PVH Corp. 2024 Third Quarter Revenue and Earnings Above Guidance
PVH Corp., a major player in the fashion industry, recently released its 2024 third-quarter financial results, and the numbers are looking good! Despite a 5% decrease in revenue compared to the same period last year, they actually beat their initial guidance. On a constant currency basis, the decrease was 6%, still outperforming expectations of a 6-7% drop.
Earnings per share (EPS) also exceeded expectations, coming in at $2.34 on a GAAP basis, higher than the estimated $2.30, and $3.03 on a non-GAAP basis, surpassing the $2.50 mark.
Looking ahead to the full year, PVH Corp. is sticking to their guns with a projected revenue decrease of 6-7%. On the operating margin front, they’ve adjusted their expectations slightly, with a GAAP basis of approximately 9.2% compared to the previous estimate of 9.8%. On a non-GAAP basis, they’re aiming for a flat margin compared to 10.1% in 2023.
In terms of EPS for the full year, PVH Corp. has revised their projections. On a GAAP basis, they’re now looking at a range of $10.55 to $10.70, down from $11.20 to $11.45. On a non-GAAP basis, the estimate is now $11.55 to $11.70, compared to the previous range of $11.55 to $11.80. This update includes a negative impact of roughly $0.15 per share related to foreign currency translation, up from the previous estimate of $0.05.
PVH Corp.’s CEO, Stefan Larsson, expressed satisfaction with the results, attributing the positive performance to their strategic plan. He highlighted increased consumer engagement and improved product sell-throughs as key drivers of success. The company is focused on sustainable growth, aiming to strengthen their iconic brands further and deliver value to shareholders.
The CFO, Zac Coughlin, emphasized the company’s prudent financial management and commitment to long-term profitability. By unlocking the full potential of their brands, improving sales quality, and driving cost efficiencies, PVH Corp. is on track to deliver value and attractive returns.
In conclusion, PVH Corp.’s third-quarter results are a testament to their resilience and strategic focus. Despite challenges in the market, the company remains committed to driving growth and delivering value to stakeholders.
