health and confidence in long-term growth, PVH Corp. announced a significant $2 billion increase in its stock repurchase program. This decision underscores the company's commitment to delivering shareholder value and its belief in the inherent strength of its business model and brand portfolio.
Leadership Commentary
CEO Stefan Larsson highlighted the company's success in driving high single-digit direct-to-consumer growth and expanding gross margins, crediting the early benefits from the development of a demand-driven supply chain. Looking ahead, Larsson emphasized the focus on brand desirability and execution of the PVH+ Plan to ensure long-term profitable growth.
CFO Zac Coughlin expressed confidence in navigating the tougher macroeconomic backdrop of 2024 through disciplined execution of the PVH+ Plan, aiming for gross margin improvements and cost efficiencies.
Market Reaction and Forward-Looking Strategy
The post-earnings announcement saw a sharp 22.5% drop in PVH Corp.'s stock in after-market trading, reflecting investor concerns over the conservative 2024 outlook amid an uncertain economic environment. However, PVH Corp. remains focused on leveraging its strategic initiatives to navigate through market challenges and capitalize on growth opportunities in key regions and through strategic acquisitions.
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