Fourth quarter revenue for the company was up by 2% to US$2.49 billion, up 8% on a constant currency basis. Meanwhile, full year revenue for 2022 was down by 1% to US$9 billion with an increase of 5% on a constant currency basis.
Tommy Hilfiger achieved a revenue increase of 3% in the fourth quarter with a 10% increase on a constant currency basis, while its full year result was a drop of 1% year-on-year, increasing by 7% in constant currency.
Meanwhile, Calvin Klein reported revenue up by 3% and increasing 8% on a constant currency basis. For the full year, revenue was up by 3% year-on-year and up 10% on a constant currency basis.
EBIT on a GAAP basis was US$297 million for the fourth quarter, inclusive of a US$21 million negative impact due to foreign currency translation, while the group achieved a result of US$471 million for the full year, inclusive of a US$94 million negative impact due to foreign currency affects.
Looking forward, the company is expecting revenue to increase by 3-4% year-on-year in the full 2023 fiscal period, while revenue for the first quarter alone is expected to be relatively flat.
CEO Stefan Larsson said: “We delivered strong fourth quarter performance with stronger than expected high-single digit constant currency revenue growth and earnings above guidance.
Our disciplined execution of the PVH+ Plan, our multi-year, brand-focused, direct-to-consumer and digitally-led strategy, enabled us to compete to win despite the challenging macro situation. Since we introduced our PVH+ Plan, we have made significant progress all around the world in driving brand desirability by getting closer to the consumer, creating great products and delivering very strong consumer engagement through impactful talent partnerships.”
