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Annual Report 2016

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Annual Report 2016 PVH Corp. ANNUAL REPORT 2016 ANNUAL REPORT 2016 New York, NY 10016 New York, 200 Madison Avenue PVH Corp. PVH Corp. TABLE OF CONTENTS R EVENUES ($ in millions) 02 1 LETTER TO STOCKHOLDERS $8,203 ($8,303 on a constant currency basis) $8,020 $8,241 12 GAAP EARNINGS PER SHARE CALVIN KLEIN $6.79 $6.89 $5.27 16 TOMMY HILFIGER NON-GAAP EARNINGS PER SHARE 2 3 $6.80 ($8.45 on a constant currency basis) 2 $7.05 2 $7.30 20 2016 2016 FX Impact 2015 2014 HERITAGE BRANDS 2016 REVENUES ($8,203 million) 4 BY BUSINESS BY REGION 24 8% 19% CORPORATE 11% RESPONSIBILITY 43% 52% 29% 28 38% DIRECTORS, OFFICERS, EXECUTIVES & BRAND MANAGEMENT Calvin Klein Americas (excluding U.S.) Heritage Brands Asia Pacific Tommy Hilfiger Europe 29 U.S. OTHER INFORMATION 5 F REE CASH FLOW ($ in millions) $643 $573 30 $469 GAAP TO NON-GAAP RECONCILIATIONS 2016 2015 2014 1 Figures exclude the impact of foreign currency. Refer to GAAP to Non-GAAP Reconciliations on pages 30 and 31. 2 Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to GAAP to Non-GAAP Reconciliations on pages 30 and 31. 3 Figures exclude certain amounts that were deemed non-recurring or non-operational, as well as exclude the impact of foreign currency. Refer to GAAP to Non-GAAP Reconciliations on pages 30 and 31. 33 4 Americas (excluding U.S.) includes Canada, Mexico, South America, Central America and the Caribbean; Europe includes the Middle ANNUAL REPORT East and Africa; Asia Pacific includes Australia and New Zealand. 5 Free cash flow defined as cash flow from operations less capital expenditures, contingent payments to Mr. Klein and dividends. ON FORM10-K Refer to GAAP to Non-GAAP Reconciliations on pages 30 and 31. uring a year of continued volatility in the retail environment, PVH drove strong execution, while we continued to evolve our business Dmodel. We empowered our teams to think creatively, capitalize on new product and business opportunities and find innovative ways to engage consumers. As a result, we experienced great momentum across our businesses and delivered outstanding earnings per share results that exceeded our guidance throughout the year. Succeeding in the current business environment has required us to embrace change and adopt new initiatives to ensure that our business model is positioned for future success. In our industry, we see the convergence of the digital and physical worlds and a shift in consumer buying habits. More broadly, we are increasingly faced with geopolitical issues ranging from potential U.S. trade and regulatory reform, potential U.S. tax reform (including the spectre of border adjustment taxes), Brexit, national elections in key European countries and continued foreign currency volatility against the U.S. dollar. As one of the largest global apparel companies, we have been caught in the crosshairs of many of these issues; however, we believe that our industry- leading talent and long-term approach to managing the company will drive our business forward. During 2016, we continued to evolve our brands to maintain their relevance with consumers. With CALVIN KLEIN nearly 50 years old and Tommy Hilfiger over 30 years old, we continued to re-invest in key areas such as products, marketing and talent. We had several high-profile announcements this year, including the hiring of Raf Simons as Chief Creative Officer of Calvin Klein in August 2016. With the brand in a very strong position prior to the announcement, we felt that this was an opportune time to invest in CALVIN KLEIN by putting all of the CALVIN KLEIN brands under one visionary for the first time since before we bought the business in 2003. ForTommy Hilfiger, Gigi Hadid was enlisted as our global brand ambassador for the womenswear business beginning with the Fall 2016 collection. This strategic partnership has been overwhelmingly successful to date and helped drive awareness for the brand’s womenswear and accessories, which are key global growth opportunities. EMANUEL CHIRICO Chairman and Chief Executive Officer PVH CORP. ANNUAL REPORT ANNUAL REPORT PVH CORP. S DER L TOCKHO S TO e encouraged associates paced and more rewarding of across the organization to companies that are dynamic and ETTER be forward-thinking, with responsive. As we worked toward L W these objectives, we remained 4 a focus on adapting to the evolving consumer environment, enhancing firmly committed to corporate our brands and their competitive responsibility, as we recognize both positioning across product lines the opportunity and the responsibility and geographies, and adjusting for business to take a lead role in our procedures to make it easier addressing pressing global issues. to initiate and effect change. As a Our corporate responsibility efforts