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Form 10-Q PVH CORP. /DE/ For: Jul 31

September 8, 2022 11:39 AM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJuly 31, 2022

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period fromto

Commission File Number 001-07572
PVH CORP.
(Exact name of registrant as specified in its charter)
Delaware13-1166910
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
285 Madison Avenue,New York,New York10017
(Address of principal executive offices)(Zip Code)
    
(212) 381-3500
__________________________________________________________________________________________________________________________________________________________________________
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.00 par valuePVHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer  
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

The number of outstanding shares of common stock of the registrant as of August 30, 2022 was 65,221,219.



PVH CORP.
INDEX
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements in this Quarterly Report on Form 10-Q, including, without limitation, statements relating to our future revenue, earnings and cash flows, plans, strategies, objectives, expectations and intentions are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, (i) our plans, strategies, objectives, expectations and intentions are subject to change at any time at our discretion; (ii) our ability to realize anticipated benefits and savings from divestitures, restructurings and similar plans, such as the planned cost efficiency action discussed in this Quarterly Report on Form 10-Q, and our 2021 sale of certain intellectual property and other assets of, and exiting from, our Heritage Brands business to focus on our Calvin Klein and Tommy Hilfiger businesses; (iii) we have significant levels of outstanding debt and borrowing capacity and we use a significant portion of our cash flows to service our indebtedness, as a result of which we might not have sufficient funds to operate our businesses in the manner we intend or have operated in the past; (iv) the levels of sales of our apparel, footwear and related products, both to our wholesale customers and in our retail stores and our directly operated digital commerce sites, the levels of sales of our licensees at wholesale and retail, and the extent of discounts and promotional pricing in which we and our licensees and other business partners are required to engage, all of which can be affected by weather conditions, changes in the economy (including inflationary pressures like those currently being seen globally), fuel prices, reductions in travel, fashion trends, consolidations, repositionings and bankruptcies in the retail industries, consumer sentiment and other factors; (v) our ability to manage our growth and inventory; (vi) quota restrictions, the imposition of safeguard controls and the imposition of new or increased duties or tariffs on goods from the countries where we or our licensees produce goods under our trademarks, any of which, among other things, could limit the ability to produce products in cost-effective countries, or in countries that have the labor and technical expertise needed, or require us to absorb costs or try to pass costs onto consumers, which could materially impact our revenue and profitability; (vii) the availability and cost of raw materials; (viii) our ability to adjust timely to changes in trade regulations and the migration and development of manufacturers (which can affect where our products can best be produced); (ix) the regulation or prohibition of the transaction of business with specific individuals or entities and their affiliates or goods manufactured in (or containing raw materials or components from) certain regions, such as the listing of a person or entity as a Specially Designated National or Blocked Person by the U.S. Department of the Treasury’s Office of Foreign Assets Control and the issuance of Withhold Release Orders by the U.S. Customs and Border Patrol; (x) changes in available factory and shipping capacity, wage and shipping cost escalation, and store closures in any of the countries where our licensees’ or wholesale customers’ or other business partners’ stores or our stores are located or products are sold or produced or are planned to be sold or produced, as a result of civil conflict, war or terrorist acts, the threat of any of the foregoing, or political or labor instability, such as the current war in Ukraine that has led to our decision to exit from our Russia business, including the closure of our retail stores in Russia and the cessation of our wholesale operations in Russia and Belarus, and the temporary cessation of business by many of our business partners in Ukraine; (xi) disease epidemics and health-related concerns, such as the ongoing COVID-19 pandemic, which could result in (and, in the case of the COVID-19 pandemic, has resulted in some of the following) supply-chain disruptions due to closed factories, reduced workforces and production capacity, shipping delays, container and trucker shortages, port congestion and other logistics problems, closed stores, and reduced consumer traffic and purchasing, or governments implement mandatory business closures, travel restrictions or the like, and market or other changes that could result (or, with respect to the COVID-19 pandemic, could continue to result) in shortages of inventory available to be delivered to our stores and customers, order cancellations and lost sales, as well as in noncash impairments of our goodwill and other intangible assets, operating lease right-of-use assets, and property, plant and equipment; (xii) actions taken towards sustainability and social and environmental responsibility as part of our sustainability and social and environmental strategy, may not be achieved or may be perceived to be falsely claimed, which could diminish consumer trust in our brands, as well as our brands’ value; (xiii) the failure of our licensees to market successfully licensed products or to preserve the value of our brands, or their misuse of our brands; (xiv) significant fluctuations of the U.S. dollar against foreign currencies in which we transact significant levels of business; (xv) our retirement plan expenses recorded throughout the year are calculated using actuarial valuations that incorporate assumptions and estimates about financial market, economic and demographic conditions, and differences between estimated and actual results give rise to gains and losses, which can be significant, that are recorded immediately in earnings, generally in the fourth quarter of the year; (xvi) the impact of new and revised tax legislation and regulations; and (xvii) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

