PVH Corp. Q1 2024: Sales, Royalties, and Debt Details

TL;DR

PVH Q1: Sales & royalties reported, debt details like 4.625% notes disclosed.

AI Summary

PVH Corp. reported its first quarter results for the period ending May 5, 2024. The company's financial statements indicate various financial figures and debt instruments, including senior notes with interest rates such as 4.625% and 7.75%. Specific revenue streams like product sales and royalty income were detailed for both the current and prior year periods.

Why It Matters

This filing provides insight into PVH Corp.'s financial performance and debt structure, which can influence investor decisions and the company's operational flexibility.

Risk Assessment

Risk Level: medium — The filing details financial performance and debt, which are key indicators of a company's financial health and potential risks.

Key Numbers

• 4.625% — Senior Notes Interest Rate (Indicates cost of debt financing)
• 7.75% — Interest Expense Rate (Reflects borrowing costs)
• 20240505 — Fiscal Period End Date (Marks the end of the reporting quarter)

Key Players & Entities

• PVH CORP. /DE/ (company) — Filer of the 10-Q report
• 20240505 (date) — End of the reporting period
• 4.625% (dollar_amount) — Interest rate on senior notes
• 7.75% (dollar_amount) — Interest rate on debt
• 2023-01-30 (date) — Start of prior year comparative period
• 2023-04-30 (date) — End of prior year comparative period

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value PVH New York Stock Exchange
• $1 — holders' Equity Preferred Stock Shares $1 par Value Retained Earnings Treasury St

Filing Documents

• pvh-20240505.htm (10-Q) — 1280KB
• ex31120241q10q.htm (EX-31.1) — 10KB
• ex31220241q10q.htm (EX-31.2) — 10KB
• ex32120241q10q.htm (EX-32.1) — 6KB
• ex32220241q10q.htm (EX-32.2) — 5KB
• 0000078239-24-000042.txt ( ) — 9845KB
• pvh-20240505.xsd (EX-101.SCH) — 88KB
• pvh-20240505_cal.xml (EX-101.CAL) — 64KB
• pvh-20240505_def.xml (EX-101.DEF) — 668KB
• pvh-20240505_lab.xml (EX-101.LAB) — 1032KB
• pvh-20240505_pre.xml (EX-101.PRE) — 799KB
• pvh-20240505_htm.xml (XML) — 1422KB

-- FINANCIAL INFORMATION

PART I -- FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements Consolidated Statements of Operations for the Thirteen Weeks Ended May 5, 2024 and April 30, 2023 1 Consolidated Statements of Comprehensive Income for the Thirteen Weeks Ended May 5, 2024 and April 30, 2023 2 Consolidated Balance Sheets as of May 5, 2024, February 4, 2024 and April 30, 2023 3 Consolidated Statements of Cash Flows for the Thirteen Weeks Ended May 5, 2024 and April 30, 2023 4 Consolidated Statements of Changes in Stockholders' Equity for the Thirteen Weeks Ended May 5, 2024 and April 30, 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6

- Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 26

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 35

- Controls and Procedures

Item 4 - Controls and Procedures 37

-- OTHER INFORMATION

PART II -- OTHER INFORMATION

- Legal Proceedings

Item 1 - Legal Proceedings 38

- Risk Factors

Item 1A - Risk Factors 38

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 38

- Other Information

Item 5 - Other Information 39

- Exhibits

Item 6 - Exhibits 40

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS PVH Corp. Consolidated Statements of Operations Unaudited (In millions, except per share data) Thirteen Weeks Ended May 5, April 30, 2024 2023 Net sales $ 1,850.2 $ 2,051.1 Royalty revenue 81.2 84.7 Advertising and other revenue 20.5 22.1 Total revenue 1,951.9 2,157.9 Cost of goods sold (exclusive of depreciation and amortization) 753.2 907.6 Gross profit 1,198.7 1,250.3 Selling, general and administrative expenses 1,017.3 1,064.0 Non-service related pension and postretirement income 0.5 0.6 Other gain 10.0 — Equity in net income of unconsolidated affiliates 13.2 11.9 Income before interest and taxes 205.1 198.8 Interest expense 23.3 25.3 Interest income 5.6 3.3 Income before taxes 187.4 176.8 Income tax expense 36.0 40.8 Net income $ 151.4 $ 136.0 Basic net income per common share $ 2.63 $ 2.17 Diluted net income per common share $ 2.59 $ 2.14 See accompanying notes. 1 PVH Corp. Consolidated Statements of Comprehensive Income Unaudited (In millions) Thirteen Weeks Ended May 5, April 30, 2024 2023 Net income $ 151.4 $ 136.0 Other comprehensive (loss) income: Foreign currency translation adjustments ( 14.8 ) ( 16.7 ) Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax expense (benefit) of $ 0.3 and $( 0.4 ) 1.4 ( 2.0 ) Net gain (loss) on net investment hedges, net of tax expense (benefit) of $ 0.9 and $( 3.2 ) 2.8 ( 9.8 ) Total other comprehensive loss ( 10.6 ) ( 28.5 ) Comprehensive income $ 140.8 $ 107.5 See accompanying notes. 2 PVH Corp. Consolidated Balance Sheets (In millions, except share and per share data) May 5, February 4, April 30, 2024 2024 2023 UNAUDITED AUDITED UNAUDITED ASSETS Current Assets: Cash and cash equivalents $ 376.2 $ 707.6 $ 373.8 Trade receivables, net of allowances for credit losses of $ 43.9 , $ 41.1 and $ 44.7 810.4 793.3 911.4 Other receivables 24.6 13.9 16.9 Inventories, net 1,346.8 1,419.7 1,718.1

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. GENERAL PVH Corp. and its consolidated subsidiaries (collectively, the "Company") constitute a global apparel company with a brand portfolio that includes TOMMY HILFIGER and Calvin Klein , which are owned, and Van Heusen , Nike and other brands, which the Company licenses for certain product categories. The Company designs and markets branded sportswear (casual apparel), jeanswear, performance apparel, intimate apparel, underwear, swimwear, dress shirts, handbags, accessories, footwear and other related products and licenses its owned brands globally over a broad array of product categories and for use in certain territories. The Company completed the sale of its Warner's , Olga and True&Co. women's intimates businesses to Basic Resources on November 27, 2023 (the "Heritage Brands intimates transaction"). The consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated in consolidation. Investments in entities that the Company does not control but has the ability to exercise significant influence over are accounted for using the equity method of accounting. The Company's Consolidated Statements of Operations include its proportionate share of the net income or loss of these entities. The Company's fiscal years are based on the 52-53 week periods ending on the Sunday closest to February 1 and are designated by the calendar year in which the fiscal year commences. References to a year are to the Company's fiscal year, unless the context requires otherwise. The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information. Accordingly, they do not contain all disclosures required by U.S. GAAP for complete financial statements. Reference is made to the Company's audited consolidated financial statements, i

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