- Third quarter
- Revenue: Decreased 5% to $2.255 billion compared to the prior
year period (decreased 6% on a constant currency basis), and
exceeded guidance of a decrease of 6% to 7% (decrease of 7% to 8%
on a constant currency basis)
- EPS:
- GAAP basis: $2.34 exceeded guidance of approximately $2.30
- Non-GAAP basis: $3.03 exceeded guidance of approximately
$2.50
- Full year outlook
- Revenue: Reaffirms projected decrease of 6% to 7% (decrease 6%
to 7% on a constant currency basis)
- Operating margin:
- GAAP basis: Projected to be approximately 9.2% compared to
approximately 9.8% previously
- Non-GAAP basis: Reaffirms outlook of approximately flat
compared to 10.1% in 2023
- EPS:
- GAAP basis: Projected to be in a range of $10.55 to $10.70
compared to $11.20 to $11.45 previously
- Non-GAAP basis: Projected to be in a range of $11.55 to $11.70
compared to $11.55 to $11.80 previously
- Updated EPS guidance includes negative impact of approximately
$0.15 per share related to foreign currency translation compared to
approximately $0.05 previously
PVH Corp. [NYSE: PVH] today reported its 2024 third quarter
results and updated its full year EPS outlook.
Stefan Larsson, Chief Executive Officer, commented, “We beat our
top- and bottom-line guidance for the third quarter, fueled by our
relentless execution of the PVH+ Plan. Throughout the quarter, we
drove powerful consumer engagement for both Calvin Klein and TOMMY
HILFIGER, and continued to build momentum in product, with
significantly improved sell-throughs for the Fall 24 season across
all regions and both our iconic brands, and we are coming into the
holiday season with a fresh and strong inventory composition.”
Larsson continued, “We are building systematic and repeatable
progress across the business, where we increasingly connect product
strength, consumer engagement, and marketplace execution to our
data and demand-driven operating model. In North America we
continue to deliver strong profitability, in Europe, we are gaining
great traction with our quality of sales initiative which led to
increased sell-throughs and sequentially improved wholesale orders,
and in Asia Pacific, we are delivering on our plan and drove growth
across all channels. Looking ahead, we are focused on driving next
level execution of the PVH+ Plan to build our brands for
sustainable, profitable growth.”
Zac Coughlin, Chief Financial Officer, said, “For the third
quarter, we drove solid profitability by relentlessly focusing on
next level execution of the PVH+ Plan. We continue to manage our
business prudently by remaining agile and maintaining strong
expense discipline. Across the Company, we are focused on driving
sustainable, profitable growth long-term by unlocking the full
potential of our iconic brands, increasing quality of sales and
generating cost efficiencies to deliver significant cash flow and
attractive returns for our shareholders.”
Non-GAAP Amounts:
Amounts stated to be on a non-GAAP basis exclude the items that
are defined or described in greater detail near the end of this
release under the heading “Non-GAAP Exclusions.” Amounts stated on
a constant currency basis also are deemed to be on a non-GAAP
basis. Reconciliations of amounts on a GAAP basis to amounts on a
non-GAAP basis are presented after the Non-GAAP Exclusions section
and identify and quantify all excluded items.
Third Quarter Review:
- Revenue decreased 5% compared to the prior year period
(decreased 6% on a constant currency basis), including a 2% decline
resulting from the sale of the Heritage Brands women’s intimates
business in November 2023. Overall revenue in the Company’s
international businesses was flat compared to the prior year period
(decreased 2% on a constant currency basis), as growth in the Asia
Pacific region in local currency was more than offset by the
continuation of the Company’s planned strategic reduction of sales
in Europe to drive overall higher quality of sales in the region.
In North America, revenue in the Tommy Hilfiger and Calvin Klein
businesses combined decreased 6% compared to the prior year period.
The prior year period benefited from a shift in the timing of
wholesale shipments from the fourth quarter into the third quarter.
- Direct-to-consumer revenue was flat compared to the
prior year period (decreased 1% on a constant currency basis).
Revenue in the Company’s owned and operated stores increased 1%
compared to the prior year period (decreased 1% on a constant
currency basis). Revenue in the Company’s owned and operated
digital commerce business decreased 1% compared to the prior year
period (decreased 3% on a constant currency basis), primarily due
to the continuation of the Company’s planned strategic reduction of
sales in Europe to drive overall higher quality of sales in the
region.
- Wholesale revenue decreased 8% compared to the prior
year period (decreased 9% on a constant currency basis), including
a 4% reduction resulting from the sale of the Heritage Brands
women's intimates business. The remaining decline reflects the
continued strategic reduction of sales in Europe to drive overall
higher quality of sales in the region and the impact of the timing
of wholesale shipments in North America discussed above.
- Gross margin increased 170 basis points to 58.4%
compared to 56.7% in the prior year period. The increase reflects
benefits from a favorable shift in channel mix and a reduction in
sales to lower margin wholesale accounts.
- Inventory increased 9% compared to the prior year period
primarily due to a combination of early receipts of inventory in
the current quarter and lean inventory levels in the prior year
period.
Third Quarter Consolidated Results:
- Revenue of $2.255 billion decreased 5% compared to
$2.363 billion in the prior year period (decreased 6% on a constant
currency basis), including a 2% decline resulting from the sale of
the Heritage Brands women’s intimates business.
- Tommy Hilfiger revenue decreased 1% compared to the
prior year period (decreased 2% on a constant currency basis).
- Tommy Hilfiger International revenue was flat (decreased
2% on a constant currency basis).
- Tommy Hilfiger North America revenue decreased 3%.
- Calvin Klein revenue decreased 3% compared to the prior
year period (decreased 4% on a constant currency basis).
- Calvin Klein International revenue increased 1%
(decreased 1% on a constant currency basis).
- Calvin Klein North America revenue decreased 9%
primarily driven by the timing of wholesale shipments discussed
above.
- Heritage Brands revenue decreased 54% compared to the
prior year period, which included a 44% decrease resulting from the
sale of the Heritage Brands women's intimates business.
- Earnings before interest and taxes (“EBIT”) on a GAAP
basis was $183 million, inclusive of a $3 million positive impact
attributable to foreign currency translation, compared to $230
million in the prior year period. EBIT on a GAAP basis included net
costs of $53 million in the current quarter and costs of $19
million in the prior year period described under the heading
“Non-GAAP Exclusions” later in this release. EBIT on a non-GAAP
basis for these periods excludes these amounts. EBIT on a non-GAAP
basis was $236 million, inclusive of a $3 million positive impact
attributable to foreign currency translation, compared to $249
million in the prior year period. The gross margin improvement
discussed above was more than offset by the impact of the revenue
decline in the quarter. The Company continues to take a disciplined
approach to managing expenses, driving cost efficiencies while
making targeted investments to drive its strategic
initiatives.
