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    US clothing brand PVH recorded revenue of $ 2.3 billion in the third quarter of 2021

    PVH Corp’s revenue increased 10% to $ 2.3 billion in the third quarter of 2021 compared to the corresponding quarter of the previous fiscal year. From an unplanned shift in the timing of US wholesale shipments from Q3 to Q4.

    Gross profit margin for the quarter also increased by more than 300 basis points compared to pre-pandemic levels in the third quarter of 2019, driving the expansion of operating margin.

    Overall gross margin for the third quarter was 57.7%, compared to 52% in the year-ago quarter. This is mainly due to more list-priced sales and favorable changes in the regional sales mix.

    PVH Corp’s revenue increased 10% to $ 2.3 billion in the third quarter of 2021 compared to the corresponding quarter of the previous fiscal year. From an unplanned shift in the timing of US wholesale shipments from Q3 to Q4.

    Tommy Hilfiger, one of PVH’s brands, recorded a 12% increase compared to the same period in the previous fiscal year, an 11% growth in the international segment and a 13% growth in the North American segment. bottom.

    Similarly, Calvin Klein’s business increased 22% compared to the third quarter of 2020. This included Calvin Klein International’s revenue growth of 19% and Calvin Klein North America’s revenue growth of 27%.

    Total consumer direct revenues in the third quarter were flat compared to the same period last year, including a 5% decline due to the termination of the Heritage Brands Retail business. Digital commerce increased by 21% compared to the same period last year, in addition to the very strong growth in 2020.

    The company’s revenue in 2021 is projected to increase by 27% to 28% compared to 2020 (up 25% to 26% on a constant currency basis).

    “Our third-quarter revenues significantly exceeded our guidance, especially in our international operations, and we achieved higher-than-expected marginal performance across the brand. This is a global iconic brand. It reflects the strengths of one Calvin Klein and Tommy Hilfiger and the pricing power that can be achieved through products, consumer engagement and a strong consumer experience in a digitally driven market. COVID-related challenges remain, but wholesale shipments remain. We achieved double-digit earnings growth that would have been stronger and better than guidance if it hadn’t had a more than expected impact of US port delays that pushed us up in the fourth quarter. ” Stefan Larsson, CEO of the company, Comment in a press release.

    In the third quarter of 2021, the company repurchased approximately 1.4 million shares of common stock for $ 149 million under a $ 2 billion share repurchase program approved by the Board of Directors by June 3, 2023. ..

    Fiber2Fashion News Desk (KD)

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    US clothing brand PVH recorded revenue of $ 2.3 billion in the third quarter of 2021

    Source link US clothing brand PVH recorded revenue of $ 2.3 billion in the third quarter of 2021

    The post US clothing brand PVH recorded revenue of $ 2.3 billion in the third quarter of 2021 appeared first on Eminetra.

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