PVH Corp online sales jump 47% in Q1 FY20

12 Jun '20

2 min read

Pic: PVH Corp/ Tommy Hilfiger

PVH Corp, a global apparel companies, reported 43 per cent decrease in its revenue to $1.2 billion during first quarter (Q1) FY20 ended on May 3, 2020 compared to $2.2 billion in same period prior year. Company’s directly operated digital commerce businesses grew in all regions, with 47 per cent rise globally compared to the prior year period.

“While our first quarter results were impacted significantly by the pandemic, we have been able to reopen the majority of our stores in all regions over the last month,” Emanuel Chirico, chairman and chief executive officer at PVH Corp, said in a press release.

Our digital commerce businesses continue to experience outsized growth, even as stores reopen.”

Company incurred a net loss of $1.0 billion during the reported quarter compared to net income of $81.6 million in Q1 FY19.

Gross profit for Q1 FY20 decline to $665.9 million (Q1 FY19: $1.2 billion). Selling, general and administrative expenses were $940.1 million ($1.1 billion).

Total sales of Tommy Hilfiger during Q1 FY20 fell to $646.5 million ($1.0 billion). Sales of this segment decreased in North America to $181.3 million ($371.8 million). International sales of segment were $465.2 million ($680.3 million).

Total sales of Calvin Klein in Q1 FY20 dropped to $476.6 million ($889.6 million). Calvin Klein sales in North America slipped to $196.1 million ($424.0 million). International sales were $280.5 million ($465.6 million).

Heritage Brands sales in Q1 FY20 were $220.9 million ($414.6 million). Wholesale revenues were $199.5 million ($356.4 million). Retail revenues for the segment were $21.4 million ($58.2 million).

Fibre2Fashion News Desk (JL)

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