- Third quarter
- Revenue: Increased 4% to $2.363 billion compared to the prior
year period (increased 1% on a constant currency basis); in line
with guidance of an increase of mid single-digits (increase low
single-digits on a constant currency basis).
- EPS
- GAAP basis: $2.66 exceeded guidance of approximately $2.43
- Non-GAAP basis: $2.90 exceeded guidance of approximately
$2.70
- Full year outlook
- Revenue: Projected to increase approximately 1% (increase 1% on
a constant currency basis) compared to an increase of 3% to 4%
(increase 2% to 3% on a constant currency basis) previously
- Outlook includes the impact from the recently concluded sale of
the Heritage Brands intimate apparel business.
- EPS:
- GAAP basis: Raising to approximately $9.75 from approximately
$9.60 previously
- Non-GAAP basis: Raising to approximately $10.45 from
approximately $10.35 previously
- Closed the sale of the Heritage Brands intimate apparel
business in November 2023, with approximately $150 million of net
proceeds to be utilized to repurchase shares in 2023. Planned share
repurchases in 2023 to increase to approximately $550 million from
up to $400 million previously.
PVH Corp. [NYSE: PVH] today reported its 2023 third quarter
results and updated its full year outlook.
Stefan Larsson, Chief Executive Officer, commented, “We
delivered another strong quarter, with high single-digit revenue
growth for our direct-to-consumer businesses across Calvin Klein
and TOMMY HILFIGER, with growth in all regions, and we exceeded our
EPS guidance. Through our disciplined PVH+ Plan execution, we are
gaining increasing traction in our product category offense and
hero products, our cut-through marketing campaigns, and building
out our demand-driven supply chain. We expanded gross margin,
improved inventory productivity and increased our marketing
investments, driving strong consumer engagement and overall,
significantly improved profitability. We continue to see incredible
strength in our iconic brands as we tap into their beloved DNA and
build them into the most desirable lifestyle brands in the
world.”
Mr. Larsson added, “I’m especially pleased with the
outperformance in North America as we made significant progress
towards unlocking our full potential, delivering a 13.1% non-GAAP
EBIT margin in the region for Calvin Klein and TOMMY HILFIGER
combined. Based on our solid year-to-date performance, we are
raising our EPS guidance for the full year.”
Zac Coughlin, Chief Financial Officer, said, “Our disciplined
execution of the PVH+ Plan drove strong gross margin expansion and
double-digit non-GAAP EPS growth in the third quarter. For the
full-year, we remain well-positioned to achieve a double-digit
non-GAAP EBIT margin and have raised our EPS guidance. Reflecting
our confidence, we have further increased our share repurchases to
approximately $550 million this year. Through the PVH+ Plan, we are
relentlessly focused on delivering strong profitability,
significant cash flow and attractive returns for our shareholders,
while pursuing sustained, long-term growth in a choppy
macroenvironment.”
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 increased 4% compared to the prior year period
(increased 1% on a constant currency basis) reflecting growth in
the direct-to-consumer businesses in all regions. Overall revenue
in the Company’s international businesses increased 1% on a
constant currency basis over the prior year period, despite an
increasingly challenging macroeconomic environment in Europe. In
North America, revenue in the Tommy Hilfiger and Calvin Klein brand
businesses combined grew 2% compared to the prior year period.
- Direct-to-consumer revenue increased 8% compared to the
prior year period (increased 6% on a constant currency basis), with
growth in both the Company’s owned and operated stores and digital
commerce business in all regions.
- Wholesale revenue increased 1% compared to the prior
year period (decreased 3% on a constant currency basis) as
wholesale customers continue to take a cautious approach.
- Total digital revenue increased 13% compared to the
prior year period (increased 8% on a constant currency basis), with
growth in both the Company’s owned and operated digital commerce
revenue and its wholesale sales to traditional retailers’ ecommerce
businesses and pure players. Total digital penetration as a
percentage of total revenue was approximately 20%.
- Gross margin was 56.7% compared to 55.9% in the prior
year period. The increase reflects benefits from lower freight
costs and a favorable shift in regional and channel mix, partially
offset by higher product costs, including an approximately 100
basis point negative impact on inventory costs due to foreign
currency exchange rates.
