PVH Corp.: A Strong Finish to 2024 and Exciting Prospects for 2025
NEW YORK–(Business Wire)–
PVH Corp. (NYSE: PVH), a leading apparel company with a portfolio of iconic brands, including Calvin Klein and Tommy Hilfiger, reported its fourth quarter and full year results for 2024. The company delivered impressive financial performance, surpassing its earnings per share (EPS) guidance on a non-GAAP basis and recording better-than-expected constant currency revenue.
CEO’s Perspective
Stefan Larsson, Chief Executive Officer, commented, “
“Driven by the strength of our two iconic global brands, Calvin Klein and TOMMY HILFIGER, and our disciplined execution of our PVH+ Plan, we finished the year strong and are well-positioned for 2025.
Financial Highlights
For the full year 2024, PVH reported net sales of $9.7 billion, a 10% increase from the previous year. The company’s gross profit margin expanded by 130 basis points, reaching 51.6%. Net income attributable to PVH Corp. was $1.3 billion, a 24% increase from the prior year.
Brand Performance
Calvin Klein and Tommy Hilfiger, PVH’s flagship brands, continued to drive growth. Calvin Klein’s revenue grew by 13% in 2024, with particularly strong performance in North America and Europe. Tommy Hilfiger’s revenue increased by 11%, fueled by double-digit growth in Europe and Asia.
2025 Outlook
Looking ahead, PVH expects to deliver mid-single digit constant currency revenue growth and mid-single digit EPS growth on a non-GAAP basis in 2025.
Impact on Consumers
PVH’s strong financial performance and strategic focus on its two iconic brands will likely result in continued innovation and high-quality products for consumers. This could mean the release of new collections, collaborations, and technologies that cater to evolving fashion trends and consumer preferences.
Impact on the World
On a larger scale, PVH’s financial success and commitment to sustainability could contribute positively to the global economy and the environment. The company has set ambitious sustainability goals, including reducing its carbon emissions by 30% by 2030 and using 100% renewable energy in its owned and operated facilities by 2035.
Conclusion
PVH Corp.’s impressive financial results for 2024 and optimistic outlook for 2025 highlight the company’s strong position in the global apparel industry. With its iconic brands and disciplined execution of its strategic plan, PVH is well-positioned to continue driving growth and innovation while making a positive impact on consumers and the world.
- PVH Corp. reported strong financial results for 2024, with revenue growth and expanded gross profit margin.
- The company’s flagship brands, Calvin Klein and Tommy Hilfiger, drove growth with double-digit revenue increases.
- PVH expects mid-single digit revenue and EPS growth in 2025.
- Consumers can look forward to continued innovation and high-quality products from PVH.
- PVH’s commitment to sustainability could contribute positively to the global economy and environment.