- Earnings per share (“EPS”)
- GAAP basis: $2.34 compared to $2.66 in the prior year
period.
- Non-GAAP basis: $3.03 compared to $2.90 in the prior
year period.
EPS on both a GAAP and a non-GAAP basis for
the third quarter of 2024 includes the positive impact of $0.05 per
share related to foreign currency translation.
EPS on a GAAP basis for these periods also
includes the amounts for the applicable period described under the
heading “Non-GAAP Exclusions” later in this release. EPS on a
non-GAAP basis for these periods excluded these amounts.
- Interest expense decreased to $16 million from $22
million in the prior year period.
- Effective tax rate was 21.0% on a GAAP basis compared to
22.2% in the prior year period. The effective tax rate was 22.6% on
a non-GAAP basis as compared to 22.1% in the prior year
period.
Stock Repurchase Program:
Delivering on its commitment under the PVH+ Plan to return
excess cash to stockholders, the Company repurchased 300,000 shares
of its common stock for $29 million during the third quarter of
2024, bringing total share repurchases for the first nine months of
2024 to 2.4 million shares for $254 million. The Company currently
expects to make common stock repurchases under the stock repurchase
program of approximately $400 million for the full year 2024.
2024 Outlook:
Full Year 2024 Guidance
- Revenue: Reaffirming projected decrease of 6% to 7%
compared to 2023 (decrease 6% to 7% on a constant currency basis),
inclusive of a 2% reduction resulting from the sale of the Heritage
Brands women’s intimates business and a 1% reduction from the 53rd
week in 2023.
- Operating margin
- GAAP basis: Projected to be approximately 9.2% compared
to 10.1% in 2023. Previous guidance was approximately 9.8%.
- Non-GAAP basis: Reaffirming outlook of approximately
flat compared to 10.1% in 2023.
Operating margin on a GAAP basis for these
periods include the amounts described under the heading “Non-GAAP
Exclusions” later in this release. Operating margin on a non-GAAP
basis exclude these amounts.
- EPS
- GAAP basis: Projected to be in a range of $10.55 to
$10.70 compared to $10.76 in 2023. Previous guidance was a range of
$11.20 to $11.45.
- Non-GAAP basis: Projected to be in a range of $11.55 to
$11.70 compared to $10.68 in 2023. Previous guidance was a range of
$11.55 to $11.80.
The 2024 EPS projections include the
estimated negative impact of approximately $0.15 per share related
to foreign currency translation. Previous guidance was a negative
impact of approximately $0.05.
EPS on a GAAP basis for these periods also
include the amounts described under the heading “Non-GAAP
Exclusions” later in this release. EPS on a non-GAAP basis exclude
these amounts.
- Interest expense is projected to decrease to
approximately $68 million compared to $88 million in 2023,
primarily due to the repayment in 2023 of the $100 million 7 3/4%
debentures and an increase in interest income. Previous guidance
was approximately $70 million.
- Effective tax rate is projected to be approximately 15%
on a GAAP basis and approximately 16% on a non-GAAP basis.
Fourth Quarter 2024 Guidance
- Revenue is projected to decrease 6% to 7% compared to
the fourth quarter of 2023 (decrease 4% to 5% on a constant
currency basis), inclusive of a reduction of 1% resulting from the
sale of the Heritage Brands women's intimates business and a 3%
reduction from the 53rd week in 2023.
- EPS
- GAAP basis: Projected to be in a range of $2.83 to $2.98
compared to $4.55 in the prior year period.
- Non-GAAP basis: Projected to be in a range of $3.05 to
$3.20 compared to $3.72 in the prior year period. The fourth
quarter EPS projections include the estimated negative impact of
approximately $0.09 per share related to foreign currency
translation. EPS on a GAAP basis for these periods also include the
amounts described under the heading “Non-GAAP Exclusions” later in
this release. EPS on a non-GAAP basis exclude these amounts.
- Interest expense is projected to decrease to
approximately $15 million compared to $20 million in the fourth
quarter of 2023.
- Effective tax rate is projected to be approximately
20%.
Please see the section entitled “Full Year and Quarterly
Reconciliations of GAAP to Non-GAAP Amounts” at the end of this
release for further detail and reconciliations of GAAP to non-GAAP
amounts discussed in this section.
Non-GAAP Exclusions:
The discussions in this release that refer to non-GAAP amounts
exclude the following:
- Pre-tax net restructuring costs totaling approximately $33
million incurred and expected to be incurred in 2024 consisting
principally of severance and the gain on the sale of a warehouse
and distribution center in the third quarter in connection with the
Company’s multi-year initiative to simplify its operating model by
centralizing processes and improving systems and automation to
drive more efficient, cost-effective ways of working across the
organization, of which $15 million was incurred in the second
quarter, $3 million was incurred in the third quarter, and
approximately $15 million is expected to be incurred in the fourth
quarter.
- Pre-tax costs of $51 million incurred in the third quarter of
2024 in connection with an amendment to Mr. Tommy Hilfiger’s
employment agreement pursuant to which the Company made a cash
buyout of a portion of future payments to Mr. Hilfiger.
- Pre-tax gain of $10 million recorded in the first quarter of
2024 in connection with the Company’s sale of the Heritage Brands
women’s intimates business.
- Pre-tax gain of $46 million recorded in the fourth quarter of
2023 related to the recognized actuarial gain on retirement
plans.
- Pre-tax net gain of $13 million recorded in the fourth quarter
of 2023 in connection with the sale of the Company’s Heritage
Brands women's intimates business, which includes a gain on the
sale, less costs to sell, and severance and other termination
benefits associated with the transaction.
- Pre-tax restructuring costs of $61 million incurred in 2023
consisting principally of severance related to actions taken in the
second and third quarters of 2023 under the plans announced in
August 2022 to reduce people costs in the Company’s global offices
by approximately 10% by the end of 2023, of which $39 million was
incurred in the second quarter, $19 million was incurred in the
third quarter and $4 million was incurred in the fourth
quarter.
