Fiscal first quarter 2020 earnings for luxury clothing company PVH (NYSE:PVH) have its shares falling hard after the markets closed on Thursday. That’s due to adjusted losses per share of $3.03, blowing right past Wall Street’s estimate of -$1.60. Revenue of $1.34 billion also didn’t help by coming in just below analyst estimates of $1.36 billion.
Here’s what else went wrong for PVH during its most recent earnings report:
- Adjusted per-share losses are a massive drop from its adjusted EPS of $2.46 from the same period the previous year.
- Revenue is down 43% from the $2.37 billion reported for the fiscal first quarter of 2019.
- The PVH earnings report also has net losses coming in at $1.1 billion.
- That’s a significant decline compared to the company’s net income of $81.6 million in the same period of the year prior.
- It’s worth noting that, like plenty of other retailers, all PVH stores were closed for six weeks during the quarter due to the novel coronavirus.
Emanuel Chirico, chairman and CEO of PVH, said this in the fiscal Q1 earnings report:
“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. We are adhering to strict safety protocols, prioritizing the health and well-being of our associates and consumers, and, while it is still early, we are seeing improving traffic and conversion trends in most markets.”
PVH isn’t providing specific guidance at this time due to the coronavirus. Despite this, the company did say that it expects revenue decline for the second quarter will be “more pronounced” than it was during the first quarter of the year.
PVH stock was down 9.2% afterhours Thursday. The stock was also down 11.6% at the end of normal trading hours.
As of this writing, William White did not hold a position in any of the aforementioned securities.