PVH Corp. Q3 2024: Financials & Debt Details

TL;DR

PVH Q3 2024: Debt details out, watch those interest rates!

AI Summary

PVH Corp. reported its third quarter results for the period ending November 3, 2024. The company's financial statements indicate various financial instruments and debt obligations, 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 October 29, 2023, and November 3, 2024.

Why It Matters

This filing provides insight into PVH Corp.'s financial health and debt structure, which can influence investor confidence and the company's ability to fund future operations and growth.

Risk Assessment

Risk Level: medium — The filing details various debt instruments and interest rates, which can expose the company to financial risk if market conditions change or if revenue generation falters.

Key Numbers

• 4.625% — Senior Notes Interest Rate (Indicates a specific debt cost for PVH Corp.)
• 7.75% — Interest Rate (Represents another debt cost for PVH Corp.)
• 3.625% — Senior Notes Interest Rate (Another specific debt cost for PVH Corp.)
• 3.125% — Senior Notes Interest Rate (Yet another specific debt cost for PVH Corp.)

Key Players & Entities

• PVH CORP. /DE/ (company) — Filer
• 2024-11-03 (date) — End of Reporting Period
• 2024-12-09 (date) — Filing Date
• 4.625% (dollar_amount) — Senior Notes Interest Rate
• 7.75% (dollar_amount) — Interest Rate
• 3.625% (dollar_amount) — Senior Notes Interest Rate
• 3.125% (dollar_amount) — Senior Notes Interest Rate
• 2023-10-29 (date) — Prior Year Period End

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-20241103.htm (10-Q) — 1711KB
• ex31120243q10q.htm (EX-31.1) — 10KB
• ex31220243q10q.htm (EX-31.2) — 10KB
• ex32120243q10q.htm (EX-32.1) — 6KB
• ex32220243q10q.htm (EX-32.2) — 5KB
• 0000078239-24-000089.txt ( ) — 11459KB
• pvh-20241103.xsd (EX-101.SCH) — 91KB
• pvh-20241103_cal.xml (EX-101.CAL) — 65KB
• pvh-20241103_def.xml (EX-101.DEF) — 682KB
• pvh-20241103_lab.xml (EX-101.LAB) — 1060KB
• pvh-20241103_pre.xml (EX-101.PRE) — 814KB
• pvh-20241103_htm.xml (XML) — 1920KB

-- FINANCIAL INFORMATION

PART I -- FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements Consolidated Statements of Operations for the Thirteen and T hirty-Nine Weeks Ended November 3 , 2024 and October 29 , 2023 1 Consolidated Statements of Comprehensive Income for the Thirteen and T hirty-Nine Weeks Ended November 3 , 2024 and October 29 , 2023 2 Consolidated Balance Sheets as of November 3 , 2024, February 4, 2024 and October 29 , 2023 3 Consolidated Statements of Cash Flows for the T hirty-N ine Weeks Ended November 3 , 2024 and October 29 , 2023 4 Consolidated Statements of Changes in Stockholders' Equity for the Thirty-N ine Weeks Ended November 3 , 2024 and October 29 , 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 30

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 42

- Controls and Procedures

Item 4 - Controls and Procedures 44

-- OTHER INFORMATION

PART II -- OTHER INFORMATION

- Legal Proceedings

Item 1 - Legal Proceedings 45

- Risk Factors

Item 1A - Risk Factors 45

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 46

- Other Information

Item 5 - Other Information 47

- Exhibits

Item 6 - Exhibits 48

- 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 Thirty-Nine Weeks Ended November 3, October 29, November 3, October 29, 2024 2023 2024 2023 Net sales $ 2,131.0 $ 2,225.8 $ 5,946.3 $ 6,382.1 Royalty revenue 97.9 108.0 266.8 272.8 Advertising and other revenue 26.2 29.1 68.2 72.9 Total revenue 2,255.1 2,362.9 6,281.3 6,727.8 Cost of goods sold (exclusive of depreciation and amortization) 938.5 1,023.5 2,520.1 2,865.8 Gross profit 1,316.6 1,339.4 3,761.2 3,862.0 Selling, general and administrative expenses 1,154.0 1,123.8 3,254.6 3,326.3 Non-service related pension and postretirement income 0.4 0.5 1.3 1.4 Other gain 9.5 — 19.5 — Equity in net income of unconsolidated affiliates 10.6 13.7 34.7 34.8 Income before interest and taxes 183.1 229.8 562.1 571.9 Interest expense 23.0 24.3 69.1 75.5 Interest income 6.9 2.1 16.2 7.7 Income before taxes 167.0 207.6 509.2 504.1 Income tax expense 35.1 46.0 67.9 112.3 Net income $ 131.9 $ 161.6 $ 441.3 $ 391.8 Basic net income per common share $ 2.37 $ 2.68 $ 7.83 $ 6.35 Diluted net income per common share $ 2.34 $ 2.66 $ 7.74 $ 6.29 See accompanying notes. 1 PVH Corp. Consolidated Statements of Comprehensive Income Unaudited (In millions) Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, October 29, November 3, October 29, 2024 2023 2024 2023 Net income $ 131.9 $ 161.6 $ 441.3 $ 391.8 Other comprehensive (loss) income: Foreign currency translation adjustments ( 22.5 ) ( 154.6 ) ( 24.6 ) ( 150.2 ) Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax expense (benefit) of $ 0.2 , $ 8.8 , $( 2.1 ), and $ 8.3 1.2 24.7 ( 4.6 ) 23.0 Net gain (loss) on net investment hedges, net of tax expense (benefit) of $ 2.8 , $ 16.0 , $( 1.6 ), and $ 11.8 8.5 48.3 ( 4.8 ) 35.6 Total other comprehensive loss ( 12.8 ) ( 81.6 ) ( 34.0 ) ( 91.6 ) Comprehensive inco

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

View Full Filing

View this 10-Q filing on SEC EDGAR