We do not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenue, earnings or cash flows, whether as a result of the receipt of new information, future events or otherwise.




PART I -- FINANCIAL INFORMATION
Item 1 - Financial Statements














PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

PVH Corp.
Consolidated Statements of Operations
Unaudited
(In millions, except per share data)
Thirteen Weeks Ended Twenty-Six Weeks Ended
July 31,August 1,July 31,August 1,
2022202120222021
Net sales    $2,031.1 $2,221.5 $4,037.7 $4,202.0 
Royalty revenue    78.3 72.9 168.3 150.6 
Advertising and other revenue    22.6 18.8 48.7 39.9 
Total revenue    2,132.0 2,313.2 4,254.7 4,392.5 
Cost of goods sold (exclusive of depreciation and amortization)912.5 979.6 1,796.5 1,829.8 
Gross profit    1,219.5 1,333.6 2,458.2 2,562.7 
Selling, general and administrative expenses    1,070.4 1,062.0 2,109.8 2,101.4 
Non-service related pension and postretirement income(3.2)(3.3)(6.8)(7.3)
Equity in net income of unconsolidated affiliates24.7 4.1 32.1 7.8 
Income before interest and taxes 177.0 279.0 387.3 476.4 
Interest expense    21.8 27.3 44.8 57.8 
Interest income    1.5 1.0 2.7 2.1 
Income before taxes 156.7 252.7 345.2 420.7 
Income tax expense41.4 70.9 96.8 139.2 
Net income 115.3 181.8 248.4 281.5 
Less: Net loss attributable to redeemable non-controlling interest (0.1) (0.3)
Net income attributable to PVH Corp.$115.3 $181.9 $248.4 $281.8 
Basic net income per common share attributable to PVH Corp.$1.73 $2.55 $3.69 $3.95 
Diluted net income per common share attributable to PVH Corp.
$1.72 $2.51 $3.66 $3.89 

See accompanying notes.
1


PVH Corp.
Consolidated Statements of Comprehensive Income
Unaudited
(In millions)

Thirteen Weeks Ended Twenty-Six Weeks Ended
July 31,August 1,July 31,August 1,
2022202120222021
Net income $115.3 $181.8 $248.4 $281.5 
Other comprehensive (loss) income:
Foreign currency translation adjustments(92.0)(58.9)(223.8)(65.4)
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $1.8, $6.2, $10.8, and $7.4
5.5 43.3 31.3 51.6 
Net gain on net investment hedges, net of tax expense of $9.6, $5.2, $26.2, and $6.7
28.6 16.1 78.8 20.6 
Total other comprehensive (loss) income(57.9)0.5 (113.7)6.8 
Comprehensive income 57.4 182.3 134.7 288.3 
Less: Comprehensive loss attributable to redeemable non-controlling interest (0.1) (0.3)
Comprehensive income attributable to PVH Corp.$57.4 $182.4 $134.7 $288.6 

See accompanying notes.

