Surpassing prior guidance of a 6 per cent decline, Calvin Klein and Tommy Hilfiger’s parent company, PVH Corp registered only a 5 per cent contraction in Q3, FY24 revenues to $2.255 billion. Driven by an improved sales execution and consumer engagement efforts, the company’s performance showed resilience amid global market challenges.

Global revenues of Tommy Hilfiger declined by 1 per cent with the 3 per cent decline in North America being offset by a flat performance in the international markets.

Calvin Klein’s sales contracted by 3 per cent due to a 9 per cent contraction in the brand’s sales in North America. The brand’s international revenues rose by 1 per cent.

Heritage Brands’ revenues plunged by 54 per cent as sales from women’s intimates business lowered by 44 per cent. Revenues from the direct-to-consumer business remained flat while, driven by reduced sales in Europe and North America alongside the impact of the Heritage Brands’ divestiture, the company’s wholesale revenues declined by 8 per cent. The company’s net income during the period dropped to $131.9 million as against a net income of $161.6 million in the same period last year.

Highlighting the company’s achievements under the PVH+ Plan, Stefan Larsson, CEO, PVH Corp, emphasised on strong consumer engagement and product performance. According to him, the company maintained strong profitability in North America while it improved wholesale orders through quality-of-sales initiatives in the Europe market. The company delivered growth across all channels in the Asia Pacific market.

Looking forward, PVH Corp aims to promote the PVH+ Plan for sustainable and profitable growth. Last month, the company added strategic expertise to its leadership by appointment Jesper Andersen, CFO, Lego Group as its new board of director.