PVH Corp Q3 FY20: sales $2.11 bn; net income $70 mn

PVH Corp, a US-based global apparel companies, has reported 18 per cent revenue decline to $2.11 billion in its third quarter (Q3) FY20 that ended on November 1, compared to the revenue of $2.43 billion in the same period last fiscal. Company’s net income for the quarter rose to $69.5 million compared to net loss of $1.07 billion in Q3 FY19.

 

“Our third quarter results exceeded our expectations across all markets and channels, with a very strong recovery in Europe and China, considering the ongoing Covid-19 pandemic. It is clear where we are winning with the consumer – in our international businesses, across our digital channels, and with casual assortments – and we increasingly are shifting our business towards these channels and categories,” Emanuel Chirico, chairman and chief executive officer at PVH Corp, said in a press release.

 

Total gross profit during Q3 was $1.10 billion (Q3 FY19: $1.40 billion). Selling, general and administrative expenses were $ 987.2 million ($1.14 billion). 

 

Tommy Hilfiger segment sales decreased 12 per cent to $1.08 billion ($1.24 billion). Calvin Klein sales dropped 18 per cent to $790.0 million ($968.9 million). Whereas, Heritage Brands sales slipped 36 per cent to $238.3 million ($374.9 million) during the three-month period.

 

“In a moment where we are experiencing unprecedented changes taking shape across the retail industry, our teams have continued to successfully navigate the pandemic and drive towards an accelerated recovery. Our focus remains to follow where the consumer is going, by supercharging our e-commerce, improving our product offering, and driving cost efficiencies across the company,” Stefan Larsson, president at PVH Corp, said.