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PVH Corp. 2017 Annual Report PVH CORP. ANNUAL REPORT 2017 New York, NY 10016 New York, 200 Madison Avenue PVH Corp. PVH Corp. About PVH ith a history going back over 135 years, PVH has excelled at growing brands and businesses with rich American heritages, becoming one of the largest apparel companies in the world. We have over 36,000 associates operating in over 40 countries and nearly $9 billion in 2017 revenues. We own the iconic CALVIN KLEIN, TOMMY HILFIGER, Van Heusen, IZOD, ARROW, Speedo*, Warner’s and Olga brands, as well as the digital-centric True&Co. intimates brand, and market a variety of goods under these and other nationally and internationally known owned and licensed brands. As an industry leader, we recognize the great responsibility and opportunity to make positive impacts throughout our value chain by empowering the people with whom we work, preserving the environment and supporting our communities. *The Speedo brand is licensed for North America and the Caribbean in perpetuity from Speedo International Limited. TABLE of CONTENTS 03 10 12 16 20 LETTER to YEAR IN Calvin TOMMY HERitaGE StocKHOLDERS REVIEW KLEIN HILFIGER BRANDS PVH Corp. utilized a printer that has Forest Stewardship Council® (FSC®) certification, uses soy-based inks exclusively and purchases carbon-neutral materials. All of the papers used in this publication are Forest Stewardship Council® (FSC®) certified, manufactured using elemental chlorine-free (ECF) bleach, use sustainable forestry initiative (SFI) certified sourcing, are acid free, and use recycled pulp that is processed chlorine-free (PCF). by THE NUMBERS R EVENUES 2017 REVENUES ($ in millions) $8,915 2 BY BUSINESS BY REGION $8,203 % 17 4852 $8,020 8 7 11 GAAP EARNINGS PER SHARE 12 39 $6.84 $6.79 $6.89 NON-GAAP EARNINGS PER SHARE 44 29 33 $7.941 $6.801 $7.051 Calvin Klein Americas (excluding U.S.) Heritage Brands Asia Pacific Tommy Hilfiger Europe 2017 2016 2015 U.S. 1 Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to GAAP to Non-GAAP Reconciliations on pages 30 and 31. 2 Americas (excluding U.S.) includes Canada, Mexico, South America, Central America and the Caribbean; Europe includes the Middle East and Africa; Asia Pacific includes Australia and New Zealand. 24 28 29 30 33 CORPORATE DIRECTORS, OTHER GAAP TO ANNUAL RESPONSIBILITY OFFICERS, INFORMATION NON-GAAP REPORT EXECUTIVES RECONCILIATIONS ON FORM10-K & BRAND MANAGEMENT EMANUEL CHIRICO Chairman and Chief Executive Officer LETTER to STOCKHOLDERS 017 was a year of investments and outstanding results. Driven by our long-term vision, we invested in areas that are most impacted by the 2 changing dynamics in the industry – the growing prominence of digital, the importance of having a nimble and responsive supply chain and our essential commitment to driving consumer engagement. We encouraged associates across our organization to be forward-thinking, with a focus on adapting to the evolving consumer environment, enhancing our brands and their competitive positioning across product lines and geographies, and better aligning our business to make it easier to initiate and effect change. While we, like many other global consumer companies, faced overarching geopolitical headwinds, the power of our brands, our businesses and, most importantly, our people drove our company forward. We continue to set our sights on making positive impacts in our communities while leading change across our business. PVH recognizes its responsibility as an industry leader and one of the world’s largest apparel companies to address its social and environmental impacts and contribute to a fair, healthy future for all. Further, we recognize the opportunity to make positive impacts throughout our value chain by empowering the people with whom we work, preserving the environment and supporting our communities. Our dedication to inspire and engage our consumers is at the heart of everything we do, and this manifested itself in the progress we made throughout our brands ANNUAL REPORT PVH CORP. and businesses in 2017. As a result, we experienced momentum across our businesses and our financial performance exceeded our guidance throughout the year. Our revenues grew 9% to $8.9 billion and we posted GAAP earnings per share of $6.84 ($7.94* on a non-GAAP basis), including a negative impact of $0.15 per share related to foreign currency exchange rates. L ETTE R T O ST O CK HOL DE *Figure excludes certain amounts that were deemed non-recurring or non-operational. R Refer to GAAP to Non-GAAP Reconciliations on pages 30 and 31. S 3 OUR CONSUMER-CENTRIC BUSINESS MODEL ur teams are passionate We embarked on a product evolution Leveraging our consumer-centric about creating high quality, across our brands, introducing new mindset, we are engaging consumers Otrend-right products that features, improving our fits and by growing our presence where are complemented by compelling integrating new technologies, all while they prefer to shop and creating online and offline consumer staying true to each brand’s unique exciting brand experiences across experiences. The