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.
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
Malls across the US have been ‘flash robbed’ by groups of about 20 to 30 suspects stealing retail merchandise.
BoF Careers provides essential sector insights for fashion professionals in retail this month, to help you decode fashion’s retail landscape.
The sportswear giant’s lifestyle and fashion division is set to release a new campaign and “visual identity” to emphasise the cultural cachet of its Samba, Gazelle and Superstar sneaker franchises.
European retailers have been unlikely stock market stars this year, but a long spell of high borrowing costs and inflation has started to bite, so wary investors will be looking for reassurances from the likes of H&M and Zara-owner Inditex when they issue business updates this week.