PVH Corp. (NYSE: PVH) swung to a loss in the first quarter of 2020, hurt by the COVID-19 pandemic. The company also expects the revenue decline in Q2 to be more pronounced than in the first quarter. PVH stock, which plunged 11.56% today, further declined by about 8% in the after-market hours.
On an adjusted basis, PVH reported a loss of $3.03 per share compared to a profit of $2.46 in the prior-year quarter. Revenue slumped 43% to $1.34 billion.
PVH Corp. expects pandemic to have a significant impact on the second quarter and full-year 2020 results. By mid-June, over 85% of the company’s stores globally are expected to be reopened. Sales for reopened stores for the second quarter-to-date are running down approximately 25% globally compared to the prior-year period.
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