Pvh Corporation - PVH STOCK NEWS

PVH Corp. reported Q2 2024 earnings exceeding guidance, with GAAP EPS at $2.80 and non-GAAP EPS at $3.01, surpassing the projected $2.25. The company's revenue declined 6% to $2.074 billion, aligning with expectations.

Key factors included a 3% reduction from selling the Heritage Brands women's intimates business. Gross margin improved by 250 basis points to 60.1%. Inventory levels were down 12% year-over-year.

For full-year 2024, PVH reaffirmed its revenue outlook, projecting a 6%-7% decrease. The GAAP operating margin is expected to drop slightly to 9.8%, while non-GAAP remains flat at 10.1%. PVH raised its EPS guidance, projecting it in a range of $11.20-$11.45 on a GAAP basis and $11.55-$11.80 on a non-GAAP basis, benefiting from a tax settlement.

PVH Corp. (NYSE: PVH) has announced it will release its second quarter 2024 earnings results on Tuesday, August 27, 2024, after market close. The company will host a conference call on Wednesday, August 28, 2024, at 9:00 A.M. Eastern Time to discuss the results. The call will be led by Stefan Larsson, CEO, and Zac Coughlin, CFO. Investors can access the live broadcast via a link on PVH's website under the Investors section. For those unable to attend the live call, a webcast replay will be available on the company's website for 12 months following the event.

PVH Corp. (NYSE:PVH) has announced a quarterly cash dividend of $0.0375 per share. The dividend will be payable on September 25, 2024 to stockholders of record as of September 4, 2024. This declaration was made by the Executive Committee of PVH Corp.'s Board of Directors, demonstrating the company's commitment to returning value to its shareholders.

While the dividend amount is relatively modest, it represents a consistent approach to shareholder remuneration. Investors should note the specific dates for eligibility and payment, as these are important for dividend-focused investment strategies.

PVH Corp. [NYSE: PVH] has appointed Kate Gulliver, Chief Financial Officer and Chief Administrative Officer at Wayfair Inc., to its Board of Directors and Audit & Risk Management Committee. Gulliver brings a consumer-centric, data-driven approach and experience in scaling a fast-growing digital business, which aligns with PVH's goal of driving sustained, profitable growth guided by the PVH+ Plan.

With over a decade at Wayfair, Gulliver has held various leadership roles, including Chief People Officer and Head of Investor Relations. Her appointment is expected to provide valuable insights as PVH continues to build its next chapter and unlock the full potential of its iconic brands.

Tommy Hilfiger, part of PVH Corp. (NYSE: PVH), has announced a multi-year global partnership with the U.S. SailGP Team as the Official Lifestyle Apparel Partner. This collaboration aims to merge fashion with the high-paced sport of sailing, kicking off during the 2025 SailGP season. The agreement will see the TOMMY HILFIGER logo on the team's F50 foiling catamarans and uniforms, as well as collaborative capsule collections. The partnership launches at the Sail Grand Prix in November 2024 and involves various exclusive events and activations.

CEO Mike Buckley of the U.S. SailGP Team and Tommy Hilfiger both expressed excitement about this innovative merging of sports and fashion, focusing on disrupting the sailing scene.

PVH Corp. (NYSE: PVH) announced the departure of Martijn Hagman, CEO of Tommy Hilfiger Global and PVH Europe. Hagman will remain in an advisory role to ensure a smooth transition. Lea Rytz Goldman, President of Tommy Hilfiger Global, will now lead the brand and report directly to PVH CEO Stefan Larsson. David Savman, Chief Supply Chain Officer, will serve as Interim CEO for PVH Europe. The company has begun the search for a new European leader. Larsson praised Hagman's contributions over 16 years, noting his role in building PVH's profitable European business. Hagman expressed gratitude and optimism for the future growth of Calvin Klein and Tommy Hilfiger.

PVH Corp. (NYSE: PVH) has reported its 2024 first-quarter results, surpassing both revenue and earnings guidance, and has updated its full-year EPS outlook. Despite a 10% decline in revenue to $1.952 billion, the figures exceeded the anticipated 11% drop. GAAP EPS reached $2.59, above the $2.15 guidance, while non-GAAP EPS was $2.45.

Full-year projections include a confirmed revenue decline of 6%-7%, stable operating margins, and a raised EPS forecast of $11.15-$11.40 on a GAAP basis and $11.00-$11.25 on a non-GAAP basis. The company noted robust growth in North America and Asia Pacific for Calvin Klein and Tommy Hilfiger, alongside strategic sales improvements in Europe.

Other key points include a 350 basis point increase in gross margin to 61.4% and a 22% reduction in inventory. The company repurchased $200 million worth of shares, with a full-year target of $400 million. Interest expense dropped from $22 million to $18 million, and the effective tax rate decreased to 19.2% GAAP and 19.4% non-GAAP.

Calvin Klein, part of PVH Corp. [NYSE: PVH], has appointed Veronica Leoni as Creative Director of Collection, signaling a return to the runway. Leoni, a 2023 LVMH Prize finalist and founder of QUIRA, brings extensive experience from brands like Jil Sander, Céline, Moncler, and The Row. Her role includes designing men's and women's apparel, underwear, and accessories with a debut in Fall 2025. Leoni will collaborate with Calvin Klein Global Brand President, Eva Serrano, and report directly to her. This appointment is part of a strategic effort under Serrano's leadership to enhance the brand and engage the next generation of consumers.

PVH Corp. (NYSE: PVH) will release its Q1 2024 earnings results on June 4, 2024, after the market closes.

The following day, June 5, 2024, at 9:00 AM ET, a conference call hosted by CEO Stefan Larsson and CFO Zac Coughlin will discuss the results.

The call will be broadcast live on PVH's website under the Investors section, and a replay will be available for 12 months.