PVH Corp has reported a 10% decrease in revenue for the first quarter to $1.952 billion compared to the previous year.
PVH Corp, owner of brands including Calvin Klein and Tommy Hilfiger, also predicted a decline of up to 7% for the full year on a constant currency basis.
Overall revenue in the company’s international businesses decreased 9% over the prior year period, as solid growth in the Asia Pacific region in local currency was more than offset by a revenue decline in Europe.
Tommy Hilfiger international revenue decreased 14% against the decline, with Calvin Klein dropping by 2%.
Meanwhile in North America, revenue in the Tommy Hilfiger and Calvin Klein businesses combined was up 3% compared to the prior year period, with modest growth in both the direct-to-consumer and wholesale businesses.
Earnings before interest and taxes across the entire business was $205 million on a GAAP basis and $195 million on a non-GAAP basis, inclusive of a $2 million negative impact due to foreign currency translation, compared to $199 million in the prior year period.
PVH Corp CEO Stefan Larsson said the results were in line with forecasts.
“We delivered on our revenue expectations, led by growth in our direct-to-consumer business, and beat our earnings guidance for the first quarter. We further strengthened our brand positioning and pricing power in the marketplace, and as planned we generated growth for Calvin Klein and Tommy Hilfiger combined in both North America and Asia Pacific in constant currency, while successfully driving strategic quality of sales initiatives in Europe.”