2023-05-31 16:36:35 ET
PVH press release ( PVH ): Q1 GAAP EPS of $2.14 beats by $0.19 .
Revenue of $2.16B (+1.9% Y/Y) beats by $30M .
Tommy Hilfiger revenue increased 5% compared to the prior year period.
Calvin Klein revenue was flat compared to the prior year period.
Heritage Brands revenue decreased 12% compared to the prior year period.
Gross margin was 57.9% compared to 58.4% in the prior year period.
Inventory levels have decreased compared to the fourth quarter of 2022, with improvement in all regions. Inventory was 24% higher than the prior year’s first quarter.
Reaffirms FY 2023 outlook:
- Revenue is projected to increase 3% to 4% as compared to 2022 (increase 2% to 3% on a constant currency basis). The consensus estimate is for a Y/Y increase of 3.76%.
- Operating margin is projected to be approximately 10%.
- EPS is projected to be approximately $10.00. The consensus estimate is $10.03.
For further details see:
PVH Q1 results beat estimates, co reaffirms FY 2024 guidance