PVH Corp. reported a 6 percent dip in revenue, year-over-year, in its quarter ending Aug. 4, to $2.1 billion — in line with Wall Street estimates.
Its two marquee brands, Tommy Hilfiger and Calvin Klein, reported sales declines, “primarily due to the challenging consumer environment in Asia Pacific, particularly in China and Australia,” the company said Tuesday afternoon.
In North America, however, both brands saw a 1 percent uplift. PVH reaffirmed its previous guidance of a 6 percent to 7 percent drop in 2024 revenue. Inventory decreased 12 percent compared to the year prior.”
For both Calvin Klein and Tommy Hilfiger, we drove strong consumer engagement and continued to increase product strength and improve newness in our assortment, leading to more full-priced selling and less end-of-season clearance sales, which fuelled significant gross margin expansion,” PVH chief executive Stefan Larsson said in a statement.
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