Q2 2024 PVH Corp Earnings Call Transcript
Key Points
- PVH Corp (PVH) reported stronger-than-expected profitability and EPS for Q2 2024.
- EBIT margins increased, driven by significant gross margin expansion of 250 basis points.
- Inventory productivity improved with inventory down 12% year over year.
- North America delivered an 11.7% EBIT margin for Calvin Klein and Tommy Hilfiger, marking the fourth consecutive quarter of double-digit non-GAAP EBIT margin.
- PVH Corp (PVH) reaffirmed its revenue, non-GAAP EBIT margin, and EPS guidance for the full year, excluding a one-time tax benefit.
- DTC revenue was down 3% on a constant-currency basis for the quarter.
- Wholesale revenue declined slightly, down 1% on a constant-currency basis.
- Revenue for the Asia Pacific region declined 4% in constant currency, with a notable decline in China and Australia.
- SG&A expense as a percentage of revenue increased by 160 basis points versus last year.
- PVH Corp (PVH) projected a decline in third-quarter revenue by 6% to 7% as reported and 7% to 8% on a constant-currency basis.
Good morning, everyone, and welcome to today's PVH second-quarter 2024 earnings conference call. (Operator Instructions) Please note, this call may be recorded. (Operator Instructions)
It is now my pleasure to turn today's program over to Sheryl Freeman, Senior Vice President of Investor Relations. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to the PVH Corp second-quarter 2024 earnings conference call. Leading the call today will be Stefan Larsson, Chief Executive Officer, and Zac Coughlin, Chief Financial Officer. This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material. It may not be recorded, rebroadcast, or otherwise transmitted without PVH's written permission.
Your participation constitutes your consent to having anything you say appear in any transcript or replay of this call. The information to be discussed includes forward-looking statements that reflect PVH's view as of August 27, 2024, of future events and financial
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