Apparel company PVH Corp. (NYSE: PVH) has reported a decline in adjusted profit for the fourth quarter of 2022, despite a modest increase in revenues.
Total revenues increased 2% year-over-year to $2.49 billion in the final three months of fiscal 2022. Sales growth in the main Calvin Klein and Tommy Hilfiger segments was partially offset by a decline in the Heritage Brands division.
On an adjusted basis, PVH reported earnings of $2.38 per share for the fourth quarter, which is down 16% from the prior-year period. Unadjusted profit declined sharply to $138.7 million or $2.18 per share.
“We delivered strong fourth quarter performance with stronger than expected high-single digit constant currency revenue growth and earnings above guidance. Our disciplined execution of the PVH+ Plan, our multi-year, brand-focused, direct-to-consumer and digitally-led strategy enabled us to compete to win despite the challenging macro situation,” said PVH’s CEO Stefan Larsson.