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PVH Earned $99M On Revenue Of $2.079B


(Filed Under wholesale Lingerie News). PVH earned $99.9 million on total revenue of $2.079 billion in the quarter ended May 2, compared to a loss of $1.097 billion on revenue of $1.344 billion in the same period last year

While underwear is only one segment of its overall apparel operations, CEO Stefan Larsson did note during the earnings call that “our intimates business performed well during the quarter with solid revenue growth compared to both last year and pre-pandemic levels, all while still under pressure.”

He added that for the Calvin Klein division, “underwear and casual essentials remain key performance drivers in addition to new denim silhouettes.”

“We have seen strong consumer demand across product categories, starting with underwear.”

CFO and EVP Mike Shaffer addressed production and shipping issues during the quarter. “On the supply side, we are seeing uncertainty. There are delays, but there is just some uncertainty surrounding the supply as well. So as we look at some of the countries where we do significant amounts of business. India for knits and Sri Lanka for underwear. Those countries are under lock downs.”

“India is closed,” he continued. “Our factories were not allowed to operate. And in Sri Lanka, we’re partially open and factories are operating, but capacity is an issue.”

Shaffer stated the company was using a variety of shipping methods including air freight and “faster ships,” but admitted, “We have found air freight constrained. There were not a lot of flights.” But, he concluded, “underwear is particularly one where we can get goods in quicker and the cost is not great. The goods are smaller in scale.” Overall, “each order is looked at individually and we manage just PO-by-PO.” —NM

The full earnings call transcript can be found here: https://news.alphastreet.com/pvh-corp-pvh-q1-2021-earnings-call-transcript/


more wholesale Lingerie News >>

Published 06-14-2021 by Nick Monjo

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