- Estimated tax effects associated with the above pre-tax items,
which are based on the Company’s assessment of deductibility. In
making this assessment, the Company evaluated each item that it had
identified above as a non-GAAP exclusion to determine if such item
was (i) taxable or tax deductible, in which case the tax effect was
taken at the applicable income tax rate in the local jurisdiction,
or (ii) non-taxable or non-deductible, in which case the Company
assumed no tax effect.
The Company presents constant currency revenue information,
which is a non-GAAP financial measure, because it is a global
company that transacts business in multiple currencies and reports
financial information in U.S. dollars. Foreign currency exchange
rate fluctuations affect the amounts reported by the Company in
U.S. dollars with respect to its foreign revenues and can have a
significant impact on the Company’s reported revenues. The Company
calculates constant currency revenue information by translating its
foreign revenues for the relevant period into U.S. dollars at the
average exchange rates in effect during the comparable prior year
period (rather than at the actual exchange rates in effect during
the relevant period).
The Company presents non-GAAP financial measures, including
constant currency revenue information, as a supplement to its GAAP
results. The Company believes presenting non-GAAP financial
measures provides useful information to investors, as it provides
information to assess how its businesses performed excluding the
effects of non-recurring and non-operational amounts and the
effects of changes in foreign currency exchange rates, as
applicable, and (i) facilitates comparing the results being
reported against past and future results by eliminating amounts
that it believes are not comparable between periods and (ii)
assists investors in evaluating the effectiveness of the Company’s
operations and underlying business trends in a manner that is
consistent with management’s evaluation of business performance.
The Company believes that investors often look at ongoing
operations of an enterprise as a measure of assessing performance.
The Company uses its results excluding these amounts to evaluate
its operating performance and to discuss its business with
investment institutions, the Company’s Board of Directors and
others. The Company’s results excluding non-recurring and
non-operational amounts are also the basis for certain incentive
compensation calculations. Non-GAAP financial measures should be
viewed in addition to, and not in lieu of or as superior to, the
Company’s operating performance calculated in accordance with GAAP.
The non-GAAP financial measures presented may not be comparable to
similarly described measures reported by other companies.
Please see tables 1 through 5 and the sections entitled
“Reconciliations of Constant Currency Revenue” and “Full Year and
Quarterly Reconciliations of GAAP to Non-GAAP Amounts” later in
this release for reconciliations of GAAP to non-GAAP amounts.
Conference Call Information:
The Company will host a conference call to discuss its third
quarter earnings release on Thursday, December 5 at 9:00 a.m.
EST. Please log on to the Company’s website at
www.PVH.com and go to the Events page in the Investors
section to listen to the live webcast of the conference call. The
webcast will be available for replay for one year after it is held.
Please log on to www.PVH.com as described above to listen to the
replay. The conference call and webcast consist of copyrighted
material. They may not be re-recorded, reproduced, re-transmitted,
rebroadcast or otherwise used without the Company’s express written
permission. Your participation represents your consent to these
terms and conditions, which are governed by New York law.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: Forward-looking statements in this press
release and made during the conference call/webcast, including,
without limitation, statements relating to the Company’s future
revenue, earnings, plans, strategies, objectives, expectations and
intentions are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be
predicted with accuracy, and some of which might not be
anticipated, including, without limitation, (i) the Company’s
plans, strategies, objectives, expectations and intentions are
subject to change at any time at the discretion of the Company;
(ii) the Company’s ability to realize anticipated benefits and
savings from divestitures, restructurings and similar plans, such
as the headcount cost reduction initiative announced in August
2022, the 2021 sale of assets of, and exit from, its Heritage
Brands menswear and retail businesses, the November 2023 sale of
the Heritage Brands women’s intimate apparel business to focus on
its Calvin Klein and Tommy Hilfiger businesses and its current
multi-year initiative to simplify its operating model; (iii) the
ability to realize the intended benefits from the acquisition of
licensees or the reversion of licensed rights (such as the
announced, in-process plan to bring in-house most of the product
categories that are or had been licensed to G-III Apparel Group,
Ltd. upon the expirations over time of the underlying license
agreements) and avoid any disruptions in the businesses during the
transition from operation by the licensee to the direct operation
by us; (iv) the Company has significant levels of outstanding debt
and borrowing capacity and uses a significant portion of its cash
flows to service its indebtedness, as a result of which the Company
might not have sufficient funds to operate its businesses in the
manner it intends or has operated in the past; (v) the levels of
sales of the Company’s apparel, footwear and related products, both
to its wholesale customers and in its retail stores and its
directly operated digital commerce sites, the levels of sales of
the Company’s licensees at wholesale and retail, and the extent of
discounts and promotional pricing in which the Company and its
licensees and other business partners are required to engage, all
of which can be affected by weather conditions, changes in the
economy (including inflationary pressures like those currently
being experienced globally), fuel prices, reductions in travel,
fashion trends, consolidations, repositionings and bankruptcies in
the retail industries, consumer sentiment and other factors; (vi)
the Company’s ability to manage its growth and inventory; (vii)
quota restrictions, the imposition of safeguard controls and the
imposition of new or increased duties or tariffs on goods from the
countries where the Company or its licensees produce goods under
its trademarks, any of which, among other things, could limit the
ability to produce products in cost-effective countries, or in
countries that have the labor and technical expertise needed, or
require the Company to absorb costs or try to pass costs onto
consumers, which could materially impact the Company’s revenue and
profitability; (viii) the availability and cost of raw materials;
(ix) the Company’s ability to adjust timely to changes in trade
regulations and the migration and development of manufacturers
(which can affect where the Company’s products can best be
produced); (x) the regulation or prohibition of the transaction of
business with specific individuals or entities and their affiliates
or goods manufactured in (or containing raw materials or components
from) certain regions, such as the listing of a person or entity as
a Specially Designated National or Blocked Person by the U.S.
