PVH Corp. reported its fourth-quarter and full-year 2024 results, showing a decline in revenues but solid profitability metrics. The company’s revenue for the fourth quarter was $2.372 billion, a decrease of 5% from the prior year, and down 2% on a constant currency basis. This performance exceeded the guidance range of a 6% to 7% decrease (4% to 5% decline on a constant currency basis). For the full year, PVH’s revenue dropped 6% to $8.653 billion, also better than the initial guidance of a decline of 6% to 7%.

The gross margin for the fourth quarter was reported at 58.2%, down from 60.3% a year earlier due to a more promotional environment, increased freight costs, and unfavorable channel mix. The company’s operating margin on a non-GAAP basis for the full year was 10%, consistent with the previous year, while the GAAP operating margin stood at 8.9% for 2024.

Earnings per share (EPS) for the fourth quarter were $3.27 on a non-GAAP basis, exceeding the guidance of $3.05 to $3.20 and up from $3.72 in the prior-year quarter. Full-year non-GAAP EPS reached a record $11.74, a 10% increase over the previous year, surpassing guidance of $11.55 to $11.70.

PVH’s earnings before interest and taxes (EBIT) for the fourth quarter amounted to $244 million, a decrease compared to $301 million from the previous year. On a GAAP basis, EBIT was $210 million, impacted by an actuarial loss on retirement plans.

Looking ahead, PVH projected full-year 2025 revenue to be flat to slightly increasing when compared to 2024. The full-year operating margin is expected to be flat to slightly up from the non-GAAP level of 10% achieved in 2024, with first-quarter revenue anticipated to be flat to down 2%. Full-year 2025 non-GAAP EPS is forecasted to range between $12.40 and $12.75, which includes an approximate $0.20 per share negative impact from foreign currency translation.

The company also announced plans for $500 million in stock repurchases for 2025 under accelerated share repurchase agreements, reflecting confidence in its long-term growth prospects.

PVH’s focus remains on its key brands, Calvin Klein and Tommy Hilfiger, as it continues to execute its PVH+ Plan, aiming for sustainable long-term growth amidst current macroeconomic challenges, particularly in North America and China.