- Inventory decreased 19% compared to the prior year
period, in line with expectations, as the Company continues to
proactively manage its inventory levels towards its previously
announced goal of a 25% reduction in inventory as a percentage of
sales.
Third Quarter Consolidated Results:
- Revenue increased 4% to $2.363 billion compared to the
prior year period (increased 1% on a constant currency basis).
- Tommy Hilfiger revenue increased 4% compared to the
prior year period (flat on a constant currency basis).
- Tommy Hilfiger International revenue increased 3%
(decreased 3% on a constant currency basis).
- Tommy Hilfiger North America revenue increased 6%.
- Calvin Klein revenue increased 6% compared to the prior
year period (increased 3% on a constant currency basis).
- Calvin Klein International revenue increased 10%
(increased 6% on a constant currency basis).
- Calvin Klein North America revenue decreased 1% driven
by a decrease in the wholesale business.
- Heritage Brands revenue decreased 11% compared to the
prior year period.
- Earnings (loss) before interest and taxes (“EBIT”) on a
GAAP basis was $230 million, inclusive of a $9 million positive
impact due to foreign currency translation, compared to $(214)
million in the prior year period. Included in the third quarter of
the prior year period were costs of $434 million, including a
noncash goodwill impairment charge of $417 million and other costs
described under the heading “Non-GAAP Exclusions” later in this
release. Included in the third quarter of 2023 were costs of $19
million 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 $249 million, inclusive
of a $9 million positive impact due to foreign currency
translation, compared to $220 million in the prior year period. The
increase was driven by the revenue growth and the gross margin
improvement discussed above. The Company continues to take a
disciplined approach to managing expenses, driving cost
efficiencies while making targeted investments to drive its
strategic initiatives.
- Earnings (loss) per share (“EPS”)
- GAAP basis: $2.66 compared to $(2.88) in the prior year
period.
- Non-GAAP basis: $2.90 compared to $2.60 in the prior
year period.
EPS on both a GAAP and a non-GAAP basis for
the third quarter of 2023 includes the positive impact of $0.13 per
share related to foreign currency translation. EPS on a GAAP basis
for these periods also included the amounts for the applicable
period described under the heading “Non-GAAP Exclusions” later in
this release, including the $417 million pre-tax noncash goodwill
impairment charge in the prior year period. EPS on a non-GAAP basis
for these periods excluded these amounts.
- Interest expense increased to $22 million from $19
million in the prior year period primarily due to higher interest
rates.
- Effective tax rate was 22.2% on a GAAP basis as compared
to 19.8% in the prior year period. The effective tax rate was 22.1%
on a non-GAAP basis as compared to 15.7% 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 0.9 million shares of its common stock for $68
million during the third quarter of 2023, bringing total share
repurchases for the first nine months of 2023 to 3.2 million shares
for $268 million.
Sale of the Heritage Brands Intimate Apparel Business:
The Company completed its previously announced sale of its Heritage
Brands intimate apparel business on November 27, 2023. The $160
million cash purchase price is subject to adjustment. There is a
potential earn out of up to $10 million based on calendar year 2024
net sales of a portion of the sold business.
2023 Outlook:
Full Year 2023 Guidance
- Revenue is projected to increase approximately 1% as
compared to 2022 (increase approximately 1% on a constant currency
basis), including a benefit of less than 1% from the 53rd week in
2023 and a negative impact of less than 1% related to the sale of
the Heritage Brands intimate apparel business.
- EPS
- GAAP basis: Approximately $9.75 compared to $3.03 in
2022.
- Non-GAAP basis: Approximately $10.45 compared to $8.97
in 2022.
The 2023 EPS projections on both a GAAP and a
non-GAAP basis include the estimated positive impact of
approximately $0.10 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 increase to
approximately $93 million compared to $83 million in 2022 primarily
due to higher interest rates.
- Effective tax rate is projected to be approximately
22%.
Fourth Quarter 2023 Guidance
- Revenue is projected to decrease 3% to 4% as compared to
the fourth quarter of 2022 (decrease 3% to 4% on a constant
currency basis). The benefit of the 53rd week in 2023 is mostly
offset by the revenue reduction related to the sale of the Heritage
Brands intimate apparel business.
