PVH Corp. (NYSE:PVH) reported its fourth-quarter financial results after the bell Monday. Here's a look at the details.
The Details:
PVH reported quarterly earnings of $3.72 per share which beat the analyst consensus estimate of $3.53 by 5.38% and is a 56.3% increase over earnings of $2.38 per share from the same period last year.
Quarterly sales came in at $2.49 billion which beat the analyst consensus estimate of $2.42 billion by 2.89%.
“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. We significantly expanded our gross margins, drove strong pricing power, and are beginning to realize the benefits from the early buildout of our demand-driven supply chain, which allowed us to decrease inventory 21% to last year with much better stock freshness to start the new spring season,” commented Stefan Larsson, CEO of PVH.
Outlook:
PVH Corp sees first quarter earnings of $2.15, versus the $2.59 per share estimate. Revenue is projected to decrease by approximately 11% year-over-year.
The company sees fiscal year 2024 earnings of between $10.75 and $11.00 per share, versus the $10.48 estimate. Revenue is projected to decrease between 6% and 7% compared to 2023.
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PVH Price Action: According to Benzinga Pro, PVH shares are down 17.9% after-hours at $114.70 at the time of publication Monday.
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