2



PVH Corp.
Consolidated Balance Sheets
(In millions, except share and per share data)
July 31,January 30,August 1,
202220222021
UNAUDITEDAUDITEDUNAUDITED
ASSETS
Current Assets:
Cash and cash equivalents    $699.3 $1,242.5 $1,152.6 
Trade receivables, net of allowances for credit losses of $49.1, $61.9 and $65.8
804.6 745.2 824.1 
Other receivables    32.9 20.1 23.1 
Inventories, net    1,689.9 1,348.5 1,421.3 
Prepaid expenses    207.4 169.0 156.6 
Other150.3 128.4 77.2 
 Assets held for sale  99.4 
Total Current Assets3,584.4 3,653.7 3,754.3 
Property, Plant and Equipment, net 842.0 906.1 889.4 
Operating Lease Right-of-Use Assets1,230.3 1,349.0 1,476.3 
Goodwill    2,694.5 2,828.9 2,920.2 
Tradenames    2,647.7 2,722.9 2,783.1 
Other Intangibles, net555.3 584.1 620.5 
Other Assets, including deferred taxes of $42.0, $46.1 and $52.4
368.1 352.1 353.5 
Total Assets$11,922.3 $12,396.8 $12,797.3 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable    $1,359.0 $1,220.8 $1,069.5 
Accrued expenses844.9 1,100.8 948.6 
Deferred revenue    54.0 44.9 54.9 
Current portion of operating lease liabilities348.2 375.4 407.9 
Short-term borrowings    12.2 10.8 19.2 
Current portion of long-term debt    38.2 34.8 29.7 
Liabilities related to assets held for sale  1.6 
Total Current Liabilities    2,656.5 2,787.5 2,531.4 
Long-Term Portion of Operating Lease Liabilities1,114.2 1,214.4 1,338.9 
Long-Term Debt2,155.5 2,317.6 2,782.5 
Other Liabilities, including deferred taxes of $378.2, $373.9 and $477.5
789.7 788.5 1,111.7 
Stockholders’ Equity:
Preferred stock, par value $100 per share; 150,000 total shares authorized    
   
Common stock, par value $1 per share; 240,000,000 shares authorized; 87,509,778; 87,107,155 and 86,689,204 shares issued
87.5 87.1 86.7 
Additional paid-in capital - common stock    3,220.9 3,198.4 3,155.1 
Retained earnings    4,806.0 4,562.8 3,895.0 
Accumulated other comprehensive loss(726.4)(612.7)(512.3)
Less: 21,906,203; 18,572,482 and 15,248,996 shares of common stock held in treasury, at cost
(2,181.6)(1,946.8)(1,591.7)
Total Stockholders’ Equity    5,206.4 5,288.8 5,032.8 
Total Liabilities and Stockholders’ Equity$11,922.3 $12,396.8 $12,797.3 


See accompanying notes.
3



PVH Corp.
Consolidated Statements of Cash Flows
Unaudited
(In millions)
 Twenty-Six Weeks Ended
July 31,August 1,
20222021
OPERATING ACTIVITIES
Net income$248.4 $281.5 
Adjustments to reconcile to net cash (used) provided by operating activities:
Depreciation and amortization    152.2 155.9 
Equity in net income of unconsolidated affiliates(32.1)(7.8)
Deferred taxes    (13.5)55.9 
Stock-based compensation expense    22.8 24.5 
Impairment of other long-lived assets43.6 35.1 
Changes in operating assets and liabilities:
Trade receivables, net    (99.2)(190.9)
Other receivables(13.3)2.1 
Inventories, net    (415.9)(56.0)
Accounts payable, accrued expenses and deferred revenue    8.8 3.7 
Prepaid expenses    (46.0)0.3 
Other, net    (18.9)27.9 
Net cash (used) provided by operating activities(163.1)332.2 
INVESTING ACTIVITIES
Purchases of property, plant and equipment    (108.7)(110.2)
Proceeds from sale of Karl Lagerfeld investment19.1  
Purchases of investments held in rabbi trust(5.7) 
Proceeds from investments held in rabbi trust0.6  
Net cash used by investing activities(94.7)(110.2)
FINANCING ACTIVITIES
Net proceeds from short-term borrowings3.0 18.7 
Repayment of 2019 facilities(13.4)(707.4)
Net proceeds from settlement of awards under stock plans0.1 5.3 
Cash dividends    (5.2) 
Acquisition of treasury shares    (237.7)(12.2)
Payments of finance lease liabilities(2.2)(2.8)
Payment of mandatorily redeemable non-controlling interest liability attributable to initial fair value
 (15.2)
Net cash used by financing activities(255.4)(713.6)
Effect of exchange rate changes on cash and cash equivalents    (30.0)(7.2)
Decrease in cash and cash equivalents(543.2)(498.8)
Cash and cash equivalents at beginning of period    1,242.5 1,651.4 
Cash and cash equivalents at end of period    $699.3 $1,152.6 
See Note 18 for information on Supplemental Cash Flow Information.