- EPS
- GAAP basis: Approximately $3.48 compared to $2.18 in the
prior year period.
- Non-GAAP basis: Approximately $3.45 compared to $2.38 in
the prior year period.
The fourth quarter 2023 EPS projections
include the estimated positive impact of approximately $0.03 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 increase to
approximately $25 million compared to $22 million in the fourth
quarter of 2022 primarily due to higher interest rates.
- Effective tax rate is projected to be approximately
22%.
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:
- Estimated pre-tax net gain of approximately $10 million to be
recorded in the fourth quarter of 2023 in connection with the sale
of the Company’s Heritage Brands intimate apparel business, which
includes an estimated gain on the sale, less costs to sell, and
severance and other termination benefits associated with the
transaction.
- Estimated pre-tax restructuring costs of approximately $65
million incurred and expected to be incurred in 2023 consisting
principally of severance related to actions taken in the second and
third quarters of 2023 under the plans initially 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 approximately $7 million is expected to be
incurred in the fourth quarter.
- Pre-tax gain of $78 million recorded in the fourth quarter of
2022 related to the recognized actuarial gain on retirement
plans.
- Pre-tax noncash goodwill impairment charge of $417 million
recorded in the third quarter of 2022, which was non-operational
and driven by a significant increase in discount rates.
- Pre-tax restructuring costs of $20 million incurred in 2022,
consisting principally of severance related to initial actions
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 $17 million was incurred in the third quarter and $4
million was incurred in the fourth quarter.
- Pre-tax net costs of $43 million recorded in 2022 in connection
with the Company’s decision to exit from its Russia business,
primarily consisting of noncash asset impairments and a gain on
contract terminations, of which $50 million of charges were
recorded in the second quarter and an $8 million gain was recorded
in the fourth quarter.
- Pre-tax gain of $16 million recorded in the second quarter of
2022 in connection with the sale of the Company’s equity investment
in Karl Lagerfeld Holding B.V.
- 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 6 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, November 30, 2023
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, and the November 2023 sale
of the Heritage Brands women’s intimate apparel business to focus
on its Calvin Klein and Tommy Hilfiger businesses; (iii) the
ability to realize the intended benefits from the acquisition of
licensees or the reversion of licensed rights (such as the
announced plan to bring in-house most of the product categories
currently 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 seen 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’ value; (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; and
(xviii) 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
10/29/23
10/30/22
10/29/23
10/30/22
Net sales
$
2,225.8
$
2,144.7
$
6,382.1
$
6,182.4
Royalty revenue
108.0
105.4
272.8
273.7
Advertising and other revenue
29.1
30.7
72.9
79.4
Total revenue
$
2,362.9
$
2,280.8
$
6,727.8
$
6,535.5
Gross profit
$
1,339.4
$
1,274.2
$
3,862.0
$
3,732.4
Selling, general and administrative
expenses
1,123.8
1,085.0
3,326.3
3,194.8
Goodwill impairment
—
417.1
—
417.1
Non-service related pension and
postretirement income
0.5
3.4
1.4
10.2
Equity in net income of unconsolidated
affiliates
13.7
10.5
34.8
42.6
Earnings (loss) before interest and
taxes
229.8
(214.0
)
571.9
173.3
Interest expense, net
22.2
18.8
67.8
60.9
Pre-tax income (loss)
207.6
(232.8
)
504.1
112.4
Income tax expense (benefit)
46.0
(46.1
)
112.3
50.7
Net income (loss)
$
161.6
$
(186.7
)
$
391.8
$
61.7
Diluted net income (loss) per common share
(1)
$
2.66
$
(2.88
)
$
6.29
$
0.92
Quarter Ended
Nine Months Ended
10/29/23
10/30/22
10/29/23
10/30/22
Depreciation and amortization expense
$
75.2
$
73.1
$
223.0
$
225.3
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
(loss) 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 October 29, 2023 and October 30, 2022
on a non-GAAP basis by excluding (i) the restructuring costs
incurred in the second and third quarters of 2023 and the third
quarter of 2022 related to actions taken under the plans initially
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;
(ii) the costs incurred in the second quarter of 2022 in connection
with the Company’s decision to exit from its retail business in
Russia and the cessation of its wholesale operations in Russia and
Belarus (the “Russia business exit”), consisting of noncash asset
impairments, contract termination and other costs, and severance;
(iii) the gain recorded in the second quarter of 2022 in connection
with the sale of the Company’s equity investment in Karl Lagerfeld
Holding B.V. (the “Karl Lagerfeld transaction”); (iv) the noncash
goodwill impairment charge recorded in the third quarter of 2022,
which was non-operational and driven by a significant increase in
discount rates; 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 6 for the
reconciliations of the GAAP amounts to amounts on a non-GAAP
basis.
