Tommy Hilfiger and Calvin Klein boost 2021 revenues at PVH

PVH Corp has released its financial results for the fourth quarter and FY21, revealing an increase in revenue across its Tommy Hilfiger and Calvin Klein brands.

For the fourth quarter of 2021, compared to Q4 2020 PVH Corp shared the following results:

• Revenue increased 16% to $2.430 billion.
• Revenue through digital channels grew 10%. Direct-to-consumer revenue increased 13%.
• Total wholesale revenue increased 20%.
• Overall gross margin was 58.3%, compared to 53.9% in 2020.

For the full financial year 2021, compared to 2020:

• Revenue increased 28% to $9.155 billion.
• Revenue through digital channels grew 30%, making up 25% of total PVH revenue.
• Tommy Hilfiger revenue increased 29%.
• Calvin Klein revenue increased 39%.

Looking ahead, revenue in 2022 is projected to increase 2% to 3% compared to 2021. Supply chain and logistics disruptions are expected to continue to result in delivery delays to wholesale customers and delayed inventory availability for stores and ecommerce.

Stefan Larsson, CEO of PVH Corp, said: “We delivered strong fourth quarter revenue and earnings above guidance. For 2021, we executed on our accelerated recovery priorities, achieving operating margins that were above 2019 pre-pandemic levels and ahead of our plan, driven by strong gross margin expansion, further positioning PVH to win with the consumer in the ‘new normal’ and deliver sustainable profitable long-term growth.

“As we look ahead, we are confident in the strength and momentum in our business and our ability to drive strong underlying top and bottom line growth by leaning in to what is within our control, despite the significantly increased macroeconomic and geopolitical volatility over the last few months."