See accompanying notes.
4



PVH Corp.
Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Non-Controlling Interest
Unaudited
(In millions, except share and per share data)

Twenty-Six Weeks Ended August 1, 2021
Stockholders’ Equity
Common StockAdditional
Paid-In
Capital-
Common
Stock
Accumulated
Other
Comprehensive Loss
Total Stockholders’ Equity
Redeemable
Non-Controlling
Interest
Preferred
Stock
Shares$1 par
Value
Retained
Earnings
Treasury
Stock
January 31, 2021$(3.4)$ 86,293,158 $86.3 $3,129.4 $3,613.2 $(519.1)$(1,579.5)$4,730.3 
Net income attributable to PVH Corp.99.9 99.9 
Foreign currency translation adjustments(6.5)(6.5)
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $1.2
8.3 8.3 
Net gain on net investment hedges, net of tax expense of $1.5
4.5 4.5 
Comprehensive income attributable to PVH Corp.106.2 
Settlement of awards under stock plans253,084 0.21.2 1.4 
Stock-based compensation expense10.7 10.7 
Acquisition of 87,830 treasury shares
(9.2)(9.2)
Net loss attributable to redeemable non-controlling interest(0.2)
May 2, 2021$(3.6)$ 86,546,242 $86.5 $3,141.3 $3,713.1 $(512.8)$(1,588.7)$4,839.4 
Net income attributable to PVH Corp.181.9 181.9 
Foreign currency translation adjustments(58.9)(58.9)
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $6.2
43.3 43.3 
Net gain on net investment hedges, net of tax expense of $5.2
16.1 16.1 
Comprehensive income attributable to PVH Corp.182.4 
Settlement of awards under stock plans142,962 0.2 3.7 3.9 
Stock-based compensation expense13.8 13.8 
Acquisition of 27,503 treasury shares
(3.0)(3.0)
Net loss attributable to redeemable non-controlling interest(0.1)
Change in the economic interests of redeemable non-controlling interest3.7 (3.7)(3.7)
August 1, 2021$ $ 86,689,204 $86.7 $3,155.1 $3,895.0 $(512.3)$(1,591.7)$5,032.8 




























5



PVH Corp.
Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Non-Controlling Interest (continued)
Unaudited
(In millions, except share and per share data)

Twenty-Six Weeks Ended July 31, 2022
Stockholders’ Equity
Common StockAdditional
Paid-In
Capital-
Common
Stock
Accumulated
Other
Comprehensive Loss
Total Stockholders’ Equity
Redeemable
Non-Controlling
Interest
Preferred
Stock
Shares$1 par
Value
Retained
Earnings
Treasury
Stock
January 30, 2022$ $ 87,107,155 $87.1 $3,198.4 $4,562.8 $(612.7)$(1,946.8)$5,288.8 
Net income attributable to PVH Corp.133.1 133.1 
Foreign currency translation adjustments(131.8)(131.8)
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $9.0
25.8 25.8 
Net gain on net investment hedges, net of tax expense of $16.6
50.2 50.2 
Comprehensive income attributable to PVH Corp.77.3 
Settlement of awards under stock plans157,495 0.2 (0.1)0.1 
Stock-based compensation expense10.1 10.1 
Dividends declared ($0.0375 per common share)
(2.6)(2.6)
Acquisition of 1,264,730 treasury shares
(105.2)(105.2)
May 1, 2022$ $ 87,264,650 $87.3 $3,208.4 $4,693.3 $(668.5)$(2,052.0)$5,268.5 
Net income attributable to PVH Corp.115.3 115.3 
Foreign currency translation adjustments(92.0)(92.0)
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $1.8
5.5 5.5 
Net gain on net investment hedges, net of tax expense of $9.6
28.6 28.6 
Comprehensive income attributable to PVH Corp.57.4 
Settlement of awards under stock plans245,128 0.2 (0.2) 
Stock-based compensation expense12.7 12.7 
Dividends declared ($0.0375 per common share)
(2.6)(2.6)
Acquisition of 2,068,991 treasury shares
(129.6)(129.6)
July 31, 2022$ $ 87,509,778 $87.5 $3,220.9