Quarter Ended
Nine Months Ended
10/29/23
10/30/22
10/29/23
10/30/22
Non-GAAP Measures
Selling, general and administrative
expenses (1)
$
1,105.0
$
1,068.3
$
3,268.5
$
3,127.6
Goodwill impairment (2)
—
—
Equity in net income of unconsolidated
affiliates (3)
26.5
Earnings before interest and taxes (4)
248.6
219.8
629.7
641.5
Income tax expense (5)
50.0
31.5
125.1
138.4
Net income (6)
176.4
169.5
436.8
442.2
Diluted net income per common share
(7)
$
2.90
$
2.60
$
7.01
$
6.60
(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 goodwill
impairment to goodwill impairment on a non-GAAP basis.
(3)
Please see Table 5 for the reconciliation of GAAP equity in net
income of unconsolidated affiliates to equity in net income of
unconsolidated affiliates on a non-GAAP basis.
(4)
Please see Table 2 for the reconciliations of GAAP earnings (loss)
before interest and taxes to earnings before interest and taxes on
a non-GAAP basis.
(5)
Please see Table 6 for the reconciliations of GAAP income tax
expense (benefit) 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 non-GAAP exclusions.
(6)
Please see Table 1 for the reconciliations of GAAP net income
(loss) to net income on a non-GAAP basis.
(7)
Please see Note A in Notes to Consolidated GAAP Statements of
Operations for the reconciliations of GAAP diluted net income
(loss) 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
(loss) to net income on a non-GAAP basis
Quarter Ended
Nine Months Ended
10/29/23
10/30/22
10/29/23
10/30/22
Net income (loss)
$
161.6
$
(186.7
)
$
391.8
$
61.7
Diluted net income (loss) per common share
(1)
$
2.66
$
(2.88
)
$
6.29
$
0.92
Pre-tax items excluded:
SG&A expenses associated with the
Russia business exit
50.5
SG&A expenses associated with the 2022
cost savings initiative
18.8
16.7
57.8
16.7
Goodwill impairment
417.1
417.1
Gain in connection with the Karl Lagerfeld
transaction (recorded in equity in net income of unconsolidated
affiliates)
(16.1
)
Tax effects of the pre-tax items above
(2)
(4.0
)
(77.6
)
(12.8
)
(87.7
)
Net income on a non-GAAP basis
$
176.4
$
169.5
$
436.8
$
442.2
Diluted net income per common share on a
non-GAAP basis (1)
$
2.90
$
2.60
$
7.01
$
6.60
(1)
Please see Note A in Notes to the Consolidated GAAP Statements of
Operations for the reconciliations of GAAP diluted net income
(loss) per common share to diluted net income per common share on a
non-GAAP basis.
(2)
Please see Table 6 for an explanation of the calculation of the tax
effects of the above items.
