PVH Corp., parent company of Calvin Klein and Tommy Hilfiger, today announced its 2023 first quarter results and affirmed its full-year outlook.
Revenues for the quarter ended April 30 increased 2 percent, from USD2.1 billion to USD2.2 billion, driven by a strong performance in its international businesses. PVH’s direct-to-consumer revenue increased 8 percent versus the prior year period, from growth in its owned and operated stores and e-commerce. Wholesale revenue, meanwhile, decreased 2 percent.
The company said Asia Pacific, in particular, delivered a solid performance, with 44 percent growth in local currency in China after an ease in Covid-19 restrictions in the fourth quarter of 2022.
In the past year, PVH has launched star-studded campaigns that tapped into the explosive popularity of South Korean singers such as BTS’ Jung Kook for Calvin Klein Underwear and Calvin Klein Jeans, and Blackpink’s Jennie Kim, who collaborated with Calvin Klein for a capsule collection released globally on May 10.
PVH chief executive officer Stefan Larsson commented, “We delivered a strong start to the year with first quarter performance ahead of our guidance for both revenue and earnings, driven by our disciplined execution of the PVH+ Plan. We are gaining good traction for both brands in all regions, driven by our focus on the key growth drivers of our multi-year PVH+ Plan: winning with product, winning with consumer engagement, winning in the digitally-led marketplace, building a demand- and data-driven operating model, and investing in growth while driving cost efficiencies.”
Chief financial officer Zac Coughlin added PVH would make strategic investments “to drive our multi-year brand-led growth” in areas such as marketing.
Full-year revenue for 2023 is projected to increase 3 percent to 4 percent compared to 2022. Larsson said, “We are reaffirming our guidance for the year, reflecting the confidence we have in our ability to continue to deliver on our near-term commitments, while maintaining a strong focus on our long-term vision to build Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands in the world, and position PVH as one of the best performing brand groups in our sector.”