<p>The financial result for the first quarter of 2020 for the luxury clothing company PVH (NYSE: PVH) has its shares falling sharply after the markets closed on Thursday. This is due to adjusted earnings per share of $ 3.03, which blows just past the Wall Street estimate – $ 1.60. Revenue of $ 1.34 billion also did not help by coming in just below analysts’ estimates of $ 1.36 billion.
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Here is what else went wrong for PVH during its latest earnings report:
Adjusted losses per share are a sharp decrease from adjusted earnings per share of USD 2.46 from the same period last year. Revenue decreased by 43% from the $ 2.37 billion reported for the first quarter of 2019. The PVH earnings report also has net losses of $ 1.1 billion. This is a significant decrease compared to the company’s net profit of $ 81.6 million during the same period the year before. It is worth noting that, like many other retailers, all PVH stores were closed for six weeks during the quarter due to the new coronavirus.
Emanuel Chirico, Chairman and CEO of PVH, said this in the fiscal performance report for the first quarter:
“While our first quarter results were significantly affected by the pandemic, we have been able to open the majority of our stores in all regions over the past month. We follow strict safety protocols, prioritize the health and well-being of our employees and consumers, and while it is still early, we see improved traffic and transformation trends in most markets. ”
PVH does not currently provide specific guidance due to coronavirus. Despite this, the company said it expects a decline in revenue for the second quarter will be “more pronounced” than in the first quarter.
The PVH share fell 9.2% after hours on Thursday. The share also fell by 11.6% during normal trading hours.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/06/pvh-earnings-blow-pvh-stock-down/.
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