Calvin Klein owner PVH Record revenue on Monday night. The company beat expectations for both profits ($663 million a year) and sales ($9.2 billion a year), but investors didn't like what they saw. The stock fell nearly 25% in early trading Tuesday, all the progress it's making toward 2024.
“We had a strong fourth quarter and fiscal year 2023, with growth in both Calvin Klein and Tommy Hilfiger and in all regions, resulting in high-single-digit direct-to-consumer growth,” said the CEO. Stefan Larsson says. said in a statement accompanied by figures.. “We have significantly expanded our gross margins, driven strong pricing power, and are beginning to realize the benefits of building a demand-driven supply chain early on. This has significantly improved inventory freshness and We were able to reduce this by 21% compared to last year.''The new spring season. ”
That's all well and good, but there's only one sentence in the release that Wall Street is paying attention to: “Due to strong growth in all markets in the Asia Pacific region, our international business's total revenue increased by .4% year over year. % increased” offset The macroeconomic environment in Europe continues to be challenging, particularly impacting our wholesale business.” [Emphasis added.]
PVH, which also owns Tommy Hilfiger, has sought to maintain the cool factor that is essential for fashion companies in recent years. It has been several years since the highly publicized rift with the United States. Calvin Klein star designer Raf SimonsWe are partnering with , etc. Next Generation Talent Heron Preston Tommy Hilfiger line released at Calvin Klein Lewis Hamilton, world famous F1 racer.Recent Calvin Klein underwear campaign bear Starring Jeremy Allen White was the talk of the town.
But it wasn't enough to top it gloomy european economyThe company is still recovering from the pandemic and the fallout from Russia's invasion of Ukraine.
