CALVIN KLEIN, TOMMY HILFIGER CONTINUE TO DRIVE PVH’S GROWTH IN FIRST QUARTER

First quarter revenue increased 16 percent for New York-based PVH Corp. compared to the prior year period and exceeded guidance across all businesses. Chairman and CEO Emanuel Chirico attributed this increase to “the power of the company’s diversified business model and the continued momentum in its global designer lifestyle brands, Calvin Klein and Tommy Hilfiger.”

Revenue in the Calvin Klein business for the quarter increased 18 percent to $890 million compared to the prior year period. Calvin Klein International revenue increased 25 percent to $475 million compared to the prior year period, driven by continued outstanding performance in Europe and Asia, including a 9 percent increase in comparable store sales. Calvin Klein North America revenue increased 10 percent to $415 million compared to the prior year period as a result of strong wholesale performance across all categories and a 5 percent increase in comparable store sales.

Revenue in the Tommy Hilfiger business for the quarter increased 21 percent to $1.0 billion compared to the prior year period. Tommy Hilfiger International revenue increased 25 percent to $655 million compared to the prior year period, driven by continued strong performance across all regions and channels, including a 9 percent increase in comparable store sales. Tommy Hilfiger North America revenue increased 13 percent to $361 million compared to the prior year period, principally attributable to a 9 percent increase in comparable store sales and strong performance in the wholesale business.

Revenue in the Heritage Brands business for the quarter increased 5 percent to $409 million compared to the prior year period, principally due to a shift in the timing of shipments into the first quarter from the second quarter as compared to the prior year periods. Comparable store sales increased 1 percent.

“We are applying our consumer-centric mindset by growing our presence where our consumers prefer to shop, creating exciting brand experiences across our distribution channels and capitalizing on creative new ways to connect with the next generation of consumers,” said Chirico. “We are also driving our long-term vision by making investments to ensure that we adapt to the evolving consumer landscape, without compromising on our commitment to sustainable development throughout the business.”

Chirico concluded, “We are pleased to increase our earnings guidance for the year, despite the continuing volatility in the macroeconomic and geopolitical environments, which is resulting in a significantly lower foreign currency benefit than previously planned for the year. As I think about the strength of our teams, our brands and our platforms, I believe that PVH is in a powerful position to deliver a sustainable trajectory of long-term growth and stockholder value creation. Our strategic priorities will continue to serve as our guidelines for growth and I believe that we will execute on the significant opportunities that PVH has ahead of it.”