Stock of Calvin Klein parent PVH drops on earnings miss

Stock of Calvin Klein parent PVH drops on earnings miss

PVH Corp. shares fell in the extended session Thursday after the owners of the Calvin Klein and Tommy Hilfiger brands reported results below the Wall Street consensus due to the COVID-19 pandemic. PVH shares fell 9% after hours, following a nearly 12% drop in the regular session to close at $52.72. The company reported a first-quarter loss of $1.1 billion, or $15.37 a share, compared with net income of $82 million, or $1.08 a share, in the year-ago period. The adjusted loss was $3.03 a share. Revenue fell to $1.34 billion from $2.36 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of $1.56 a share on revenue of $1.36 billion. The company said a majority of its stores and wholesale customer stores were closed for an average of six weeks worldwide in the quarter because of the COVID-19 pandemic, and that it hoped to have more than 85% of its stores open by mid-June. Still, PVH expects its revenue decline in the second quarter to be ” more pronounced than in the first quarter.”

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