Shares of apparel company PVH Corp. (NYSE:PVH) are in focus today after it provided key updates on its streamlining efforts announced last year.
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In August 2022, PVH announced plans to slash its global headcount by 10% by the end of this year to boost efficiencies and drive growth across digital, supply chain, and consumer engagement.
It expects to realize annual cost savings of over $100 million as a result of these initiatives. Owing to these plans, PVH has incurred pre-tax costs of $20 million in 2022. The company has also announced further headcount trim today and expects to incur severance expenses of ~$50 million in the second quarter as a result.
Further, PVH also expects to undertake additional steps under its streamlining plans and sees a majority of these actions getting concluded by the end of the third quarter.
Overall, the Street has a $97.60 consensus price target on PVH alongside a Moderate Buy consensus rating. Shares of the company have gained nearly 54% over the past 52 weeks.
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