PVH Corp. Delivers Strong Q4 and Full Year 2024 Results, Setting Stage for Continued Growth in 2025
PVH Corp., the parent company of iconic fashion brands Calvin Klein and Tommy Hilfiger, has reported a strong fourth quarter and full year 2024 performance, exceeding expectations and setting the stage for continued growth in 2025.
During the conference call to discuss Q4 and Full Year 2024 earnings, Stefan Larsson, Chief Executive Officer of PVH Corp., highlighted the company's achievements. 'I want to start by thanking our teams around the world for delivering a strong fourth quarter and finish to the year,' he said. 'Through the strength of our two iconic global brands, Calvin Klein and Tommy Hilfiger, and the disciplined execution of our multiyear brand-building growth plan, the PVH+ Plan, we overdelivered on both the top and bottom line versus our initial fiscal 2024 guidance.'
PVH Corp. reported strong revenue growth in Q4 2024, with constant currency revenue increasing by low single-digit percentages across all channels, including D2C (Direct-to-Consumer) and wholesale. This performance was driven by the company's focus on driving cost efficiencies, particularly in Europe, where they managed to maintain double-digit EBIT margins despite a tough macroeconomic environment.
One of the key highlights of Q4 2024 was the strong holiday season performance, which beat expectations. 'We connected both Calvin and Tommy to the site guys through our marketing, driving record consumer engagement,' said Stefan Larsson. This effort helped improve sell-through rates for Fall '24 product assortment across both brands.
Additionally, PVH Corp. reported improved performance in Asia on a constant currency basis, with two consecutive years of double-digit growth. In North America, the company achieved significant increases in profitability, including a double-digit EBIT margin rate for its combined Calvin and Tommy business in the region.
The company's efforts to work more closely with wholesale partners were also highlighted during the conference call. 'We brought together more than 300 key partners for one of our largest ever global partner days to kick off Fall '25 market launch,' said Stefan Larsson. Their feedback was very positive around the improved product, marketing, and marketplace execution.
PVH Corp.'s commitment to brand-building growth was further demonstrated through the creation of a global product kitchen for Calvin Klein and the strongest product assortment so far for Tommy Hilfiger, which launches this fall. This strategic approach is expected to help drive continued growth in 2025, with Europe's order books returning to growth after two consecutive quarters.