Department of the Treasury’s Office of Foreign Assets Control and
the issuance of Withhold Release Orders by the U.S. Customs and
Border Protection; (xi) changes in available factory and shipping
capacity, wage and shipping cost escalation, and store closures in
any of the countries where the Company’s or its licensees’ or
wholesale customers’ or other business partners’ stores are located
or products are sold or produced or are planned to be sold or
produced, as a result of civil conflict, war or terrorist acts, the
threat of any of the foregoing, or political or labor instability,
such as the current war in Ukraine that led to the Company’s exit
from its retail business in Russia and the cessation of its
wholesale operations in Russia and Belarus, and the temporary
cessation of business by many of its business partners in Ukraine;
(xii) disease epidemics and health-related concerns, such as the
recent COVID-19 pandemic, which could result in (and, in the case
of the COVID-19 pandemic, did result in some of the following)
supply-chain disruptions due to closed factories, reduced
workforces and production capacity, shipping delays, container and
trucker shortages, port congestion and other logistics problems,
closed stores, and reduced consumer traffic and purchasing, or
governments implement mandatory business closures, travel
restrictions or the like, and market or other changes that could
result in shortages of inventory available to be delivered to the
Company’s stores and customers, order cancellations and lost sales,
as well as in noncash impairments of the Company’s goodwill and
other intangible assets, operating lease right-of-use assets, and
property, plant and equipment; (xiii) actions taken towards
sustainability and social and environmental responsibility as part
of the Company’s sustainability and social and environmental
strategy may not be achieved or may be perceived to be falsely
claimed, which could diminish consumer trust in the Company’s
brands, as well as the Company’s brands’ values; (xiv) the failure
of the Company’s licensees to market successfully licensed products
or to preserve the value of the Company’s brands, or their misuse
of the Company’s brands; (xv) significant fluctuations of the U.S.
dollar against foreign currencies in which the Company transacts
significant levels of business; (xvi) the Company’s retirement plan
expenses recorded throughout the year are calculated using
actuarial valuations that incorporate assumptions and estimates
about financial market, economic and demographic conditions, and
differences between estimated and actual results give rise to gains
and losses, which can be significant, that are recorded immediately
in earnings, generally in the fourth quarter of the year; (xvii)
the impact of new and revised tax legislation and regulations;
(xviii) the duration and outcome of the investigation of the
Company’s business by China’s Ministry of Commerce (“MOFCOM”) under
the Provisions on the List of Unreliable Entities (“UEL
Provisions”), which could result in fines or restrictions on the
Company’s ability to do business in Mainland China; and (xix) other
risks and uncertainties indicated from time to time in the
Company’s filings with the Securities and Exchange Commission
(“SEC”).
This press release includes, and the conference call/webcast
will include, certain non-GAAP financial measures, as defined under
SEC rules. Reconciliations of these measures are included in the
financial information following this Safe Harbor Statement, as well
as in the Company’s Current Report on Form 8-K furnished to the SEC
in connection with this earnings release, which is available on the
Company’s website at www.PVH.com and on the SEC’s website at
www.sec.gov.
The Company does not undertake any obligation to update publicly
any forward-looking statement, including, without limitation, any
estimate regarding revenue or earnings, whether as a result of the
receipt of new information, future events or otherwise.
PVH CORP. Consolidated GAAP Statements of
Operations (In millions, except per share data)
Quarter Ended
Nine Months Ended
11/3/24
10/29/23
11/3/24
10/29/23
Net sales
$
2,131.0
$
2,225.8
$
5,946.3
$
6,382.1
Royalty revenue
97.9
108.0
266.8
272.8
Advertising and other revenue
26.2
29.1
68.2
72.9
Total revenue
$
2,255.1
$
2,362.9
$
6,281.3
$
6,727.8
Gross profit
$
1,316.6
$
1,339.4
$
3,761.2
$
3,862.0
Selling, general and administrative
expenses
1,154.0
1,123.8
3,254.6
3,326.3
Non-service related pension and
postretirement income
0.4
0.5
1.3
1.4
Other gain
9.5
—
19.5
—
Equity in net income of unconsolidated
affiliates
10.6
13.7
34.7
34.8
Earnings before interest and taxes
183.1
229.8
562.1
571.9
Interest expense, net
16.1
22.2
52.9
67.8
Pre-tax income
167.0
207.6
509.2
504.1
Income tax expense
35.1
46.0
67.9
112.3
Net income
$
131.9
$
161.6
$
441.3
$
391.8
Diluted net income per common share
(1)
$
2.34
$
2.66
$
7.74
$
6.29
Quarter Ended
Nine Months Ended
11/3/24
10/29/23
11/3/24
10/29/23
Depreciation and amortization expense
$
69.7
$
75.2
$
211.6
$
223.0
Please see following pages for information related to non-GAAP
measures discussed in this release.
(1)
Please see Note A in Notes to
Consolidated GAAP Statements of Operations for the reconciliations
of GAAP diluted net income per common share to diluted net income
per common share on a non-GAAP basis.
PVH CORP. Non-GAAP Measures
The Company believes it is useful to investors to present its
results for the periods ended November 3, 2024 and October 29, 2023
on a non-GAAP basis by excluding (i) the net restructuring costs
incurred in the second and third quarters of 2024 related to the
Company's multi-year initiative to simplify its operating model by
centralizing processes and improving systems and automation to
drive more efficient, cost-effective ways of working across the
organization (the "Growth Driver 5 Actions"), consisting
principally of severance and a gain on the sale of a warehouse and
distribution center in the third quarter; (ii) the costs incurred
in the third quarter of 2024 in connection with an amendment to Mr.
Tommy Hilfiger’s employment agreement pursuant to which the Company
made a cash buyout of a portion of future payments to Mr. Hilfiger
(the “Mr. Hilfiger amendment”), (iii) the gain recorded in the
first quarter of 2024 in connection with the sale of the Company’s
Heritage Brands women's intimates business (the "Heritage Brands
intimates transaction"); (iv) the restructuring costs incurred in
the second and third quarters of 2023 related to actions taken
under the plans announced in August 2022 to reduce people costs in
the Company’s global offices by approximately 10% by the end of
2023 (the “2022 cost savings initiative”), consisting principally
of severance; and (v) the tax effects associated with the foregoing
pre-tax items. The Company excludes these amounts because it deems
them to be non-recurring or non-operational and believes that their
exclusion (i) facilitates comparing the results being reported
against past and future results by eliminating amounts that it
believes are not comparable between periods, thereby permitting
management to evaluate performance and investors to make decisions
based on the ongoing operations of the Company, and (ii) assists
investors in evaluating the effectiveness of the Company’s
operations and underlying business trends in a manner that is
consistent with management’s evaluation of business performance.
The Company believes that investors often look at ongoing
operations of an enterprise as a measure of assessing performance.
The Company uses its results excluding these amounts to evaluate
its operating performance and to discuss its business with
investment institutions, the Company’s Board of Directors and
others. The Company’s results excluding the items described above
are also the basis for certain incentive compensation calculations.
The non-GAAP measures should be viewed in addition to, and not in
lieu of or superior to, the Company’s operating performance
measures calculated in accordance with GAAP. The information
presented on a non-GAAP basis may not be comparable to similarly
titled measures reported by other companies.
