PVH Corp. Q2 2024 Filing: Financials and Debt Details

Ticker: PVH · Form: 10-Q · Filed: Sep 9, 2024 · CIK: 78239

Sentiment: neutral

Topics: 10-Q, financials, debt, apparel

TL;DR

PVH Corp. 10-Q filed: Q2 2024 results out, showing debt details and product sales figures.

AI Summary

PVH Corp. reported its second quarter results for the period ending August 4, 2024. The company's filing indicates various financial metrics and debt instruments, including senior notes with interest rates such as 4.625%, 7.75%, 3.625%, and 3.125%. The filing also references product sales and cost of goods and services sold for the periods ending July 30, 2023, and August 4, 2024.

Why It Matters

This filing provides investors with key financial data and debt structure information for PVH Corp., crucial for understanding the company's financial health and investment potential.

Risk Assessment

Risk Level: medium — The filing details various debt instruments and financial performance, which can indicate financial risk for the company.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of PVH Corp. as indicated by its SIC code?

PVH Corp.'s Standard Industrial Classification (SIC) code is 2320, which corresponds to Men's & Boys' Furnishings, Work Clothing, and Allied Garments.

What was the reporting period for this 10-Q filing?

The conformed period of report for this 10-Q filing was 20240804, meaning the period ending August 4, 2024.

What are some of the interest rates mentioned for PVH Corp.'s debt?

The filing mentions several interest rates for senior notes, including 4.625%, 7.75%, 3.625%, and 3.125%.

When was PVH Corp. formerly known as?

PVH Corp. was formerly known as PHILLIPS VAN HEUSEN CORP /DE/, with a date of name change on 19920703.

What are the dates associated with product sales data mentioned in the filing?

Product sales data is referenced for periods ending 2024-08-04 and 2023-07-30.

Filing Stats: 4,787 words · 19 min read · ~16 pages · Grade level 7.6 · Accepted 2024-09-09 13:36:56

Key Financial Figures

Filing Documents

-- FINANCIAL INFORMATION

PART I -- FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements Consolidated Statements of Operations for the Thirteen and Twenty - S ix Weeks Ended August 4 , 2024 and July 30, 2023 1 Consolidated Statements of Comprehensive Income for the Thirteen and Twenty-Six Weeks Ended August 4, 2024 and July 30, 2023 2 Consolidated Balance Sheets as of August 4 , 2024, February 4, 2024 and July 30, 2023 3 Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended August 4 , 2024 and July 30, 2023 4 Consolidated Statements of Changes in Stockholders' Equity for the T wenty-S ix Weeks Ended August 4 , 2024 and July 30, 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

- 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 29

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 40

- Controls and Procedures

Item 4 - Controls and Procedures 42

-- OTHER INFORMATION

PART II -- OTHER INFORMATION

- Legal Proceedings

Item 1 - Legal Proceedings 43

- Risk Factors

Item 1A - Risk Factors 43

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 43

- Other Information

Item 5 - Other Information 44

- Exhibits

Item 6 - Exhibits 45

- 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 Twenty-Six Weeks Ended August 4, July 30, August 4, July 30, 2024 2023 2024 2023 Net sales $ 1,965.1 $ 2,105.2 $ 3,815.3 $ 4,156.3 Royalty revenue 87.7 80.1 168.9 164.8 Advertising and other revenue 21.5 21.7 42.0 43.8 Total revenue 2,074.3 2,207.0 4,026.2 4,364.9 Cost of goods sold (exclusive of depreciation and amortization) 828.4 934.7 1,581.6 1,842.3 Gross profit 1,245.9 1,272.3 2,444.6 2,522.6 Selling, general and administrative expenses 1,083.3 1,138.5 2,100.6 2,202.5 Non-service related pension and postretirement income 0.4 0.3 0.9 0.9 Other gain — — 10.0 — Equity in net income of unconsolidated affiliates 10.9 9.2 24.1 21.1 Income before interest and taxes 173.9 143.3 379.0 342.1 Interest expense 22.8 25.9 46.1 51.2 Interest income 3.7 2.3 9.3 5.6 Income before taxes 154.8 119.7 342.2 296.5 Income tax (benefit) expense ( 3.2 ) 25.5 32.8 66.3 Net income $ 158.0 $ 94.2 $ 309.4 $ 230.2 Basic net income per common share $ 2.83 $ 1.52 $ 5.46 $ 3.69 Diluted net income per common share $ 2.80 $ 1.50 $ 5.39 $ 3.65 See accompanying notes. 1 PVH Corp. Consolidated Statements of Comprehensive Income Unaudited (In millions) Thirteen Weeks Ended Twenty-Six Weeks Ended August 4, July 30, August 4, July 30, 2024 2023 2024 2023 Net income $ 158.0 $ 94.2 $ 309.4 $ 230.2 Other comprehensive income (loss): Foreign currency translation adjustments 12.7 21.1 ( 2.1 ) 4.4 Net unrealized and realized (loss) gain related to effective cash flow hedges, net of tax benefit of $ 2.6 , $ 0.1 , $ 2.3 , and $ 0.5 ( 7.2 ) 0.3 ( 5.8 ) ( 1.7 ) Net loss on net investment hedges, net of tax benefit of $ 5.3 , $ 1.0 , $ 4.4 , and $ 4.2 ( 16.1 ) ( 2.9 ) ( 13.3 ) ( 12.7 ) Total other comprehensive (loss) income ( 10.6 ) 18.5 ( 21.2 ) ( 10.0 ) Comprehensive income $ 147.4 $ 112.7 $ 288.2 $ 220.2 See acc

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 women's intimates businesses conducted under the Warner's , Olga and True&Co. trademarks 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 conso

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