The revenue of PVH Corp in the fourth quarter of fiscal 2021 has increased 16 per cent to $2.430 billion (increased 20 per cent on a constant currency basis) compared to the prior year period and exceeded guidance, despite continued supply chain and logistics disruptions and the ongoing impacts of the COVID-19 pandemic, particularly the Omicron variant.
In the fourth quarter, revenue through digital channels grew approximately 10 per cent compared to the prior year period. Revenue in the fourth quarter reflected a 5 per cent reduction resulting from the Heritage Brands transaction (as defined under the heading “Non-GAAP Exclusions'') and the exit from the Heritage Brands Retail business. The prior year period was negatively impacted by extensive temporary store closures, with approximately 70% of the Company’s retail stores in Europe and approximately 75 per cent of the company’s stores in Canada closed as a result of the pandemic, PVH Corp said in a press release.
“We delivered strong fourth quarter revenue and earnings above guidance. For 2021, we executed on our accelerated recovery priorities, achieving operating margins that were above 2019 pre-pandemic levels and ahead of our plan, driven by strong gross margin expansion, further positioning PVH to win with the consumer in the ‘new normal’ and deliver sustainable profitable long-term growth,” Stefan Larsson, chief executive officer, said.
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