The following table presents the non-GAAP measures that are
discussed in this release. Please see Tables 1 through 5 for the
reconciliations of the GAAP amounts to amounts on a non-GAAP
basis.
Quarter Ended
Nine Months Ended
11/3/24
10/29/23
11/3/24
10/29/23
Non-GAAP Measures
Selling, general and administrative
expenses (1)
$
1,092.9
$
1,105.0
$
3,178.2
$
3,268.5
Other gain (2)
—
—
Earnings before interest and taxes (3)
236.5
248.6
620.8
629.7
Income tax expense (4)
49.9
50.0
84.3
125.1
Net income (5)
170.5
176.4
483.6
436.8
Diluted net income per common share
(6)
$
3.03
$
2.90
$
8.48
$
7.01
(1)
Please see Table 3 for the
reconciliations of GAAP selling, general and administrative
(“SG&A”) expenses to SG&A expenses on a non-GAAP basis.
(2)
Please see Table 4 for the
reconciliations of GAAP other gain to other gain on a non-GAAP
basis.
(3)
Please see Table 2 for the
reconciliations of GAAP earnings before interest and taxes to
earnings before interest and taxes on a non-GAAP basis.
(4)
Please see Table 5 for the
reconciliations of GAAP income tax expense to income tax expense on
a non-GAAP basis and an explanation of the calculation of the tax
effects associated with the pre-tax items identified as a non-GAAP
exclusions.
(5)
Please see Table 1 for the
reconciliations of GAAP net income to net income on a non-GAAP
basis.
(6)
Please see Note A in Notes to
Consolidated GAAP Statements of Operations for the reconciliations
of GAAP diluted net income per common share to diluted net income
per common share on a non-GAAP basis.
PVH CORP. Reconciliations of GAAP to Non-GAAP
Amounts (In millions, except per share data)
Table 1 -
Reconciliations of GAAP net income to net income on a non-GAAP
basis
Quarter Ended
Nine Months Ended
11/3/24
10/29/23
11/3/24
10/29/23
Net income
$
131.9
$
161.6
$
441.3
$
391.8
Diluted net income per common share
(1)
$
2.34
$
2.66
$
7.74
$
6.29
Pre-tax items excluded:
SG&A expenses associated with the 2022
cost savings initiative
18.8
57.8
SG&A expenses associated with the
Growth Driver 5 Actions
12.2
27.5
SG&A expenses associated with the Mr.
Hilfiger amendment
50.7
50.7
Gain in connection with the Growth Driver
5 Actions (recorded in other gain)
(9.5
)
(9.5
)
Gain in connection with the Heritage
Brands intimates transaction (recorded in other gain)
(10.0
)
Tax effect of the pre-tax items above
(2)
(14.8
)
(4.0
)
(16.4
)
(12.8
)
Net income on a non-GAAP basis
$
170.5
$
176.4
$
483.6
$
436.8
Diluted net income per common share on a
non-GAAP basis (1)
$
3.03
$
2.90
$
8.48
$
7.01
(1)
Please see Note A in Notes to the
Consolidated GAAP Statements of Operations for the reconciliations
of GAAP diluted net income per common share to diluted net income
per common share on a non-GAAP basis.
(2)
Please see Table 5 for an
explanation of the calculation of the tax effects of the above
items.
Table 2 - Reconciliations of GAAP earnings
before interest and taxes to earnings before interest and taxes on
a non-GAAP basis
Quarter Ended
Nine Months Ended
11/3/24
10/29/23
11/3/24
10/29/23
Earnings before interest and taxes
$
183.1
$
229.8
$
562.1
$
571.9
Items excluded:
SG&A expenses associated with the 2022
cost savings initiative
18.8
57.8
SG&A expenses associated with the
Growth Driver 5 Actions
12.2
27.5
SG&A expenses associated with the Mr.
Hilfiger amendment
50.7
50.7
Gain in connection with the Growth Driver
5 Actions (recorded in other gain)
(9.5
)
(9.5
)
Gain in connection with the Heritage
Brands intimates transaction (recorded in other gain)
(10.0
)
Earnings before interest and taxes on a
non-GAAP basis
$
236.5
$
248.6
$
620.8
$
629.7
PVH CORP. Reconciliations of GAAP to Non-GAAP Amounts
(continued) (In millions, except per share data)
Table 3 -
Reconciliations of GAAP SG&A expenses to SG&A expenses on a
non-GAAP basis
Quarter Ended
Nine Months Ended
11/3/24
10/29/23
11/3/24
10/29/23
SG&A expenses
$
1,154.0
$
1,123.8
$
3,254.6
$
3,326.3
Items excluded:
Expenses associated with the 2022 cost
savings initiative
(18.8
)
(57.8
)
Expenses associated with the Growth Driver
5 Actions
(12.2
)
(27.5
)
Expenses associated with the Mr. Hilfiger
amendment
(50.7
)
(50.7
)
SG&A expenses on a non-GAAP basis
$
1,091.1
$
1,105.0
$
3,176.4
$
3,268.5
Table 4 -
Reconciliations of GAAP other gain to other gain on a non-GAAP
basis
Quarter Ended
Nine Months Ended
11/3/24
11/3/24
Other gain
$
9.5
$
19.5
Items excluded:
Gain in connection with the Growth Driver
5 Actions
(9.5
)
(9.5
)
Gain in connection with the Heritage
Brands intimates transaction
(10.0
)
Other gain on a non-GAAP basis
$
—
$
—
Table 5 -
Reconciliations of GAAP income tax expense to income tax expense on
a non-GAAP basis
Quarter Ended
Nine Months Ended
11/3/24
10/29/23
11/3/24
10/29/23
Income tax expense
$
35.1
$
46.0
$
67.9
$
112.3
Item excluded:
Tax effect of pre-tax items identified as
non-GAAP exclusions (1)
14.8
4.0
16.4
12.8
Income tax expense on a non-GAAP basis
$
49.9
$
50.0
$
84.3
$
125.1
(1)
The estimated tax effects
associated with the Company’s exclusions on a non-GAAP basis are
based on the Company’s assessment of deductibility. In making this
assessment, the Company evaluates each pre-tax item that it has
identified as a non-GAAP exclusion to determine if such item is (i)
taxable or tax deductible, in which case the tax effect is taken at
the applicable income tax rate in the local jurisdiction, or (ii)
non-taxable or non-deductible, in which case the Company assumes no
tax effect.
