PVH Corp. informed that company’s revenues and earnings surpassed expectations for the first quarter, prompting the owner of Calvin Klein and Tommy Hilfiger to reaffirm its full-year outlook for fiscal 2022.
Calvin Klein saw 13% increase in revenues as compared to the prior year period and for the first quarter it increased 2% to $2.123 billion as compared to the prior year period.
By brand, Tommy Hilfiger revenue increased 2%, after a 15% uptick in the American apparel brand’s North America revenues, partially offset by a 2% dip in its international revenue.
The company’s Heritage Brands revenue decreased 31% compared to the prior year period. The decline included a 42% decrease “resulting from the Heritage Brands transaction and the exit from the Heritage Brands Retail business,” said PVH Corp. in a press release.
“We are pleased with our first quarter performance in which we delivered strong underlying and beat our guidance. This performance is just the beginning of our multi-year journey to execute the PVH+ Plan – our strategic growth plan that we unveiled at our recent investor day,”
said Stefan Larsson, chief executive officer, PVH Corp.
For fiscal 2022, PVH said revenue is projected to increase 1% to 2% as compared to 2021, which reflects a 2% reduction resulting from the Heritage Brands transaction and the exit from the Heritage Brands Retail business and a 2% reduction resulting from the war in Ukraine.