PVH
PVH operates in over 40 countries with approximately 29,000 associates globally, generating $9.2 billion in revenue for 2023. Its notable brands include Calvin Klein and Tommy Hilfiger, each generating around $9 billion in global retail sales in 2023.
Global Operations of PVH
PVH operates in over 40 countries, employing approximately 29,000 associates globally. The company's extensive reach and diverse workforce underscore its position as a significant player in the global apparel industry. PVH's brand portfolio includes internationally recognized names such as Calvin Klein and Tommy Hilfiger, each contributing substantially to the company’s impressive global retail sales.
Financial Performance of PVH in 2023
In 2023, PVH reported a total revenue of $9.2 billion, with a fourth quarter revenue of $2.490 billion. The full year revenue saw a 2% increase compared to the previous year. PVH’s fourth quarter earnings per share (EPS) on a GAAP basis stood at $4.55, while the full year EPS was $10.76. The company's fourth quarter gross margin was 60.3%, and the full year gross margin improved by 140 basis points. Additionally, the interest expense for the full year increased from $83 million in 2022 to $88 million in 2023.
Major Brands Under PVH
PVH is the parent company of notable brands such as Calvin Klein and Tommy Hilfiger. In 2023, both Calvin Klein and Tommy Hilfiger each generated approximately $9 billion in global retail sales. These brands are central to PVH’s market presence and financial performance, offering a wide range of apparel and lifestyle products that appeal to consumers worldwide.
Sustainability and Forward Fashion Strategy of PVH
PVH's Forward Fashion strategy emphasizes climate action, human rights, and inclusion and diversity. The company has set ambitious sustainability goals, which include achieving net-zero emissions and eliminating single-use plastics by 2030. By 2025, PVH aims to sustainably source 100% of its cotton, viscose, and wool, and 100% of polyester by 2030. These initiatives are part of PVH's broader commitment to responsible corporate practices and environmental stewardship.
2024 Projections for PVH
For 2024, PVH projects a revenue decrease of 6% to 7% compared to the previous year. The operating margin is expected to remain approximately flat when compared to 2023. Additionally, PVH’s earnings per share (EPS) for 2024 is projected to be between $10.75 and $11.00. These projections are part of PVH's financial planning and forecasting as it navigates market conditions and strategic initiatives in the coming year.
PVH's Strategic Plans and Initiatives
PVH’s PVH+ Plan is designed to drive sustainable, profitable, and brand-accretive growth. In 2024, the Board has authorized a $2 billion increase to the stock repurchase program, showcasing the company's commitment to delivering value to its shareholders. The 2023 fourth quarter saw an increase in direct-to-consumer revenue by 9%, however, wholesale revenue decreased by 10%. PVH’s digital revenue also experienced a 1% increase during the same period.