First quarter revenue increased 2% to $2.123 billion compared to the prior year period (increased 7% on a constant currency basis) and exceeded guidance
First quarter EPS of $1.94 exceeded guidance of $1.55 to $1.60
2022 full year outlook
Revenue: Projected to increase 1% to 2% compared to an increase of 2% to 3% previously. Reaffirms projected increase on a constant currency basis of 6% to 7%
Operating margin: Reaffirms outlook of approximately 10%
EPS: Approximately $9.20 on a GAAP basis and reaffirms outlook of approximately $9.00 on a non-GAAP basis. Outlook includes an increased negative impact of approximately $0.85 per share related to foreign currency translation, compared to approximately $0.70 previously
Planned stock repurchases in 2022 to increase to approximately $400 million from approximately $225 million, following the recently approved $1.0 billion increase to the stock repurchase authorization
NEW YORK–(BUSINESS WIRE)–Jun. 1, 2022– PVH Corp. [NYSE: PVH] reported its 2022 first quarter results.
Stefan Larsson, Chief Executive Officer, commented “We are pleased with our first quarter performance in which we delivered strong underlying top-line growth and beat our guidance. This performance is just the beginning of our multi-year journey to execute the PVH+ Plan – our strategic growth plan that we unveiled at our recent Investor Day. The plan is centered around winning with the consumer through our brand-focused, direct-to-consumer and digitally-led approach across each of our regions to unlock the full potential of our two global iconic brands, Calvin Klein and TOMMY HILFIGER”.
Mr. Larsson added, “Looking ahead, we are encouraged by the sustained momentum of our overall underlying trends, and remain confident in our full year outlook. While we are mindful of and continue to navigate through the global macroeconomic headwinds, we are proactively managing our business to deliver on our commitments, drive growth and create long-term value.”
Zac Coughlin, Chief Financial Officer, said, “For the first quarter, we delivered both revenue and EPS above our guidance. Through the PVH+ Plan, we are leaning into and flexing our business to accelerate growth and realize efficiencies – balanced across our regions and brands – to drive strong profitability, significant cash flow and attractive returns for our shareholders.”