The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — PVH Corp. reported a surprise quarterly profit on Wednesday, as the apparel retailer benefited from strong demand for comfortable and casual clothing during the coronavirus-led shift to work from home, sending its shares up over 4 percent.
The Calvin Klein and Tommy Hilfiger owner also projected encouraging sales trends in China and Europe for the coming months and forecast revenue in the second half of its fiscal year to decline 25 percent, smaller than the 33 percent drop it posted in the second quarter.
The company's North American business, however, remains under pressure due to a resurgence in virus infections, a lack of tourist traffic and a fall in shipments to department stores.
PVH, which also owns Van Heusen, reported total revenue of $1.58 billion for the second quarter ended August 2, beating analysts' estimates of $1.25 billion.
ADVERTISEMENT
Online sales through its own channels surged 87 percent.
The company reported an attributable net loss of $51.4 million, or 72 cents per share, compared to a profit of $193.5 million, or $2.58 per share, a year earlier.
Excluding certain items, the company earned 13 cents per share, compared with the average analyst estimate of a loss of $2.43, according to IBES data from Refinitiv.
By Uday Sampath; editor: Sriraj Kalluvila
Earnings season kicks into high gear, with companies riding high and plumbing new lows reporting.
The Japanese apparel chain will be launching its sister brand GU in the US later this year, targeting younger consumers with lower prices and a curated selection of trendy wares.
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.