Table 2 -
Reconciliations of GAAP earnings (loss) before interest and taxes
to earnings before interest and taxes on a non-GAAP basis
Quarter Ended
Nine Months Ended
10/29/23
10/30/22
10/29/23
10/30/22
Earnings (loss) before interest and
taxes
$
229.8
$
(214.0
)
$
571.9
$
173.3
Items excluded:
SG&A expenses associated with the
Russia business exit
50.5
SG&A expenses associated with the 2022
cost savings initiative
18.8
16.7
57.8
16.7
Goodwill impairment
417.1
417.1
Gain in connection with the Karl Lagerfeld
transaction (recorded in equity in net income of unconsolidated
affiliates)
(16.1
)
Earnings before interest and taxes on a
non-GAAP basis
$
248.6
$
219.8
$
629.7
$
641.5
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
10/29/23
10/30/22
10/29/23
10/30/22
SG&A expenses
$
1,123.8
$
1,085.0
$
3,326.3
$
3,194.8
Items excluded:
Expenses associated with the Russia
business exit
(50.5
)
Expenses associated with the 2022 cost
savings initiative
(18.8
)
(16.7
)
(57.8
)
(16.7
)
SG&A expenses on a non-GAAP basis
$
1,105.0
$
1,068.3
$
3,268.5
$
3,127.6
Table 4 -
Reconciliations of GAAP goodwill impairment to goodwill impairment
on a non-GAAP basis
Quarter Ended
Nine Months Ended
10/30/22
10/30/22
Goodwill impairment
$
417.1
$
417.1
Item excluded:
Goodwill impairment
(417.1
)
(417.1
)
Goodwill impairment on a non-GAAP
basis
$
—
$
—
Table 5 -
Reconciliation of GAAP equity in net income of unconsolidated
affiliates to equity in net income of unconsolidated affiliates on
a non-GAAP basis
Nine Months Ended
10/30/22
Equity in net income of unconsolidated
affiliates
$
42.6
Item excluded:
Gain in connection with the Karl Lagerfeld
transaction
(16.1
)
Equity in net income of unconsolidated
affiliates on a non-GAAP basis
$
26.5
PVH CORP. Reconciliations of GAAP to Non-GAAP Amounts
(continued) (In millions, except per share data)
Table 6 -
Reconciliations of GAAP income tax expense (benefit) to income tax
expense on a non-GAAP basis
Quarter Ended
Nine Months Ended
10/29/23
10/30/22
10/29/23
10/30/22
Income tax expense (benefit)
$
46.0
$
(46.1
)
$
112.3
$
50.7
Item excluded:
Tax effects of pre-tax items identified as
non-GAAP exclusions (1)
4.0
77.6
12.8
87.7
Income tax expense on a non-GAAP basis
$
50.0
$
31.5
$
125.1
$
138.4
(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 evaluated
each pre-tax 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.
PVH CORP. Notes to Consolidated GAAP Statements of
Operations (In millions, except per share data)
A. The Company computed its diluted net income (loss) per common
share as follows:
Quarter Ended
Quarter Ended
10/29/23
10/30/22
GAAP
Non-GAAP
GAAP
Non-GAAP
Results
Adjustments (1)
Results
Results
Adjustments (2)
Results
Net income (loss)
$
161.6
$
(14.8
)
$
176.4
$
(186.7
)
$
(356.2
)
$
169.5
Weighted average common shares
60.3
60.3
64.8
64.8
Weighted average dilutive securities
0.5
0.5
—
0.3
0.3
Total shares
60.8
60.8
64.8
65.1
Diluted net income (loss) per common
share
$
2.66
$
2.90
$
(2.88
)
$
2.60
Nine Months Ended
Nine Months Ended
10/29/23
10/30/22
GAAP
Non-GAAP
GAAP
Non-GAAP
Results
Adjustments (1)
Results
Results
Adjustments (2)
Results
Net income
$
391.8
$
(45.0
)
$
436.8
$
61.7
$
(380.5
)
$
442.2
Weighted average common shares
61.7
61.7
66.5
66.5
Weighted average dilutive securities
0.6
0.6
0.5
0.5
Total shares
62.3
62.3
67.0
67.0
Diluted net income per common share
$
6.29
$
7.01
$
0.92
$
6.60
(1)
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.
(2)
Represents the impact on net (loss) income in the periods ended
October 30, 2022 from the elimination of (i) the costs related to
the Russia business exit; (ii) the gain recorded in connection with
the Karl Lagerfeld transaction; (iii) the noncash goodwill
impairment charge, which was driven by a significant increase in
discount rates; (iv) the restructuring costs related to the 2022
cost savings initiative; and (v) the tax effects associated with
the foregoing pre-tax items. Please see Table 1 for the
reconciliation of GAAP net (loss) income to net income on a
non-GAAP basis. Adjustments to weighted average dilutive securities
for the quarter ended October 30, 2022 represent the dilutive
impact of securities included in the non-GAAP diluted net income
per share calculations. The GAAP diluted net loss per share
calculation for the quarter ended October 30, 2022 excluded these
potentially dilutive securities because there was a GAAP net loss
for the period, and, as such, the inclusion of these securities
would have been anti-dilutive.
