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PVH Corp. fourth quarter revenue was down 5% year over year to $2.4 billion, beating the company’s previous guidance of a 6% to 7% decrease, according to a Monday earnings report. Full year revenue dropped 6% to $8.7 billion, in line with the lower end of the company’s guidance.
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At the Tommy Hilfiger brand, both Q4 and full year revenue fell 5% year over year. Calvin Klein’s fourth quarter revenue dropped 2%, while the brand’s full year revenue fell 1%.
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The company forecasted flat to slightly increased revenue in 2025, but with revenue projected to be flat or down 2% in the first quarter.
PVH has been working to boost the value of Calvin Klein and Tommy Hilfiger as part of its strategic PVH+ Plan. The company has also made several recent executive changes, including naming a new CEO of Americas in December and appointing Veronica Leoni as creative director of Calvin Klein in May 2024.
Alice Price, apparel analyst at GlobalData, said in emailed comments that the company’s Q4 improvement suggests the PVH+ Plan “is starting to have legs, as it focuses on developing its key growth categories, increasing consumer engagement and improving efficiencies.” However, she added that the company’s 2025 revenue projections show that “its strategy still has a long way to go before delivering a full turnaround.”
At Tommy Hilfiger, international revenue fell 7% in Q4, with North America revenue remaining flat for the quarter. Full-year revenue figures were the same.
Calvin Klein posted a 4% fourth quarter international decrease and a 3% increase in North America for the same period. The brand’s full fiscal revenue dropped 1%, with its international revenue down 2% and its North America revenue down 1%.
Year-over-year revenue at the company’s Heritage Brands dropped 41% in Q4, including a 28% decrease resulting from the sale of its women’s intimates business. For the full year, Heritage Brands revenue was down 57% year over year, including a 45% decrease resulting from the sale.
“In a challenging macro, we delivered another year of strong profitability in North America, drove sequential improvements in our wholesale order books in Europe while improving our quality of sales, and we achieved our third consecutive year of growth in Asia Pacific, on a constant currency basis,” CEO Stefan Larsson said in a statement.
