PVH Posts Q1 Profit, Leadership Exits

PVH Posts Q1 Profit, Leadership Exits

Tommy Hilfiger store. Getty Images.

The American apparel company PVH Corp, which owns Calvin Klein and Tommy Hilfiger, reported first quarter revenue increased 55 percent compared to the prior year to $2.07 billion, exceeding guidance. Calvin Klein saw a 65 percent increase compared to the prior year period, while Tommy Hilfiger saw a 63 percent increase.

As the pandemic saw a shift towards e-commerce growth, PVH Corp saw revenue through digital channels grow by approximately 95 percent. Directly-operated digital e-commerce sales were up 66 percent compared to the prior year period, due to, in part, lockdown-prompted store closures, especially in Europe. International business revenue also exceeded 2019 pre-pandemic levels.

Despite expecting continued impact by the pandemic, the company have raised its full-year outlook. “We are confident in our ability to drive towards an accelerated recovery in a way that positions PVH closer to the consumer than any time before,” said Stefan Larsson, chief executive, in a statement on Wednesday.

PVH Corp also announced the departure of two senior leadership members, Mike Shaffer, chief operating and financial officer, and Cheryl Abel-Hodges, chief executive of Calvin Klein.

Shaffer will be leaving in September, a replacement is yet to be announced. Abel-Hodges will be transitioning to an advisory position effective from July 1 through February 2022. Trish Donnelly, chief executive of PVH Americas, will take full global leadership responsibility after previously overseeing Calvin Klein.

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