PVH CORP. Notes to Consolidated GAAP Statements of
Operations (In millions, except per share data)
A. The Company computed its diluted net income per common share
as follows:
Quarter Ended
Quarter Ended
11/3/24
10/29/23
GAAP
Non-GAAP
GAAP
Non-GAAP
Results
Adjustments (1)
Results
Results
Adjustments (2)
Results
Net income
$
131.9
$
(38.6
)
$
170.5
$
161.6
$
(14.8
)
$
176.4
Weighted average common shares
55.8
55.8
60.3
60.3
Weighted average dilutive securities
0.5
0.5
0.5
0.5
Total shares
56.3
56.3
60.8
60.8
Diluted net income per common share
$
2.34
$
3.03
$
2.66
$
2.90
Nine Months Ended
Nine Months Ended
11/3/24
10/29/23
GAAP
Non-GAAP
GAAP
Non-GAAP
Results
Adjustments (1)
Results
Results
Adjustments (2)
Results
Net income
$
441.3
$
(42.3
)
$
483.6
$
391.8
$
(45.0
)
$
436.8
Weighted average common shares
56.4
56.4
61.7
61.7
Weighted average dilutive securities
0.7
0.7
0.6
0.6
Total shares
57.1
57.1
62.3
62.3
Diluted net income per common share
$
7.74
$
8.48
$
6.29
$
7.01
(1)
Represents the impact on net
income in the applicable periods ended November 3, 2024 from the
elimination of (i) the net restructuring costs related to the
Growth Driver 5 Actions; (ii) the costs incurred in connection with
the Mr. Hilfiger amendment; (iii) the gain recorded in connection
with the Heritage Brands intimates transaction; and (iv) the tax
effects associated with the foregoing pre-tax items. Please see
Table 1 for the reconciliations of GAAP net income to net income on
a non-GAAP basis.
(2)
Represents the impact on net
income in the periods ended October 29, 2023 from the elimination
of (i) the restructuring costs related to the 2022 cost savings
initiative; and (ii) the tax effects associated with the foregoing
pre-tax item. Please see Table 1 for the reconciliations of GAAP
net income to net income on a non-GAAP basis.
PVH CORP. Consolidated Balance Sheets (In
millions)
11/3/24
10/29/23
ASSETS
Current Assets:
Cash and Cash Equivalents
$
559.6
$
357.6
Receivables
999.0
1,062.6
Inventories
1,608.2
1,476.9
Other Assets
311.4
310.5
Assets Held For Sale (1)
—
139.5
Total Current Assets
3,478.2
3,347.1
Property, Plant and Equipment
787.0
848.0
Operating Lease Right-of-Use Assets
1,199.5
1,234.6
Goodwill and Other Intangible Assets
5,406.3
5,362.6
Other Assets
370.3
374.8
TOTAL ASSETS
$
11,241.3
$
11,167.1
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts Payable and Accrued Expenses
$
1,890.2
$
1,842.8
Current Portion of Operating Lease
Liabilities
293.4
319.5
Short-Term Borrowings
—
18.0
Current Portion of Long-Term Debt
511.1
665.2
Other Liabilities
552.6
610.4
Long-Term Portion of Operating Lease
Liabilities
1,051.6
1,085.6
Long-Term Debt
1,654.2
1,571.3
Stockholders’ Equity
5,288.2
5,054.3
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
11,241.3
$
11,167.1
Note: Year over year balances are impacted
by changes in foreign currency exchange rates.
(1)
Assets held for sale include the
assets of the Company's Heritage Brands intimate apparel business,
primarily $43 million of inventory and $96 million of intangible
assets. The Company completed the sale of the business on November
27, 2023.
PVH CORP.
Segment Data
(In millions)
REVENUE BY
SEGMENT
Quarter Ended
Quarter Ended
11/3/24
10/29/23
Tommy Hilfiger North
America
Net sales
$
318.1
$
326.9
Royalty revenue
25.5
25.6
Advertising and other revenue
6.2
6.7
Total
349.8
359.2
Tommy Hilfiger
International
Net sales
830.5
831.1
Royalty revenue
16.0
15.6
Advertising and other revenue
4.6
4.0
Total
851.1
850.7
Total Tommy
Hilfiger
Net sales
1,148.6
1,158.0
Royalty revenue
41.5
41.2
Advertising and other revenue
10.8
10.7
Total
1,200.9
1,209.9
Calvin Klein North
America
Net sales
287.7
310.0
Royalty revenue
41.6
51.0
Advertising and other revenue
12.5
14.5
Total
341.8
375.5
Calvin Klein
International
Net sales
634.5
627.4
Royalty revenue
14.7
15.5
Advertising and other revenue
2.9
3.8
Total
652.1
646.7
Total Calvin
Klein
Net sales
922.2
937.4
Royalty revenue
56.3
66.5
Advertising and other revenue
15.4
18.3
Total
993.9
1,022.2
Heritage Brands
Wholesale
Net sales
60.2
130.4
Royalty revenue
0.1
0.3
Advertising and other revenue
—
0.1
Total
60.3
130.8
Total
Revenue
Net sales
2,131.0
2,225.8
Royalty revenue
97.9
108.0
Advertising and other revenue
26.2
29.1
Total
$
2,255.1
$
2,362.9
PVH CORP.
Segment Data (continued)
(In millions)
EARNINGS BEFORE
INTEREST AND TAXES BY SEGMENT
Quarter Ended
Quarter Ended
11/3/24
10/29/23
Results
Results
Under
Non-GAAP
Under
Non-GAAP
GAAP
Adjustments (1)
Results
GAAP
Adjustments (2)
Results
Tommy Hilfiger North America
$
32.6
$
(17.1
)
$
49.7
$
39.5
$
(5.4
)
$
44.9
Tommy Hilfiger International
58.0
(39.1
)
97.1
90.8
(3.6
)
94.4
Total Tommy Hilfiger
90.6
(56.2
)
146.8
130.3
(9.0
)
139.3
Calvin Klein North America
40.1
—
40.1
48.8
(2.6
)
51.4
Calvin Klein International
84.5
(1.9
)
86.4
94.9
(1.7
)
96.6
Total Calvin Klein
124.6
(1.9
)
126.5
143.7
(4.3
)
148.0
Heritage Brands Wholesale
10.3
—
10.3
3.9
(3.2
)
7.1
Corporate
(42.4
)
4.7
(47.1
)
(48.1
)
(2.3
)
(45.8
)
Total earnings before interest and
taxes
$
183.1
$
(53.4
)
$
236.5
$
229.8
$
(18.8
)
$
248.6
(1)
The adjustments for the quarter
ended November 3, 2024 represent the elimination of (i) the net
restructuring costs related to the Growth Driver 5 Actions; and
(ii) the costs incurred in connection with the Mr. Hilfiger
amendment.
