PVH Corp. reported its third quarter 2024 results, with total revenue reaching $2.255 billion, a 5% decrease year-over-year on a reported basis and a 6% decrease in constant currency. Despite the decline, revenue exceeded the company's guidance for the quarter.
The company achieved non-GAAP diluted earnings per share (EPS) of $3.03, surpassing analysts' consensus estimates. GAAP diluted EPS for the quarter was $2.34. This profitability was driven by disciplined execution of the PVH+ Plan and strong expense management.
PVH repurchased 300,000 shares of its common stock for $29 million during the third quarter, bringing total share repurchases for the first nine months of 2024 to 2.4 million shares for $254 million. The company expects to repurchase approximately $400 million for the full year 2024.
Stefan Larsson, CEO, highlighted powerful consumer engagement for Calvin Klein and TOMMY HILFIGER, with significantly improved sell-throughs for the Fall 2024 season. The company is focused on building systematic progress across the business, connecting product strength, consumer engagement, and marketplace execution.
For the full year 2024, PVH updated its EPS projection to include an estimated negative impact of approximately $0.15 per share related to foreign currency translation, an increase from the previous estimate of $0.05. The company also provided guidance for the fourth quarter of 2024.
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