PVH Corp continued to report decreasing sales for the latest quarter, but management said the results were better than previously expected.

The company’s revenue fell 5 per cent year-on-year to $2.255 billion in the third quarter, a softer rate compared to guidance of a 6-7 per cent decline and a 6 per cent fall in the second quarter.

North America revenue was down 6 per cent. Revenue of international businesses was flat, with growth in Asia Pacific more than offset by the planned strategic reduction of sales in Europe.

At Tommy Hilfiger, overall sales were down 1 per cent, with international sales flat and North America sales down 3 per cent. Calvin Klein saw a 3 per cent decline, including a 1 per cent increase from its international business and 9 per cent drop in North America.

Earnings before interest and taxes on a GAAP basis was $183 million, compared to $230 million in the prior year.

“We beat our top- and bottom-line guidance for the third quarter, fueled by our relentless execution of the PVH+ Plan,” said Stefan Larsson, CEO of PVH Corp.

“We drove powerful consumer engagement for both Calvin Klein and Tommy Hilfiger and continued to build momentum in product, with significantly improved sell-throughs for the Fall 24 season across all regions and both our iconic brands, and we are coming into the holiday season with a fresh and strong inventory composition.”

For the full year, the company continues to expect a 6-7 per cent decrease in revenue. 

Further reading: Mixed results for Calvin Klein, Tommy Hilfiger parent PVH