We over-delivered on both the top and bottom line versus our guidance. With stronger than expected revenue on a constant currency basis and higher than expected non‑GAAP EPS. In addition, we increased our gross margin by 120 basis points to a new record...
— Stefan Larsson, Chief Executive Officer
03Detailed Report
PVH
PVH Corp
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 24, 2026
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Executive Summary
PVH reported Q4 2024 revenue of $2.3716 billion with a strong gross margin (58.2%) and operating income of $224.6 million (9.5% operating margin). Management highlighted progress on its multi-year PVH+ transformation, brand investments behind Calvin Klein and Tommy Hilfiger, and record annual gross margin. Operating cash flow was healthy ($486.5M) and free cash flow was positive ($443.2M), enabling significant shareholder returns (share repurchases). Balance sheet liquidity is solid (cash $748.0M) but net leverage remains elevated (net debt ~$2.64B). Near-term risks include a softer consumer backdrop in North America, volatility and regulatory friction in China (MFCOM designation), and operational headwinds from Calvin Klein product centralization affecting early-2025 margins. Management expects 2025 revenue flat-to-slightly-up and operating margin flat-to-up slightly with record non-GAAP EPS of $12.40–$12.75, underpinned by planned $500M buybacks.
Key Performance Indicators
Revenue
Increasing
2.37B
QoQ: 5.17% | YoY: 21.50%
Gross Profit
Increasing
1.38B
58.24% margin
QoQ: 4.91% | YoY: 15.23%
Operating Income
Increasing
224.60M
QoQ: 38.13% | YoY: 23.81%
Net Income
Increasing
157.20M
QoQ: 19.18% | YoY: 3.83%
EPS
Increasing
2.81
QoQ: 19.07% | YoY: 6.84%
Revenue Trend
Margin Analysis
Financial Highlights
Reported Q4 revenue: $2,371.6M (quarter). Gross profit: $1,381.3M (gross margin 58.2%). Operating income: $224.6M (operating margin 9.47%). EBITDA: $287.8M. Net income: $157.2M. Diluted EPS: $2.78. Operating cash flow (Q4): $486.5M; CapEx: $43.3M; Free cash flow: $443.2M. Cash and equivalents: $748.0M. Total debt: $3,391.1M; Net debt: $2,643.1M. Current ratio: 1.27; cash conversion cycle: 65.8 days; days inventory outstanding: 137.1. Interest coverage: 10.9x. Selected market multiples reported by company/consensus: P/E 7.3, P/S 1.93, Price/Book 0.89, EV multiple 25.1.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.37B
21.50%
5.17%
Gross Profit
1.38B
15.23%
4.91%
Operating Income
224.60M
23.81%
38.13%
Net Income
157.20M
3.83%
19.18%
EPS
2.81
6.84%
19.07%
Key Financial Ratios
Gross Profit Margin
Good
58.20%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Fair
9.47%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Fair
6.63%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
1.42%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
3.06%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.27
Current ratio meets minimum requirements but limited cushion
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