consumer is at positioning within the marketplace. our distribution channels – from our the center of everything we do. We These product enhancements allowed wholesale accounts to our own stores believe in balancing the heritage of us to grow our fashion relevance and and digital commerce sites. In our our iconic brands with the need to credibility, while also better catering own stores, we leveraged our loyalty evolve and maintain their cultural to our consumers’ preferences. programs, updated our stores with relevance. Innovation was a guiding enhanced digital and omni-channel force, with our teams capitalizing on We also took measures to broaden features and implemented more creative new ways to connect with our reach by offering limited edition marketing and visual components to the next generation of consumers. capsule collections and unique elevate the consumer experience. We leveraged the power of digital collaborations that we believe helped and social media and enlisted key us propel our brands forward by influencers to drive brand and engaging with a new, more youth- cultural relevancy for CALVIN KLEIN minded consumer. Our sales into and TOMMY HILFIGER. We believe specialty accounts, while small, that we are strengthening our continued to be a strategic component relationships with our consumers of our business model, as we believe through these initiatives by growing that it helps facilitate the continued our share of voice. relevance and demand for our brands with younger consumers. PVH CORP. ANNUAL REPORT ANNUAL REPORT PVH CORP. S R DE HOL CK O ST O T R ETTE L 4 We further developed our digital STRATEGIC PRIORITIES footprint, achieving over 20% growth in the channel. We enhanced the digital consumer experience on our own sites by featuring a wider assortment of products and launching Drive new personalization features. We Drive consumer engagement leveraged our best practices with our by investing in brand, product, wholesale customers and worked channel, and in-store and with them to implement thoughtful online experiences. new ways to drive volume. Pure play digital commerce retailers continued to provide an important platform for us to reach consumers and we developed innovative commercial opportunities for our brands with them, including Expand the CALVIN KLEIN X Amazon Fashion Expand CALVIN KLEIN’s and holiday retail experience. This TOMMY HILFIGER’s worldwide collaboration consisted of a curated reach and extend direct control #mycalvinS page on Amazon and over licensed businesses. pop-up shops in New York City and Los Angeles, driving tremendous brand coverage and significant sales growth during one of the most important selling periods of the year. Invest Invest in and evolve our operating platforms through our systems, consumer data, speed to market, digitalization, supply chain initiatives and centers of excellence. Driven by our Develop consumer-centric Develop a talented and skilled mindset, we are growing organization that embodies our core values by attracting and retaining our presence where talent through associate engagement PVH CORP. ANNUAL REPORT ANNUAL REPORT PVH CORP. our consumers prefer and career growth opportunities, while to shop and creating providing an inclusive workplace where every individual is valued. exciting brand experiences across our Generate distribution channels. Generate free cash flow by accelerating topline growth and focusing on margin and working L capital opportunities, while ETTE R maximizing returns. T O ST O CK HOL DE R S 5 CAPITALIZING ON THE POWER OF OUR GLOBAL BUSINESSES e continue to believe that One of our greatest accomplishments China was also a positive story for our greatest opportunities of the year was the outstanding CALVIN KLEIN and TOMMY HILFIGER. Ware centered on expanding performance that we delivered in Our Calvin Klein business continues CALVIN KLEIN’s and TOMMY HILFIGER’s Europe. Our Tommy Hilfiger Europe to experience momentum and is worldwide reach. We posted 16% business, which is well-established, well-positioned to deliver significant revenue growth outside of the U.S. in posted strong double-digit topline growth. The integration of our Tommy 2017, as we capitalized on the growth growth, which exceeded our Hilfiger business is complete and we opportunities for CALVIN KLEIN in expectations and speaks to the are actively making investments in Europe, as well as both brands in Asia strong positioning in the market. people, stores, digital engagement and and Latin America. We attribute the Our Calvin Klein Europe business, marketing. We believe that TOMMY momentum we are experiencing to the which is much less penetrated, saw HILFIGER is underdeveloped in China solid brand foundations we have built tremendous growth, as we executed and it can reach its true potential by globally, as consumers appreciate on our strategic roadmap and evolved increasing the category offerings and our compelling products, impactful our offerings into a true lifestyle expanding distribution, including a consumer engagement initiatives representation.
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