PVH Corp. Sees Continued Positive Impact From Foreign Currency -- Currency Comment
28 March 2023 - 9:10AM
Dow Jones News
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 jennifer.tershak@wsj.com
(END) Dow Jones Newswires
March 27, 2023 17:55 ET (21:55 GMT)
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