result, we actively diversified our continued to focus on empowering distribution of CALVIN KLEIN people, preserving the environment and Tommy Hilfiger products into and supporting our communities. specialty accounts in the U.S. We believe corporate responsibility and Europe that have relevance helps strengthen our organization with younger generations, such as by managing risk, maximizing Urban Outfitters and Topshop. efficiencies and driving value in a rapidly changing world. Through We also significantly increased our collective efforts, we seek to the social and digital reach of our create value for both society and brands. We enhanced our own digital our business. commerce platforms, recalibrated our relationships with our traditional A YEAR OF wholesale customers to account FINANCIAL STRENGTH for the growing digital component of their businesses and expanded PVH delivered strong underlying our presence with pure play digital financial performance in 2016. Our commerce accounts. Across our revenues again exceeded $8 billion digital footprint, we worked closely and we posted GAAP earnings per with our top wholesale partners share of $6.79 ($6.80* on a non- to better transform the online GAAP basis), including a negative consumer experience for each of impact of $1.65 per share related our brands. to foreign currency exchange rates. Importantly, we achieved these In addition, we invested in our future results while continuing to invest in by evolving our supply chain, building our businesses, as we enhanced our upon our operating platforms and brand teams, products, marketing harnessing sustainable innovation campaigns and regional operating to enhance our efficiencies across platforms, including our systems. the organization. We continued to embrace speed, as we worked to Our international businesses were reduce lead times, leverage the power a highlight, particularly in Europe, of data, and simplify processes in a as our Tommy Hilfiger business world that is becoming faster- continued to post what we believe to be industry-leading performance. * Figure excludes certain amounts that were deemed non-recurring or non-operational. Refer to GAAP to Non-GAAP Reconciliations on pages 30 and 31. PVH CORP. ANNUAL REPORT ANNUAL REPORT PVH CORP. L ETTER TO S TOCKHO L DER S 5 Our Calvin Klein Europe business Domestically, our performance was spending in our CALVIN KLEIN and also saw dramatic growth in 2016 marked by strength in our continuing Tommy Hilfiger stores located in and significantly exceeded our wholesale businesses and challenged tourist destination areas, resulting expectations. Our China businesses, performance in our Calvin Klein from the strong U.S. dollar. including our Tommy Hilfiger China and Tommy Hilfiger outlet retail business, which we acquired in businesses. Our brands were top While we experienced foreign April 2016, also performed well. We performers across our key wholesale currency headwinds, particularly attribute our international execution to accounts in North America, capturing transactional pressures, our gross the solid brand foundations we have market share from competitors. Our margins expanded significantly, built globally, driven by compelling Calvin Klein business performed due to our prudent inventory product offered at the right price/ well in most product categories, management, higher average unit value proposition and supported Tommy Hilfiger’s performance was retail prices, improved sourcing by engaging marketing campaigns. particularly strong on the men’s side, capabilities and the benefit related We are also proud of our ongoing and our Heritage Brands business to expansion in our higher-margin efforts to provide an exceptional experienced improvements, driven by international businesses. At the same customer experience through in-store the introduction of new technologies time, our earnings before interest and digital initiatives and consumer and fabrications. This strength was and taxes rose 4% on a GAAP basis engagement investments. in contrast to our U.S. outlet and 12%+ on a non-GAAP and retail business, which continued constant currency basis. to experience weakness, largely + Figure excludes certain amounts that were deemed non-recurring or non-operational, as well as excludes attributable to the sustained decrease the impact of foreign currency. Refer to GAAP to Non-GAAP Reconciliations on pages 30 and 31. in international tourist traffic and 2016 WAS A YEAR OF EXCITING ANNOUNCEMENTS, AS WE TOOK ACTIONS TO EVOLVE OUR BRANDS FROM A BUSINESS AND A CREATIVE STANDPOINT, WHILE ALSO MAINTAINING OUR UNWAVERING COMMITMENT TO CORPORATE RESPONSIBILITY. JUNE 2016 PVH forms manufacturing joint venture in Hawassa Industrial Park in Ethiopia JANUARY 2016 PVH University Launch: Offering on-demand leadership
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