PVH closes the first quarter at two speeds. The group, owner of companies such as Calvin Klein, has ended the first quarter (ended May 5) reducing its turnover by 10%, but increasing its profits by 11%. Following the presentation of results, the company has updated its forecasts for the full year, as reported this morning by the company.
Specific, The group ended the period with a turnover of 1,850 million dollars, compared to $2.0511 million for the same period in 2023. For its part, the company’s profit has grown to $151 million, compared to profits of $136 million in the first three months of the fiscal year. former. Operating profit, however, has also decreased in the period, with a drop of 4.5%, to 1,198 million dollars.
The company has celebrated the results and The financial director claims to have obtained “solid results” in the first quarter. For the coming months, the company is optimistic despite the “macroeconomic context” and predicts good business performance. However, the company expects a reduction in turnover of between 6% and 7%, forecasts that previously included a growth of 1%.
The operating margin is expected to be close to 10.1% in 2023. For the second quarter of the year alone, the company also estimates a reduction in sales between 6% and 7%.
PVH expects to end the entire year with a reduction in sales of between 6% and 7%
Through distribution channels, the American group has increased its sales by 3% in its stores, with its own establishments and franchises, with growth in all the regions in which it operates. The online channel, for its part, has plummeted by 6%, while The multi-brand has been the one with the worst performance, with a drop of 17% in the period.
PVH has reduced sales across all its brands, especially Tommy Hilfiger, which has fallen 10%. The chain has only increased its turnover in the United States, with an increase of 2%, while in international markets the drop has been 14%. For its part, Calvin Klien has remained in line with the first quarter of the previous fiscal year.
The brand has grown 1% compared to the previous fiscal year, once again being the United States the only market in which it has grown in the period, with an increase of 4%. Internationally, Calvin Klein has fallen 2%.
