PVH Corp. (PVH) Tops Q3 EPS by $1.08, Revenues Beat

PVH Corp. (NYSE: PVH) reported Q3 EPS of $1.32, $1.08 better than the analyst estimate of $0.24. Revenue for the quarter came in at $2.12 billion versus the consensus estimate of $2 billion.

• Third quarter revenue and earnings exceeded the Company’s expectations, driven by strong performance in Europe and China
  • Revenue decreased 18% to $2.118 billion (decreased 21% on a constant currency basis) compared to the prior year period, a sequential improvement compared to the percentage revenue decreases in the prior two quarters
  • The Company’s revenue through digital channels grew 36%, with sales through its directly operated digital commerce businesses up 70% compared to the prior year period
  • EPS was $0.98 on a GAAP basis and $1.32 on a non-GAAP basis

CEO Comments:

Commenting on these results, Emanuel Chirico, Chairman and Chief Executive Officer, noted, “Our third quarter results exceeded our expectations across all markets and channels, with a very strong recovery in Europe and China, considering the ongoing COVID-19 pandemic. It is clear where we are winning with the consumer – in our international businesses, across our digital channels, and with casual assortments – and we increasingly are shifting our business towards these channels and categories.”

Mr. Chirico continued, “We have outperformed our Holiday season expectations in the fourth quarter to date, including Singles’ Day in Asia and our Black Friday promotions in North America and Europe, with particular strength across the digital channels. Although we are dealing with virus resurgences, including temporary store closures in parts of Europe, as well as brick and mortar traffic declines in North America, we are pivoting our businesses to capture where and how the consumer is shopping during this critically important Holiday period. We believe that the accelerated investments we are making – from advancing our digital and omni-channel agendas and introducing new ways to engage our consumers – will benefit our businesses now and over the long-term.”

Stefan Larsson, President, added, “In a moment where we are experiencing unprecedented changes taking shape across the retail industry, our teams have continued to successfully navigate the pandemic and drive towards an accelerated recovery. Our focus remains to follow where the consumer is going, by supercharging our e-commerce, improving our product offering, and driving cost efficiencies across the Company. As we lean into these priorities, we are also positioning PVH to drive sustainable profitable growth in the new normal coming out of the pandemic and beyond.”

For earnings history and earnings-related data on PVH Corp. (PVH) click here.

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