PVH CORP. Consolidated Balance Sheets (In
millions)
10/29/23
10/30/22
ASSETS
Current Assets:
Cash and Cash Equivalents
$
357.6
$
457.0
Receivables
1,062.6
1,002.3
Inventories
1,476.9
1,821.2
Other
310.5
374.2
Assets Held For Sale (1)
139.5
—
Total Current Assets
3,347.1
3,654.7
Property, Plant and Equipment
848.0
844.6
Operating Lease Right-of-Use Assets
1,234.6
1,177.1
Goodwill and Other Intangible Assets
5,362.6
5,358.4
Other Assets
374.8
371.1
TOTAL ASSETS
$
11,167.1
$
11,405.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts Payable and Accrued Expenses
$
1,842.8
$
2,240.8
Current Portion of Operating Lease
Liabilities
319.5
329.4
Short-Term Borrowings
18.0
98.0
Current Portion of Long-Term Debt
665.2
37.3
Other Liabilities
610.4
702.4
Long-Term Portion of Operating Lease
Liabilities
1,085.6
1,066.1
Long-Term Debt
1,571.3
2,109.1
Stockholders’ Equity
5,054.3
4,822.8
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
11,167.1
$
11,405.9
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
10/29/23
10/30/22
Tommy Hilfiger North
America
Net sales
$
326.9
$
307.2
Royalty revenue
25.6
24.3
Advertising and other revenue
6.7
6.7
Total
359.2
338.2
Tommy Hilfiger
International
Net sales
831.1
805.9
Royalty revenue
15.6
16.9
Advertising and other revenue
4.0
5.9
Total
850.7
828.7
Total Tommy
Hilfiger
Net sales
1,158.0
1,113.1
Royalty revenue
41.2
41.2
Advertising and other revenue
10.7
12.6
Total
1,209.9
1,166.9
Calvin Klein North
America
Net sales
310.0
314.7
Royalty revenue
51.0
49.8
Advertising and other revenue
14.5
15.8
Total
375.5
380.3
Calvin Klein
International
Net sales
627.4
570.0
Royalty revenue
15.5
14.1
Advertising and other revenue
3.8
2.1
Total
646.7
586.2
Total Calvin
Klein
Net sales
937.4
884.7
Royalty revenue
66.5
63.9
Advertising and other revenue
18.3
17.9
Total
1,022.2
966.5
Heritage Brands
Wholesale
Net sales
130.4
146.9
Royalty revenue
0.3
0.3
Advertising and other revenue
0.1
0.2
Total
130.8
147.4
Total
Revenue
Net sales
2,225.8
2,144.7
Royalty revenue
108.0
105.4
Advertising and other revenue
29.1
30.7
Total
$
2,362.9
$
2,280.8
PVH CORP. Segment Data (continued) (In
millions)
EARNINGS (LOSS)
BEFORE INTEREST AND TAXES BY SEGMENT
Quarter Ended
Quarter Ended
10/29/23
10/30/22
Results
Results
Under
Non-GAAP
Under
Non-GAAP
GAAP
Adjustments (1)
Results
GAAP
Adjustments (2)
Results
Tommy Hilfiger North America
$
39.5
$
(5.4
)
$
44.9
$
(169.9
)
$
(181.4
)
$
11.5
Tommy Hilfiger International
90.8
(3.6
)
94.4
121.7
(2.1
)
123.8
Total Tommy Hilfiger
130.3
(9.0
)
139.3
(48.2
)
(183.5
)
135.3
Calvin Klein North America
48.8
(2.6
)
51.4
(140.0
)
(166.6
)
26.6
Calvin Klein International
94.9
(1.7
)
96.6
12.1
(80.0
)
92.1
Total Calvin Klein
143.7
(4.3
)
148.0
(127.9
)
(246.6
)
118.7
Heritage Brands Wholesale
3.9
(3.2
)
7.1
7.3
(2.2
)
9.5
Corporate
(48.1
)
(2.3
)
(45.8
)
(45.2
)
(1.5
)
(43.7
)
Total earnings (loss) before interest
and taxes
$
229.8
$
(18.8
)
$
248.6
$
(214.0
)
$
(433.8
)
$
219.8
(1)
The adjustments for the quarter ended October 29, 2023 represent
the elimination of the restructuring costs related to the 2022 cost
savings initiative.
