PVH Corp. reports Q3 Tommy Hilfiger North America SSS down 11%
Revenue in the Tommy Hilfiger business for the quarter increased 4% to $927M compared to the prior year period. Tommy Hilfiger International revenue increased 16% to $525 million (increased 18% on a constant currency basis) compared to the prior year period. This increase was driven by continued strong growth in Europe, including a 10% increase in comparable store sales, and the Company's April 2016 acquisition of the 55% interest in its joint venture for Tommy Hilfiger in China that it did not already own. Tommy Hilfiger North America revenue decreased 7% to $402 million compared to the prior year period. The North America revenue decrease was principally due to an 11% comparable store sales decline, driven by continued weakness in traffic and consumer spending trends in Tommy Hilfiger's U.S. stores located in international tourist locations, and the winding down of the Company's directly operated womenswear wholesale business in the U.S. and Canada in connection with licensing this business to G-III Apparel Group, Ltd.