The US clothing group PVH Corporation was able to achieve slight growth in sales and earnings in the first quarter of the 2023/24 financial year, thereby exceeding its own forecasts. The company also confirmed its goals for the year as a whole on Wednesday evening.
In the February-April period, consolidated sales reached $2.16 billion (€2.02 billion), up 1.7 percent from the same quarter last year. Adjusted for exchange rate changes, revenues grew by 4.5 percent.
The Tommy Hilfiger label was exceptionally successful with a sales increase of 5.0 percent (currency-adjusted +8.0 percent) to 1.12 billion US dollars. Calvin Klein brand sales were up 0.2 percent (+3.2 percent at constant currency) to $887.7 million. The Heritage Brands segment saw sales fall 11.9 percent to $145.9 million.
Despite a lower gross margin, the group was also able to increase its net profit because the tax burden was lower than in the same period last year. Reported quarterly net income grew 2.2 percent to $136.0 million (EUR 127.3 million).
In view of the results in the first three months, management stuck to its full-year guidance for 2023/24. It therefore continues to expect sales growth of three to four percent (currency-adjusted +2 to +3 percent) compared to the previous year. Earnings per share, which were $3.03 last year, are targeted to increase to around $10.00.