(2)
The adjustments for the quarter
ended October 29, 2023 represent the elimination of the
restructuring costs related to the 2022 cost savings
initiative.
PVH CORP.
Segment Data (continued)
(In millions)
REVENUE BY
SEGMENT
Nine Months Ended
Nine Months Ended
11/3/24
10/29/23
Tommy Hilfiger North
America
Net sales
$
885.7
$
891.2
Royalty revenue
69.0
64.4
Advertising and other revenue
15.2
15.5
Total
969.9
971.1
Tommy Hilfiger
International
Net sales
2,281.3
2,444.1
Royalty revenue
43.8
45.2
Advertising and other revenue
12.6
13.0
Total
2,337.7
2,502.3
Total Tommy
Hilfiger
Net sales
3,167.0
3,335.3
Royalty revenue
112.8
109.6
Advertising and other revenue
27.8
28.5
Total
3,307.6
3,473.4
Calvin Klein North
America
Net sales
797.1
807.6
Royalty revenue
116.3
121.1
Advertising and other revenue
32.1
35.9
Total
945.5
964.6
Calvin Klein
International
Net sales
1,819.8
1,836.0
Royalty revenue
37.5
41.3
Advertising and other revenue
8.2
8.2
Total
1,865.5
1,885.5
Total Calvin
Klein
Net sales
2,616.9
2,643.6
Royalty revenue
153.8
162.4
Advertising and other revenue
40.3
44.1
Total
2,811.0
2,850.1
Heritage Brands
Wholesale
Net sales
162.4
403.2
Royalty revenue
0.2
0.8
Advertising and other revenue
0.1
0.3
Total
162.7
404.3
Total
Revenue
Net sales
5,946.3
6,382.1
Royalty revenue
266.8
272.8
Advertising and other revenue
68.2
72.9
Total
$
6,281.3
$
6,727.8
PVH CORP.
Segment Data (continued)
(In millions)
EARNINGS BEFORE
INTEREST AND TAXES BY SEGMENT
Nine Months Ended
Nine Months Ended
11/3/24
10/29/23
Results
Results
Under
Non-GAAP
Under
Non-GAAP
GAAP
Adjustments (1)
Results
GAAP
Adjustments (2)
Results
Tommy Hilfiger North America
$
91.3
$
(18.5
)
$
109.8
$
55.0
$
(11.8
)
$
66.8
Tommy Hilfiger International
202.1
(46.4
)
248.5
290.5
(15.9
)
306.4
Total Tommy Hilfiger
293.4
(64.9
)
358.3
345.5
(27.7
)
373.2
Calvin Klein North America
114.5
(1.4
)
115.9
71.4
(8.5
)
79.9
Calvin Klein International
255.7
(7.1
)
262.8
275.5
(10.2
)
285.7
Total Calvin Klein
370.2
(8.5
)
378.7
346.9
(18.7
)
365.6
Heritage Brands Wholesale
33.2
10.0
23.2
21.5
(7.8
)
29.3
Corporate
(134.7
)
4.7
(139.4
)
(142.0
)
(3.6
)
(138.4
)
Total earnings before interest and
taxes
$
562.1
$
(58.7
)
$
620.8
$
571.9
$
(57.8
)
$
629.7
(1)
The adjustments for the nine
months ended November 3, 2024 represent the elimination of (i) the
net restructuring costs related to the Growth Driver 5 Actions;
(ii) the costs incurred related to the Mr. Hilfiger amendment; and
(iii) the gain recorded in connection with the Heritage Brands
intimates transaction.
(2)
The adjustments for the nine
months ended October 29, 2023 represent the elimination of the
restructuring costs related to the 2022 cost savings
initiative.
PVH CORP. Reconciliations of Constant Currency
Revenue (In millions)
As a supplement to the Company’s reported operating results, the
Company presents constant currency revenue information, which is a
non-GAAP financial measure. The Company presents results in this
manner because it is a global company that transacts business in
multiple currencies and reports financial information in U.S.
dollars. Foreign currency exchange rate fluctuations affect the
amounts reported by the Company in U.S. dollars with respect to its
foreign revenues. Exchange rate fluctuations can have a significant
impact on reported revenues. The Company believes presenting
constant currency revenue information provides useful information
to investors, as it provides information to assess how its
businesses performed excluding the effects of changes in foreign
currency exchange rates and assists investors in evaluating the
effectiveness of the Company’s operations and underlying business
trends in a manner that is consistent with management’s evaluation
of business performance.
The Company calculates constant currency revenue information by
translating its foreign revenues for the relevant period into U.S.
dollars at the average exchange rates in effect during the
comparable prior year period (rather than at the actual exchange
rates in effect during the relevant period).
Constant currency performance should be viewed in addition to,
and not in lieu of or as superior to, the Company’s operating
performance calculated in accordance with GAAP. The constant
currency revenue information presented may not be comparable to
similarly described measures reported by other companies.
GAAP Revenue
% Change
Quarter Ended
GAAP
Positive Impact of Foreign
Exchange
Constant Currency
11/3/24
10/29/23
Tommy Hilfiger International
$
851.1
$
850.7
—
%
2.4
%
(2.4
)%
Total Tommy Hilfiger
1,200.9
1,209.9
(0.7
)%
1.7
%
(2.4
)%
Calvin Klein International
652.1
646.7
0.8
%
1.7
%
(0.9
)%
Total Calvin Klein
993.9
1,022.2
(2.8
)%
1.1
%
(3.9
)%
Total International Revenue
1,503.2
1,497.4
0.4
%
2.2
%
(1.8
)%
Total Revenue
$
2,255.1
$
2,362.9
(4.6
)%
1.3
%
(5.9
)%
Owned and Operated Retail Stores
$
760.0
$
754.7
0.7
%
1.4
%
(0.7
)%
Owned and Operated Digital Commerce
167.9
169.5
(0.9
)%
1.7
%
(2.6
)%
Total Direct-to-Consumer
$
927.9
$
924.2
0.4
%
1.4
%
(1.0
)%
Wholesale
$
1,203.1
$
1,301.6
(7.6
)%
1.5
%
(9.1
)%
PVH CORP. Full Year and Quarterly Reconciliations of
GAAP to Non-GAAP Amounts
The Company is presenting its 2024 estimated results on a
non-GAAP basis by excluding (i) the net restructuring costs
incurred and expected to be incurred related to the Growth Driver 5
Actions, (ii) the costs incurred in connection with the Mr.