(2)
The adjustments for the quarter ended October 30, 2022 represent
the elimination of (i) the noncash goodwill impairment charge,
which was driven by a significant increase in discount rates; and
(ii) 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
10/29/23
10/30/22
Tommy Hilfiger North
America
Net sales
$
891.2
$
830.9
Royalty revenue
64.4
62.2
Advertising and other revenue
15.5
16.1
Total
971.1
909.2
Tommy Hilfiger
International
Net sales
2,444.1
2,345.7
Royalty revenue
45.2
46.3
Advertising and other revenue
13.0
15.1
Total
2,502.3
2,407.1
Total Tommy
Hilfiger
Net sales
3,335.3
3,176.6
Royalty revenue
109.6
108.5
Advertising and other revenue
28.5
31.2
Total
3,473.4
3,316.3
Calvin Klein North
America
Net sales
807.6
872.6
Royalty revenue
121.1
126.2
Advertising and other revenue
35.9
41.3
Total
964.6
1,040.1
Calvin Klein
International
Net sales
1,836.0
1,677.8
Royalty revenue
41.3
38.3
Advertising and other revenue
8.2
6.5
Total
1,885.5
1,722.6
Total Calvin
Klein
Net sales
2,643.6
2,550.4
Royalty revenue
162.4
164.5
Advertising and other revenue
44.1
47.8
Total
2,850.1
2,762.7
Heritage Brands
Wholesale
Net sales
403.2
455.4
Royalty revenue
0.8
0.7
Advertising and other revenue
0.3
0.4
Total
404.3
456.5
Total
Revenue
Net sales
6,382.1
6,182.4
Royalty revenue
272.8
273.7
Advertising and other revenue
72.9
79.4
Total
$
6,727.8
$
6,535.5
PVH CORP. Segment Data (continued) (In
millions)
EARNINGS BEFORE
INTEREST AND TAXES BY SEGMENT
Nine Months Ended
Nine Months Ended
10/29/23
10/30/22
Results
Results
Under
Non-GAAP
Under
Non-GAAP
GAAP
Adjustments (1)
Results
GAAP
Adjustments (2)
Results
Tommy Hilfiger North America
$
55.0
$
(11.8
)
$
66.8
$
(184.8
)
$
(181.4
)
$
(3.4
)
Tommy Hilfiger International
290.5
(15.9
)
306.4
349.6
(38.8
)
388.4
Total Tommy Hilfiger
345.5
(27.7
)
373.2
164.8
(220.2
)
385.0
Calvin Klein North America
71.4
(8.5
)
79.9
(106.4
)
(166.6
)
60.2
Calvin Klein International
275.5
(10.2
)
285.7
187.6
(93.8
)
281.4
Total Calvin Klein
346.9
(18.7
)
365.6
81.2
(260.4
)
341.6
Heritage Brands Wholesale
21.5
(7.8
)
29.3
37.5
(2.2
)
39.7
Corporate
(142.0
)
(3.6
)
(138.4
)
(110.2
)
14.6
(124.8
)
Total earnings before interest and
taxes
$
571.9
$
(57.8
)
$
629.7
$
173.3
$
(468.2
)
$
641.5
(1)
The adjustments for the nine months ended October 29, 2023
represent the elimination of the restructuring costs related to the
2022 cost savings initiative.
