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PVH Corp. (PVH-15.78%) has submitted its 10-Q filing for the quarterly period ended November 3, 2024.
The filing reports total revenue of $2.255 billion for the third quarter of 2024, a decrease from $2.363 billion in the same period of the previous year. This decline includes a 2% reduction related to the sale of the Heritage Brands intimates business.
Gross profit for the quarter was $1.317 billion, representing 58.4% of total revenue, compared to 56.7% in the prior year. The improvement in gross margin was attributed to lower product costs and a favorable shift in revenue mix.
Selling, general, and administrative expenses increased to $1.154 billion, or 51.2% of total revenue, up from 47.6% in the prior year. This increase was driven by costs related to the amendment of Mr. Tommy Hilfiger's employment agreement and the Growth Driver 5 Actions.
Net income for the quarter was $131.9 million, with basic and diluted earnings per share of $2.37 and $2.34, respectively.
The company reported a gain of $10 million from the sale of a warehouse and distribution center as part of its Growth Driver 5 Actions.
PVH Corp. continues to focus on its strategic initiatives under the PVH+ Plan, which aims to build Calvin Klein and TOMMY HILFIGER into leading lifestyle brands.
The filing also notes an ongoing investigation by China's Ministry of Commerce, which could impact PVH's operations in China.
PVH Corp. ended the quarter with $559.6 million in cash and cash equivalents, a decrease from $707.6 million at the beginning of the fiscal year.
The company has repurchased 2.4 million shares of its common stock during the first nine months of 2024, with $2.019 billion remaining under its stock repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PVH Corp. quarterly 10-Q report dated December 9, 2024. To report an error, please email earnings@qz.com.