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PVH Corp. 200 Madison Avenue New York, NY 10016 FRONT COVER: Calvin Klein Underwear Justin Bieber Speedo Ryan Lochte PVH Corp. 200 Madison Avenue New York, NY 10016 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 FSC® certified. The cover is printed on Sterling Gloss 100 lb. Cover. Pages 1 to 32 are printed on Mohawk Loop Silk Coated 100 lb. Text. Pages 33 to 34 and the Annual Report on Form 10-K are printed on Finch Casa Opaque 40 lb. Text. Sterling Gloss contains 10% post-consumer recycled fiber. It’s acid free for permanence, using elemental chlorine-free bleach (ECF) and recycled pulp that is processed chlorine-free (PCF). The manufacturing of Mohawk Loop Silk Coated is carbon-neutral. Mohawk Loop Silk Coated contains 50% post-consumer waste fiber. Two-thirds of the energy used in manufacturing Finch Casa Opaque comes from renewable, non-fossil sources. Finch Casa Opaque contains 30% post-consumer waste fiber. ANNUAL CALVIN KLEIN TOMMY HILFIGER HERITAGE BRANDS 2015 EXECUTION OF OUR STRateGIC PRIORITIES WILL DRIVE LONG-TERM GROWTH TABLE OF CONTENTS BY THE NUMBERS Total Revenues Earnings Per Share2 $ In Millions $8,5751 $8.431 $8,241 $7.30 $8,2162 $7.03 2015 2015 FX Impact 2014 2013 Total Revenues 22% Operating Income3 13% By Business 2015 By Business 2015 42% 42% 36% 45% Tommy Hilfiger Calvin Klein Heritage Brands Total Revenues4 9% Operating Income2,4 20% By Region 2015 By Region 2015 9% 11% 27% 33% 55% 36% Europe Asia Pacific U.S. Americas (excluding U.S.) Free Cash Flow2 Gross Leverage Ratio2 $ In Millions *Debt paydown of ~$1.3 billion since the Warnaco acquisition $573 3.0x $469 3.1x $110 3.3x 2015 2014 2013 1 Figures exclude the impact of foreign currency. Refer to GAAP to Non-GAAP and constant currency reconciliations on pages 30 to 34. 2 Figures exclude non-recurring and one-time items. Refer to GAAP to non-GAAP reconciliations on pages 30 to 34. 3 Figures exclude non-recurring and one-time items and corporate expenses. Refer to GAAP to non-GAAP reconciliations on pages 30 to 34. 4 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. 02 Letter to Stockholders 28 Directors, Officers, Executives & Brand Management 12 Calvin Klein 29 Other Information 16 Tommy Hilfiger 30 Financial Highlights 20 Heritage Brands 30 GAAP to Non-GAAP Reconciliations 24 Corporate Responsibility 35 Annual Report on Form10-K EMANUEL CHIRICO Chairman and Chief Executive Officer PVH CORP. ANNUAL REPORT LETTER TO STOCKHOLDERS 03 LETTER TO STOCKHOLDERS DEAR FELLOW STOCKHOLDERS, 2015 was a year of execution for PVH. We stayed Despite all the challenges, I am pleased to say that we focused on our top strategic priorities and our saw great improvements across many of our businesses commitment to invest in our brands and operating in 2015, as we executed against our key strategies, platforms. We collaborated across our businesses by exceeded our revenue and earnings per share guidance sharing innovation and best practices, while exercising and made sound investment decisions to enhance sustainable business practices. We believe that our stockholder value over the long-term. We concentrated brands, led by Calvin Klein and Tommy Hilfiger, continue on the importance of consumer engagement and built to be strong and position us well in the marketplace strategies to respond to what we believe our consumers against our competition. want. We elevated our products through the use of new technical and functional fabrics and features, With the evolving retail landscape and more globally and improved the quality of our products and how we aware consumers, execution and differentiation are interact with consumers. Further, we enhanced our critical to driving a successful business model and digital commerce capabilities by delivering improved PVH has been at the forefront of the rapidly changing navigation and by making sure styles and sizes were environment. This past year further highlighted the available through our dynamic supply chain, including complexities that we, along with other global apparel adding replenishment programs to certain categories companies, increasingly have to address, including to always be in stock. Lastly, as an industry leader, the volatile macroeconomic environment, the shift we continued to recognize the great responsibility and in consumer buying habits among retail channels, opportunity to make positive impacts – focusing on changes in consumer spending habits and the impact of ensuring safe workplaces, preserving the environment, the strengthening U.S. dollar against foreign currencies. empowering people and supporting communities in The strengthening U.S. dollar has been a particular which we work and live. headwind, as nearly two-thirds of our earnings before interest and taxes on a non-GAAP basis are generated from jurisdictions outside of the United States. Our people continue to be our greatest asset and our teams have been successfully adapting to and navigating through these challenges. 