For 2023, PVH Corp. reported a 2 per cent increase in revenues to US $ 9.218 billion, which was hampered by a weak North American wholesale market at its Calvin Klein brand.
Tommy Hilfiger’s yearly revenue rose by 4 per cent, the company reported, with gains in North American sales of 6 per cent and overseas revenues of 3 per cent. Calvin Klein’s yearly income rose by 3 per cent as a result of a 10 per cent rise in overseas sales, which was somewhat offset by a 7 per cent decline in sales in North America and the region’s weak wholesale market.
Revenue for Heritage Brands fell 18 per cent from 2022 to 2023, including a 7 per cent decline attributable to the sale of the company’s women’s intimates division.
Net income increased to US $ 663.6 million for the year that ended on February 4 from US $ 200.4 million for the same period the previous year. For the three months that ended on February 4, revenues were unchanged, but net income increased to US $ 271.8 million from US $ 138.7 million in the same period last year.
“We delivered a strong fourth quarter and fiscal 2023, generating high single-digit direct-to-consumer growth, with growth in both Calvin Klein and Tommy Hilfiger and all regions,” said Stefan Larsson, chief executive officer, PVH Corp.
In comparison to 2023, revenue for 2024 is expected to drop by 6 per cent to 7 per cent. This figure includes a 1 per cent drop from the 53rd week of 2023 and a 2 per cent fall linked to the sale of Heritage Brands’ women’s intimates division.
