PVH (PVH) Q4 FY2023 earnings: revenue $2.5 billion, unchanged on the year

PVH Corp. (PVH) reported revenue of $2.5 billion for Q4 FY2023, the quarter ended 4 February 2024, unchanged on the same quarter a year earlier. Net income was $272 million, up 96.0% on the year, and diluted earnings per share $4.55. The figures are the company's own, from the 10-K it filed with the SEC on 2 April 2024.

Revenue$2.5 billionunchanged

Net income$272 millionup 96.0%

Diluted EPS$4.55

QuarterQ4 FY2023ended 4 February 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,490	2,363	n/a	n/a
Cost of revenue	989	1,024	n/a	n/a
Gross profit	1,501	1,339	n/a	n/a
Gross margin	60.3%	56.7%	n/a
Selling, general and administrative	1,216	1,124	n/a	n/a
Operating income	357	230	n/a	n/a
Operating margin	14.3%	9.7%	n/a
Interest expense	23.8	24.3	n/a	n/a
Pre-tax income	337	208	n/a	n/a
Income tax	65.1	46.0	n/a	n/a
Effective tax rate	19.3%	22.2%	n/a
Net income	272	162	n/a	n/a
Net margin	10.9%	6.8%	n/a
Diluted EPS	$4.55	$2.66	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	658	116	n/a	n/a
Capital expenditure	81.4	47.4	n/a	n/a
Free cash flow	576	68.1	n/a	n/a
Free cash flow margin	23.1%	2.9%	n/a
Cash from investing	80.2	-47.9	n/a	n/a
Cash from financing	-391	-74.6	n/a	n/a
Depreciation and amortisation	75.6	75.2	n/a	n/a
Share-based compensation	12.4	12.1	n/a	n/a
Buybacks	284	72.5	n/a	n/a
Dividend per share	n/a	$0.04	n/a	n/a
Diluted shares, weighted	62m	61m	n/a	n/a
Shares outstanding at period end	58m	60m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	5,119	5,054	n/a	n/a
Short-term borrowings	0.0	18.0	n/a	n/a
Debt	2,169	2,236	n/a	n/a
Operating lease liabilities	1,076	1,086	n/a	n/a
Other liabilities	2,809	2,773	n/a	n/a
Total liabilities and equity	11,173	11,167	n/a	n/a
Fixed assets	863	848	n/a	n/a
Goodwill	2,322	2,286	n/a	n/a
Intangible assets	3,097	n/a	n/a	n/a
Cash and equivalents	708	358	n/a	n/a
Receivables	793	1,045	n/a	n/a
Inventory	1,420	1,477	n/a	n/a
Other assets	1,970	5,153	n/a	n/a
Total assets	11,173	11,167	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,363	2,490	1,952	2,074	2,255	2,372	1,984	2,167	2,294	2,505	2,025	2,097
Cost of revenue	1,024	989	753	828	938	990	822	916	1,002	1,062	839	775
Gross profit	1,339	1,501	1,199	1,246	1,317	1,381	1,162	1,251	1,293	1,443	1,186	1,322
Gross margin	57%	60%	61%	60%	58%	58%	59%	58%	56%	58%	59%	63%
SG&A	1,124	1,216	1,017	1,083	1,154	1,157	1,024	1,129	1,121	1,218	1,074	1,112
Operating income	230	357	205	174	183	210	-332	133	181	249	124	-191
Operating margin	10%	14%	11%	8%	8%	9%	-17%	6%	8%	10%	6%	-9%
Interest expense	24.3	23.8	23.3	22.8	23.0	20.7	22.4	25.8	23.2	22.8	22.7	22.3
Pre-tax income	208	337	187	155	167	196	-350	111	160	229	108	-203
Tax rate	22%	19%	19%	-2%	21%	20%	n/a	-102%	97%	169%	19%	n/a
Net income	162	272	151	158	132	157	-44.8	224	4.2	-158	88.0	-103
Net margin	7%	11%	8%	8%	6%	7%	-2%	10%	0%	-6%	4%	-5%
Diluted EPS	$2.66	$4.55	$2.59	$2.80	$2.34	$2.83	-$0.88	$4.63	$0.09	-$3.46	$1.90	-$2.23
Operating cash flow	116	658	-66.7	292	28.7	486	-71.4	213	-44.5	583	-46.5	383
Capital expenditure	47.4	81.4	38.8	36.6	40.0	43.3	26.7	31.2	40.6	43.5	39.5	36.5
Free cash flow	68.1	576	-106	256	-11.3	443	-98.1	182	-85.1	540	-86.0	346
Buybacks	72.5	284	214	31.4	34.8	245	572	4.8	0.2	0.5	14.9	2.0
Shares outstanding	60m	58m	56m	56m	56m	53m	48m	48m	46m	46m	46m	46m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 4 February 2024, filed 2 April 2024, accession 0000078239-24-000013: the filing on EDGAR. All of PVH Corp.'s filings: EDGAR company page.

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