2023-03-27 16:22:10 ET
- PVH press release ( NYSE: PVH ): FQ4 Non-GAAP EPS of $2.38 beats by $0.71 .
- Revenue of $2.49B (+2.5% Y/Y) beats by $130M .
- Shares +7.85% .
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2023 Outlook:
Full Year 2023 Guidance
- Revenue is projected to increase 3% to 4% as compared to 2022 (increase 2% to 3% on a constant currency basis), which reflects a benefit of less than 1% from the 53rd week in 2023.
- Operating margin is projected to be approximately 10%.
- EPS is projected to be approximately $10.00 compared to $3.03 on a GAAP basis and $8.97 on a non-GAAP basis in 2022. The 2023 EPS projection includes the estimated positive impact of approximately $0.15 per share related to foreign currency translation. EPS on a GAAP basis for 2022 included the amounts described under the heading “Non-GAAP Exclusions” later in this release. EPS on a non-GAAP basis excluded these amounts.
- Interest expense is projected to increase to approximately $100 million compared to $83 million in 2022 primarily due to higher interest rates.
- Effective tax rate is projected to be approximately 24%.
First Quarter 2023 Guidance
- Revenue is projected to be relatively flat as compared to the first quarter of 2022 (increase approximately 3% on a constant currency basis).
- EPS is projected to be approximately $1.90 compared to $1.94 in the first quarter of 2022. The first quarter 2023 EPS projection includes the estimated negative impact of approximately $0.10 per share related to foreign currency translation.
- Interest expense is projected to increase to approximately $23 million compared to $22 million in the first quarter of 2022.
- Effective tax rate is projected to be approximately 24%.
For further details see:
PVH Non-GAAP EPS of $2.38 beats by $0.71, revenue of $2.49B beats by $130M