PVH Corp., announced revenues for the third quarter rose 4 per cent to US $ 2.363 billion, prompting the owner of the Tommy Hilfiger and Calvin Klein brands to raise its full-year earnings outlook.
Tommy Hilfiger revenue grew 4 per cent, with sales up 3 per cent globally and 6 per cent in North America, according to the New York-based brand. Similarly, Calvin Klein revenue grew 6 per cent, supported by a 10 per cent gain in overseas sales, which was somewhat offset by a 1 per cent reduction in North America.
Heritage Brands revenue fell 11 per cent year on year, with the company announcing on 27th November that it had finalised its previously announced sale of the Heritage business.
Direct-to-consumer revenue climbed 8 per cent by channel, with growth in both the company’s owned and operated retail and digital commerce division across all regions, while overall digital revenue increased 13 per cent.
Wholesale sales climbed by only 1 per cent as wholesale customers remained cautious, according to PVH. PVH earned a profit during the third quarter, reporting a net income of US $ 161.6 million compared to a net loss of US $ 186.7 million the previous year.
“We delivered another strong quarter, with high single-digit revenue growth for our direct-to-consumer businesses across Calvin Klein and Tommy Hilfiger, with growth in all regions, and we exceeded our EPS guidance,” said Stefan Larsson, chief executive officer, PVH.
PVH is upgrading its earnings per share guidance for the whole year, according to the CEO, based on the company’s strong year-to-date performance.
Full-year revenue is expected to climb by about 1 per cent, compared to 3 per cent to 4 per cent earlier. PVH stated that the projection takes into account the impact of the recently completed sale of the Heritage Brands intimate apparel division.
