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PVH Corp. (PVH+0.25%) has submitted its annual report on Form 10-K filing for the fiscal year ended February 2, 2025.
The filing details the company's financial performance, including total revenue of $8.7 billion, a decrease from $9.2 billion in the previous year. The decline is attributed to the sale of the women's intimates businesses under the Warner’s, Olga, and True&Co. trademarks, as well as the impact of a 53rd week in the prior year.
PVH's gross profit margin increased to 59.4% from 58.2%, driven by lower product costs and a higher proportion of revenue from direct-to-consumer channels, despite increased promotional selling in North America.
Selling, general, and administrative expenses decreased to $4.4 billion from $4.5 billion, reflecting cost efficiencies and the impact of a cost savings initiative, although expenses as a percentage of revenue increased due to a change in revenue mix.
The company reported a net income of $598.5 million, down from $663.6 million in the previous year, with an effective tax rate of 15.2%, influenced by favorable changes in uncertain tax positions and the foreign derived intangible income deduction.
PVH's cash flow from operating activities was $741 million, a decrease from $969 million, primarily due to changes in working capital, including trade receivables and inventories.
The filing also discusses the impact of foreign currency translation, with a $70 million decrease in revenue and a $10 million decrease in net income due to currency fluctuations.
PVH completed the sale of its women's intimates businesses for $160 million in cash, recording a gain of $25.3 million, including an accelerated earnout realization.
The company issued €525 million of 4.125% senior notes due 2029, using the proceeds to redeem €525 million of 3.625% senior notes due 2024.
PVH continues to focus on its strategic plan, the PVH+ Plan, aiming to build Calvin Klein and TOMMY HILFIGER into leading lifestyle brands, with initiatives to streamline operations and invest in growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PVH Corp. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.