Hilfiger amendment, (iii) the gain recorded in the first quarter of
2024 in connection with the Company’s sale of the Heritage Brands
women’s intimates business and (iv) the estimated tax effects
associated with the foregoing pre-tax items. The Company has
provided the reconciliations set forth below to present its
estimates on a GAAP basis and excluding the foregoing amounts.
The 2024 estimated results are presented on both a GAAP and
non-GAAP basis. The Company believes presenting these results on a
non-GAAP basis provides useful additional information to investors.
The Company excludes such amounts that it deems to be non-recurring
or non-operational and believes that excluding them (i) facilitates
comparing the results being reported against past and future
results by eliminating amounts that it believes are not comparable
between periods, thereby permitting management to evaluate
performance and investors to make decisions based on the ongoing
operations of the Company, and (ii) assists investors in evaluating
the effectiveness of the Company’s operations and underlying
business trends in a manner that is consistent with management’s
evaluation of business performance. The Company uses its results
excluding these amounts to evaluate its operating performance and
to discuss its business with investment institutions, the Company’s
Board of Directors and others. The Company’s results excluding the
items described above are also the basis for certain incentive
compensation calculations. The non-GAAP measures should be viewed
in addition to, and not in lieu of or superior to, the Company’s
operating performance measures calculated in accordance with GAAP.
The information presented on a non-GAAP basis may not be comparable
to similarly titled measures reported by other companies.
The estimated tax effects associated with the above pre-tax
items are based on the Company’s assessment of deductibility. In
making this assessment, the Company evaluated each pre-tax item
identified above as a non-GAAP exclusion to determine if such item
is taxable or tax deductible, and, if so, in what jurisdiction the
tax expense or tax deduction would occur. All of the pre-tax items
identified as non-GAAP exclusions were identified as either
primarily taxable or tax deductible, with the tax effect taken at
the applicable income tax rate in the local jurisdiction, or as
non-taxable or non-deductible, in which case the Company assumed no
tax effect.
2024 Net Income
Per Common Share Reconciliations
Current Guidance
Previous Guidance
Full Year 2024 (Estimated)
Fourth Quarter 2024
(Estimated)
Full Year 2024 (Estimated)
Third Quarter 2024
(Estimated)
GAAP net income per common share
$10.55 to $10.70
$2.83 to $2.98
$11.20 to $11.45
Approximately $2.30
Estimated per common share impact of items
identified as non-GAAP exclusions
$(1.00)
$(0.22)
$(0.35)
$(0.20)
Net income per common share on a non-GAAP
basis
$11.55 to $11.70
$3.05 to $3.20
$11.55 to $11.80
Approximately $2.50
2024 Tax Rate
Reconciliation
Full Year 2024 (Estimated)
GAAP tax rate
Approximately 15%
Estimated tax rate impacts from items
identified as non-GAAP exclusions
(1)%
Tax rate on a non-GAAP basis
Approximately 16%
The GAAP net income per common share amounts presented in the
above table, as well as the amounts excluded in providing non-GAAP
earnings guidance, would be expected to change as a result of (i)
acquisition, divestment or similar transactions or activities, (ii)
the timing and strategy of restructuring and integration
initiatives or other one-time events that the Company engages in or
suffers during the period, (iii) any market or other changes
affecting the Company’s expected actuarial gain or loss on
retirement plans, including the recent volatility in the financial
markets and (iv) any discrete tax events including changes in tax
rates or tax law and events arising from audits or the resolution
of uncertain tax positions.
PVH CORP. Full Year and Quarterly Reconciliations of
GAAP to Non-GAAP Amounts (continued)
2024 Operating
Margin Reconciliation
Current Guidance
Previous Guidance
Full Year 2024 (Estimated)
Full Year 2024 (Estimated)
GAAP operating margin
Approximately 9.2%
Approximately 9.8%
Estimated impact of items identified as
non-GAAP exclusions
(0.9)%
(0.3)%
Operating margin on a Non-GAAP basis
Approximately 10.1%
Approximately 10.1%
Reconciliations
of 2024 Constant Currency Revenue Guidance
Full Year 2024 (Estimated)
Fourth Quarter 2024
(Estimated)
GAAP revenue decrease
(6)% to (7)%
(6)% to (7)%
Negative impact of foreign exchange
—%
(2)%
Non-GAAP revenue decrease on a constant
currency basis
(6)% to (7)%
(4)% to (5)%
Please refer to the section entitled "Reconciliations of
Constant Currency Revenue” on page 17 this release for a
description of the presentation of constant currency amounts.
Reconciliations
of GAAP Diluted Net Income Per Common Share to Diluted Net Income
Per Common Share on a Non-GAAP Basis
Full Year 2023
Fourth Quarter 2023
(Actual)
(Actual)
(In millions, except
per share data)
Results Under GAAP
Adjustments (1)
Non- GAAP Results
Results Under GAAP
Adjustments (2)
Non- GAAP Results
Net income
$
663.6
$
4.7
$
658.9
$
271.8
$
49.7
$
222.1
Total weighted average shares
61.7
61.7
59.7
59.7
Diluted net income per common share
$
10.76
$
10.68
$
4.55
$
3.72
(1)
Represents the impact on net
income in the year ended February 4, 2024 from the elimination of
(i) a $46 million recognized actuarial gain on retirement plans in
the fourth quarter of 2023; (ii) a $15 million gain recorded in
connection with the Heritage Brands intimates transaction in the
fourth quarter of 2023; (iii) $2 million of costs related to the
Heritage Brands intimates transaction incurred in the fourth
quarter of 2023; (iv) $61 million of restructuring costs related to
the 2022 cost savings initiative incurred in the second, third and
fourth quarters of 2023; and (v) a $7 million tax benefit
associated with the foregoing pre-tax items.
(2)
Represents the impact on net
income in the quarter ended February 4, 2024 from the elimination
of (i) a $46 million recognized actuarial gain on retirement plans;
(ii) the $15 million gain recorded in connection with the Heritage
Brands intimates transaction; (iii) $2 million of costs related to
the Heritage Brands intimates transaction; (iv) $4 million of
restructuring costs related to the 2022 cost savings initiative;
and (v) a $6 million tax expense associated with the foregoing
pre-tax items.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241204463690/en/
Investor Contact: Sheryl Freeman
investorrelations@pvh.com Media Contact:
communications@pvh.com
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