PVH Introduces Strategic Growth Plan; Increases Stock Repurchase Plan By $1 Bln

(RTTNews) - PVH Corp. (PVH) introduced its multi-year strategic growth plan "PVH+ Plan." The company reaffirmed its first quarter and full year 2022 outlook. It has increased the stock repurchase plan by $1 billion.

The PVH+ Plan provides roadmap for brand-, digital- and direct-to-consumer (DTC)-led sustainable, profitable growth through 2025 to deliver accelerated financial performance and long-term value creation.

The company noted that the execution of the PVH+ Plan will accelerate the growth of its two key brands Calvin Klein and TOMMY HILFIGER.

The company expects execution of the PVH+ Plan will achieve high single-digit compounded annual growth in revenue from 2021 to approximately $12.5 billion in 2025. Free cash flow is expected to be over $1.0 billion in 2025.

The company still expects first quarter 2022 earnings per share to be in a range of $1.55 to $1.60. Revenue in the first quarter of 2022 is still projected to be relatively flat or increase approximately 4% on a constant currency basis compared to the prior year period.

The company still projects that 2022 earnings per share will be approximately $9.00. Revenue in 2022 is projected to increase 2% to 3% or increase 6% to 7% on a constant currency basis as compared to 2021.