PVH’s stock fell on Wall Street Wednesday morning after the retailer revealed a top-line miss the day before.
per share forecast to $8.14 apiece, down from $8.82, but maintained its $70 price target, rating the stock “equal weight.” The analyst also pointed out that things like excess inventory , along with operations management in North America continue to present challenges for PVH. The latter of which he referred to as “lackluster and well below pre-pandemic levels.
In an internal company document obtained by WWD, Larsson praised the company’s fundamentals and explained to employees the go-forward strategy. “Looking ahead, we are planning our business prudently,” Larsson wrote. “It is important to remember that despite the current level of macro challenges, we continue to grow in a tough market, which speaks to the strength of our two brands, our teams and our ability to execute the PVH+ Plan. In tough times, successful companies like PVH focus on what is within our control.
But he added, “to drive efficiencies, we need to evolve and align our work with the growth drivers of the PVH+ Plan. This means simplifying how we work, streamlining decision-making to be closer to the consumer and eliminating unnecessary work.”“A big portion of the savings we generate will be reinvested in the key drivers of the PVH+ Plan,” Larsson wrote in the memo.
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