PVH Non-GAAP EPS of $2.08 beats by $0.06, revenue of $2.13B misses by $80M
Aug. 30, 2022 4:22 PM ETPVH Corp. (PVH)By: SA News Team
- PVH press release (NYSE:PVH): Q2 Non-GAAP EPS of $2.08 beats by $0.06.
- Revenue of $2.13B (-7.8% Y/Y) misses by $80M.
- Tommy Hilfiger revenue decreased 5% while Calvin Klein revenue decreased 1% Y/Y; Heritage Brands revenue decreased 44% compared to prior year quarter.
- Direct-to-Consumer revenue decreased 5% compared to the prior year period; Wholesale revenue decreased 11%; and Total Digital revenue down 7% Y/Y.
- Gross Margin was 57.2% as compared to 57.7% in the prior year period.
- Lowered Full Year Outlook: Revenue projected to decrease 4% to 3% (increase 3% to 4% on a constant currency basis) compared to an increase of 1% to 2% (increase 6% to 7% on a constant current basis) previously.
- GAAP EPS now expected to be $7.64 compared to approximately $9.20 previously
- Non-GAAP EPS of $8.00 compared to approximately $9.00 previously, and vs. consensus of $8.67
- The guidance includes increased negative impact of approximately $1.25 per share related to foreign currency translation compared to approximately $0.85 previously
- Shares -3%.