PYMNTS-MonitorEdge-May-2024

PVH Increases Full-Year Outlook As D2C Revenue Soars

PVH Increases Full-Year Outlook As D2C Revenue Soars

PVH, whose stable of brands includes names such as Tommy Hilfiger and Calvin Klein, reported its total direct-to-consumer (D2C) revenue surged by 66 percent in the first quarter of 2021 from the prior year period, according to an announcement.

In addition, PVH reported that its wholesale revenue for the first quarter soared by 53 percent from the prior year period.

The company reported that overall revenue for the first quarter jumped by 55 percent from the prior year period, which was fueled by expansion throughout every region and channel. The firm noted that “extensive” temporary store closures negatively affected the prior year period.

PVH posted an approximately 59 percent gross margin in the first quarter, marking an improvement from approximately 50 percent in the prior year period.

“We are very pleased with our first quarter 2021 results, which significantly exceeded our expectations, and reflect our team’s strong execution of our accelerated recovery priorities across our businesses globally,” CEO Stefan Larsson said in the announcement.

Revenue in the second quarter of 2021 is forecast to climb by between 34 percent and 36 percent from the prior year period, while revenue in 2021 is forecast to rise by between 24 percent and 26 percent from 2020.

“Looking ahead, we are increasing our full year outlook despite continued uncertainty in the macro environment, as we navigate through the pandemic and related supply chain disruptions,” Larsson said in the announcement. “We are confident in our ability to drive towards an accelerated recovery in a way that positions PVH closer to the consumer than any time before.”

The news comes as Lands’ End reported $260 million in worldwide eCommerce net revenue for the first quarter, signifying a 44.4 percent surge from $180 million from the prior fiscal year.

Lands’ End, which sells casual clothing, accessories, footwear and home products, also reported $11.8 million in third-party net revenue. Moreover, the firm reported $40.7 million in outfitters net revenue.

PYMNTS-MonitorEdge-May-2024