CEO Stefan Larsson said the Tommy Hilfiger and Calvin Klein parent topped EPS expectations as his PVH+ plan started paying dividends.
“Over time, being in complete control and leveraging the best of our brand — in product design, assortment, building pricing, channel mix, supply chain — it’s a critical component to deliver on the PVH+ commitment,” Larsson said.
Larsson laid out his PVH+ plan in April, targeting the company for $12.5 billion in revenues by 2025, up from $9.2 billion last year.It’s a brand-centric, digitally led approach that has PVH focusing on hero products, consumer engagement, online, a demand- and data-driven operating model and driving efficiencies.
PVH’s bottom line took a $417 million pretax non-cash hit from a writedown in goodwill tied to a significant increase in discount rates, which are used in accounting to determine the present value of future cash flows. That led to a net loss of $186.7 million in the quarter, down from earnings of $279.7 million a year earlier.
“We delivered a strong quarter despite the challenging macro [environment],” Larsson said, adding the business grew in all regions and both brands, adjusting for currency. “The way we drive the quarter, I feel really good about. We just focused intently on what’s within our control and executing the PVH+ growth drivers and the consumer responded. So we’re gaining traction.”
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