(2)
The adjustments for the nine months ended October 30, 2022
represent the elimination of (i) the costs related to the Russia
business exit; (ii) the gain recorded in connection with the Karl
Lagerfeld transaction; (iii) the noncash goodwill impairment
charge, which was driven by a significant increase in discount
rates; and (iv) 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
10/29/23
10/30/22
Tommy Hilfiger International
$
850.7
$
828.7
2.7
%
5.3
%
(2.6
)%
Total Tommy Hilfiger
1,209.9
1,166.9
3.7
%
3.6
%
0.1
%
Calvin Klein International
646.7
586.2
10.3
%
4.2
%
6.1
%
Total Calvin Klein
1,022.2
966.5
5.8
%
2.5
%
3.3
%
Total Revenue
$
2,362.9
$
2,280.8
3.6
%
2.9
%
0.7
%
Total Direct-to-Consumer
$
924.2
$
857.6
7.8
%
2.2
%
5.6
%
Wholesale
$
1,301.6
$
1,287.1
1.1
%
3.7
%
(2.6
)%
Total Digital
$
487.6
$
432.7
12.7
%
5.2
%
7.5
%
PVH CORP. Full Year and Quarterly Reconciliations of
GAAP to Non-GAAP Amounts
The Company is presenting its 2023 estimated results on a
non-GAAP basis by excluding (i) the restructuring costs incurred
and expected to be incurred related to the 2022 cost savings
initiative, consisting principally of severance, (ii) the estimated
pre-tax net gain to be recorded in connection with the sale of the
Company’s Heritage Brands intimate apparel business that closed on
November 27, 2023, which includes an estimated gain on the sale,
less costs to sell, and severance and other termination benefits
associated with the transaction and (iii) 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 2023 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 pretax 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.
2023 Net Income
Per Common Share Reconciliations
Current Guidance
Previous Guidance
Full Year
2023
(Estimated)
Fourth Quarter
2023
(Estimated)
Full Year
2023
(Estimated)
Third Quarter
2023
(Estimated)
GAAP net income per common share
Approximately $9.75
Approximately $3.48
Approximately $9.60
Approximately $2.43
Estimated per common share impact of items
identified as non-GAAP exclusions
$(0.70)
$0.03
$(0.75)
$(0.27)
Net income per common share on a Non-GAAP
basis
Approximately $10.45
Approximately $3.45
Approximately $10.35
Approximately $2.70
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, restructuring, divestment or similar transactions or
activities, (ii) the timing and strategy of restructuring and
integration initiatives or other one-time events, such as the 2022
cost savings initiative, 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, (iv)
changes in the expected impacts of inflationary pressures, as well
as unexpected additional impacts of the war in Ukraine and its
broader macroeconomic implications, or (v) 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)
Reconciliations
of GAAP Diluted Net Income Per Common Share to Diluted Net Income
Per Common Share on a Non-GAAP Basis
Full Year 2022
Fourth Quarter 2022
(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
$
200.4
$
(393.2
)
$
593.6
$
138.7
$
(12.7
)
$
151.4
Total weighted average shares
66.2
66.2
63.7
63.7
Diluted net income per common share
$
3.03
$
8.97
$
2.18
$
2.38
(1)
Represents the impact on net income in the year ended January 29,
2023 from the elimination of (i) a $78.4 million recognized
actuarial gain on retirement plans in the fourth quarter of 2022,
(ii) $43.0 million of net costs incurred in connection with the
Russia business exit, consisting of noncash asset impairments,
contract termination and other costs, and severance recorded in the
second quarter of 2022, partially offset by a gain on contract
terminations recorded in the fourth quarter of 2022; (iii) a $16.1
million gain recorded in the second quarter of 2022 in connection
with the Karl Lagerfeld transaction; (iv) a $417.1 million noncash
goodwill impairment charge recorded in the third quarter of 2022,
which was non-operational and driven by a significant increase in
discount rates; (v) $20.2 million of restructuring costs incurred
in the third and fourth quarters of 2022 related to the 2022 cost
savings initiative; and (vi) a $7.4 million net tax expense
associated with the foregoing pre-tax items.
(2)
Represents the impact on net income in the quarter ended January
29, 2023 from the from the elimination (i) a $78.4 million
recognized actuarial gain on retirement plans, (ii) a $7.5 million
gain on contract terminations related to the Russia business exit;
(iii) $3.5 million of restructuring costs related to the 2022 cost
savings initiative; and (iv) a $95.1 million tax expense associated
with the foregoing pre-tax items.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231129831304/en/
Investor Contact: Sheryl Freeman
investorrelations@pvh.com Media Contact:
communications@pvh.com
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