The following is a summary of the PVH Corp. (PVH) Q3 2024 Earnings Call Transcript:

Financial Performance:

• PVH Corp. reported a revenue decline of 5% year-over-year with 2% decline attributed to the sale of the Heritage Intimates business, while on a constant currency basis, revenue was down 6%.

• Non-GAAP operating margin stood at 10.5%, which is flat versus last year due to higher gross margins and strong expense management offsetting revenue decline.

• EPS for Q3 exceeded expectations, reporting at $3.03, an increase from the previous year's EPS.

Business Progress:

• PVH reported progress in implementing the PVH+ Plan, highlighting product sell-through improvements, DTC trends back to growth, and strong performances in North American markets.

• Announced investment in a flagship Calvin Klein store in SoHo, New York as part of their brand-building strategy.

• Shared plans for women's wear to be operated in-house in North America, aiming to control and improve product execution and sourcing.

Opportunities:

• PVH emphasized the potential growth through stronger DTC trends and improved inventory composition.

• They project modest growth into 2025 and see opportunities to approach a long-term target of a 15% operating margin, signaling positive revenue and profit expectations based on current strategic initiatives.

Risks:

• Q4 gross margin expected to decline by 200 basis points primarily due to a promotional environment and increase in freight costs.

More details: PVH Corp IR

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