PVH Corp. reported revenue of $2.26 billion in the third quarter, down 5 percent year-over-year and slightly beating prior estimates of a 6 to 7 percent decrease. The company’s flagship brands Tommy Hilfiger and Calvin Klein — both in the midst of turnarounds — saw revenue down for the quarter.
Net income fell 18.4 percent to $131.9 million, from $161.6 million in 2023. Revenue in the company’s international business was flat year-over-year, as growth in Asia — where the company has struggled of late — was offset by strategic reduction of sales in Europe, according to a statement by the company.
PVH maintained its full year guidance of sales down 6 to 7 percent, and cut its profit per share forecast for the year. Shares fell nearly 7 percent in the after-hours trading on Wednesday.
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PVH Corp. Reports 6 Percent Sales Drop, Driven By Weak International Segment
The owner of Tommy Hilfiger and Calvin Klein saw a modest increase in North America sales for its two major brands.
