PVH Corporation (PVH, Financial), owner of Calvin Klein and Tommy Hilfiger brands, fell during the last 12 months asthe company continues to struggle with supply chain issues resulting in delivery delays. During the first quarter, the company lowered its guidance, causing a sharp selloff in the stock. Some analysts worry that a slower-than-expected rebound in international travel may have a negative impact on the company this year (70% of sales are ex-US). Despite these concerns, management is projecting modest revenue growth and near record gross margins for 2022, and we remain confident in the company’s long-term prospects.12
From Steven Scruggs (Trades, Portfolio)' FPA Queens Road Small Cap Value Fund fist-quarter 2022 commentary.
