Fashion group PVH Corp reported a decline in revenue for both the fourth quarter and full-year 2024.

The company’s fourth-quarter revenue fell 5 per cent year-over-year to $2.372 billion compared to $2.490 billion in the prior year; while full-year revenue declined 6 per cent to $8.653 billion.

Despite the downturn, CEO Stefan Larsson highlighted the resilience of its Calvin Klein and Tommy Hilfiger brands, positioning them for long-term growth.

“In a challenging macro environment, we delivered another year of strong profitability in North America, drove sequential improvements in our wholesale order books in Europe while enhancing our quality of sales, and achieved our third consecutive year of growth in Asia Pacific on a constant currency basis,” Larsson explained.

In terms of brand performance, Tommy Hilfiger’s revenue declined 5 per cent, driven by a 7 per cent drop internationally, while North America remained flat.

Calvin Klein’s earnings fell 2 per cent overall but rose 3 per cent in North America, which PVH attributed to wholesale shipment timing.

Heritage Brands’ revenue dropped 41 per cent, primarily due to the sale of the women’s intimates business in 2023.

At the same time, PVH’s direct-to-consumer revenue also declined by 5 per cent in the fourth quarter. 

Sales from owned stores fell 4 per cent, while digital commerce dropped 10 per cent, which the company attributed to its “strategic reductions” in Europe.

Finally, the group’s wholesale revenue declined 5 per cent, reflecting to similar adjustments.

Looking ahead, Larsson said the group plans to strengthen its brand-building efforts and potential.

“We are positioning the company for long-term, sustainable growth and remain relentlessly focused,” he concluded.

PVH Corp –  formerly Phillips-Van Heusen Corporation – is an American clothing company with brands including Tommy Hilfiger and Calvin Klein. It also licenses labels such as Kenneth Cole and Michael Kors.