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PVH Corp. Clothing Company. (NYSE: PVH) has reported a decline in adjusted profits for the fourth quarter of 2022, despite a slight increase in profits.
Total revenue increased 2% year-over-year to $2.49 billion in the last three months of fiscal 2022. Sales growth in key segments Calvin Klein and Tommy Hilfiger were partially offset by declines in the Heritage Brands division.
On an adjusted basis, PVH reported earnings of $2.38 per share for the fourth quarter, which was down 16% from the year-ago period. Unadjusted profit declined sharply to $138.7 million or $2.18 per share.
“We delivered a strong fourth quarter performance with single-digit constant currency revenue growth that was higher than expected. Our disciplined, multi-year, brand-focused, direct-to-consumer and digital-led strategy execution of the PVH+ plan enabled us to compete for winning despite challenging macro conditions,” said PVH CEO Stefan Larsson.
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