04 LETTER TO STOCKHOLDERS PVH CORP. ANNUAL REPORT 2015 Business Review We posted solid underlying financial performance in Our results were achieved despite soft demand for 2015. Earnings per share was $7.05* on a non-GAAP apparel in the U.S., our largest market, which pressured basis, including a negative impact of $1.38 per share our North America sales and margins. We saw the related primarily to foreign currency exchange rates. strengthening U.S. dollar significantly reduce in-store This exceeded our initial guidance on a non-GAAP basis traffic and spending trends in our largest U.S. stores of $6.75-$6.90* and subsequent guidance updates. that are dependent on international tourists, especially Earnings per share increased 15%* on a non-GAAP, in Tommy Hilfiger retail. Additionally, unseasonably constant currency basis compared to 2014, in line with warm weather over the Fall / Holiday season led to our long-term targets. Our Calvin Klein business was a further sales decreases. All of our U.S. retail teams highlight for the year, as the investments that we made faced elevated inventories and a more promotional over the last few years started to generate results and selling environment and had to adapt quickly to we saw strength across essentially all regions where we implement new traffic-driving initiatives, proactively operate. Our Tommy Hilfiger business also saw positive taking markdowns and paring back inventory levels to momentum in its international markets, highlighting respond to softer demand. the power of the Tommy Hilfiger brand through its ability to post growth on top of challenging multi-year comparisons. Lastly, our Heritage Brands business produced results from our efforts to turn around the business, with a notable improvement in profitability. * Financial measures on a non-GAAP and constant currency basis reconciled on pages 30-34. Solid Balance Sheet Management Continues Further, the appreciation of the U.S. dollar against the We continuously strive to enhance our execution and major foreign currencies in which we conduct business reach the full potential of our businesses through had a significant negative impact on the reported results financial prudence and accountability, which remain for our international businesses, as revenues and key priorities for us. In 2015, we strengthened our earnings generated in these markets faced translational credit profile through the repayment of an additional and transactional pressures. As one of the largest $350 million of debt, having now repaid approximately apparel companies in the world, these headwinds $1.3 billion in the aggregate of the $3.0 billion of were significant and were impossible to circumvent debt incurred in connection with the Warnaco completely. Accordingly, our stock experienced acquisition. This brought our gross leverage ratio down significant downward pressure. This was disappointing, to 3.0x*. As our businesses continue to generate as we believe that our solid underlying results and a significant amount of free cash flow and our gross execution of our strategic objectives were overshadowed leverage ratio is approaching our targeted range of by the macroeconomic backdrop. around 2.5x, our view on capital allocation has evolved to include the return of a portion of our excess cash flow directly to stockholders. As such, we initiated a stock repurchase program in June 2015 and repurchased approximately $126 million of our OUR COMMITMENT TO FINANCIAL outstanding common stock (approximately 1.3 million PRUDENCE AND ACCOUNTABILITY shares). Through our ongoing emphasis on maintaining IS INHERENT AS WE STRIVE TO a strong credit profile and a healthy balance sheet, DELIVER ON OUR BUSINESS we believe that we will continue to be able to deliver STRATEGIES AND CREATE VALUE FOR OUR STOCKHOLDERS. on our business strategy and create value for our stockholders. Michael A. Shaffer (Letter continues on page 8.) Executive Vice President * Financial measures on a non-GAAP and and Chief Operating & Financial Officer constant currency basis reconciled on pages 30-34. PVH CORP. ANNUAL REPORT LETTER TO STOCKHOLDERS 05 2015 BUSINESS HIGHLIGHTS Calvin Klein Jeans Store Corso Buenos Aires, Milan n Posted constant currency n Leveraged our expertise across topline growth across most our underwear businesses: markets for our Calvin Klein and Tommy Hilfiger businesses. n Fortune magazine once again named PVH Corp. on its annual - Sales of Calvin Klein list of The World’s Most Underwear were robust in Admired Companies. all key markets and, for the first time, women’s product outperformed men’s. - The Tommy Hilfiger underwear n Posted stellar performance marketing campaign featuring in Europe: Rafael Nadal had over 500 - Our Calvin Klein Europe million impressions and helped business posted a significant improve full price sales and increase in sales and sell throughs of underwear profitability, driven by strength in Europe and the U.S.
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