- PVH Corp (NYSE:PVH) reported first-quarter FY22 sales growth of 2% to $2.12 billion, beating the consensus of $2.09 billion. Revenue increased 7% on a constant currency basis.
- Tommy Hilfiger's revenue increased 2% Y/Y, and Calvin Klein registered a 13% growth. Heritage Brands' revenue decreased by 31%.
- EPS of $1.94 beat the analyst consensus of $1.60.
- Gross profit rose 0.8% Y/Y to $1.2 billion, and the gross margin contracted 70 basis points Y/Y to 58.4%.
- The company held $748.7 million in cash and equivalents as of May 1, 2022. Inventory decreased 4% to $1.38 billion.
- Outlook: PVH sees FY22 revenue to increase 1% - 2% (prior view 2% - 3%).
- The company expects FY22 non-GAAP EPS of about $9.00 versus the estimate of $9.01.
- For Q2, the company expects revenue to decrease 4% - 3%, and non-GAAP EPS to be $2.00 (consensus $2.29).
- PVH's planned stock repurchases in 2022 will increase to about $400 million from $225 million.
- Price Action: PVH shares closed higher by 0.74% at $71.40 on Wednesday.
- Photo Via Wikimedia Commons
