PVH Shares Drop 3% on Q2 Revenue Miss & Weak Outlook, Announces Leadership Update
2022.08.31 02:01
PVH Shares Drop 3% on Q2 Revenue Miss & Weak Outlook, Announces Leadership Update
PVH Corp. (NYSE:PVH) shares fell more than 3% after-hours following the company’s reported Q2 results, with revenue of $2.13 billion (down 8% year-over-year) coming in worse than the consensus estimate of $2.21 EPS was $2.08, compared to the consensus estimate of $2.00
“We continued to execute very well in Europe and Asia, where countries not currently impacted by COVID are performing significantly above pre-pandemic levels, while in North America we continue to be impacted by ongoing supply chain pressures,” said Stefan Larsson, CEO of PVH.
The company expects Q3/22 revenue to decline by 5%-4% year-over-year (increase 4%-5% on a constant currency basis), reflecting a 2% reduction resulting from the impact of the war in Ukraine.
For the full 2022-year, the company expects EPS of $8.00, missing the consensus estimate of $8.68. Revenue is expected to decline by 4%-3% (increase 3%-4% on a constant currency basis).
The company also announced that Trish Donnelly, CEO of PVH Americas & Calvin Klein Global, steps down to pursue other opportunities. The company plans to separate the responsibilities for this role into two: a regional leadership role for PVH Americas and a global brand leadership role for Calvin Klein. In the interim, Stefan Larsson, CEO of PVH Corp, will lead PVH Americas and Calvin Klein Global.
By Davit Kirakosyan
