The US-based owner of Tommy Hilfiger and Calvin Klein said revenues were $2.09 billion in the fourth quarter of 2020, a 20 percent decrease from a year earlier. Earnings per share were also down by $0.81 on a GAAP basis, slightly missing analyst expectations on both accounts.

Chief executive Stefan Larsson said longer-than-expected lockdowns in Europe, where many of its Tommy Hilfiger stores are based, affected sales.

Global sales for the 2020 fiscal year, which ended January 31, 2021, were $7.13 billion, down 28 percent from a year earlier. Like many apparel retailers, online sales soared, up 57 percent in the fourth quarter and 43 percent overall, which includes online retail partners. The company’s owned e-commerce sites were up 69 percent from 2019.

The company expects sales to increase by 22 percent to 24 percent in 2021, bringing it almost in line with 2019 figures. It also ended last year with $3 billion in liquidity and tighter control of its inventory, indicating that the company is positioned to join fashion’s mergers-and-acquisitions frenzy under the right circumstances. (In the past, PVH has expressed interested in making an acquisition.)

Read more on Larsson’s plan for PVH here.