PVH Corp. reported a total revenue of $8.7 billion for the fiscal year ending February 2, 2025, a decrease of 6% from $9.2 billion in the previous year. The decline was attributed to several factors, including a 2% reduction due to the sale of its women's intimates business, a 1% impact from the 53rd week in 2023, and a 1% negative effect from foreign currency translation. The company's net income for 2024 was $599 million, down from $664 million in 2023, reflecting a decrease in profitability alongside the revenue drop.
In terms of operational changes, PVH completed the sale of its women's intimates brands—Warner’s, Olga, and True&Co.—to Basic Resources on November 27, 2023, for net proceeds of $156 million. This transaction is part of a broader strategy to streamline operations and focus on core brands, particularly TOMMY HILFIGER and Calvin Klein, which together accounted for over 90% of total revenue in the last three fiscal years. Additionally, the company is transitioning a significant portion of its licensed product categories back in-house, which is expected to impact revenue and gross margins in the upcoming fiscal year.
PVH's workforce remained stable at approximately 28,000 associates, with about 65% employed in retail operations. The company operates around 1,400 retail locations globally and has a significant presence in e-commerce, although direct-to-consumer sales saw a 2% decline in 2024. The company is also undergoing a multi-year initiative to simplify its operating model, which is projected to yield annual cost savings of $200 million to $300 million by 2026.
Looking ahead, PVH anticipates that revenue for the fiscal year 2025 will be flat to slightly increase compared to 2024, with the impact of foreign currency translation expected to be immaterial. However, the company faces ongoing challenges from inflationary pressures, geopolitical tensions, and the potential for further regulatory scrutiny, particularly following its placement on China's List of Unreliable Entities, which could affect its operations in that market. The company is actively working to address these risks while focusing on enhancing its brand value and operational efficiency.
About PVH CORP. /DE/
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