PVH Corp. provided earnings guidance for the first quarter and full year 2022. Revenue in the first quarter of 2022 is projected to be relatively flat (increase approximately 4% on a constant currency basis) compared to the prior year period, reflecting (i) a 5% reduction resulting from the Heritage Brands transaction and the exit from the Heritage Brands Retail business and (ii) a 1% reduction resulting from the Company's decision to temporarily close its stores and pause commercial activities in Russia and Belarus, as well as a reduction in wholesale shipments to Ukraine as a result of the war. The Company currently projects that first quarter 2022 earnings per share will be in a range of $1.55 to $1.60 compared to $1.38 on a GAAP basis.

Revenue in 2022 is projected to increase 2% to 3% (increase 6% to 7% on a constant currency basis) as compared to 2021, which reflects (i) a 2% reduction resulting from the Heritage Brands transaction and the exit from the Heritage Brands Retail business and (ii) a 2% reduction resulting from the Company's decision to temporarily close its stores and pause commercial activities in Russia and Belarus, as well as a reduction in wholesale shipments to Ukraine as a result of the war. The Company currently projects that 2022 operating margin will be approximately 10%. The Company currently projects that 2022 earnings per share will be approximately $9.00 compared to $13.25 on a GAAP basis.