PVH Corp., which owns brands like Tommy Hilfiger and Calvin Klein, saw its revenue go down by 43 per cent to US $ 1.344 billion in the first quarter of current fiscal.
But there’s something to smile for the retailer! By mid-June, 85 per cent of its stores across the globe are expected to reopen – much to the delight of all PVH lovers.
In a press release, the retailer said that the pandemic will continue to have a significant impact on the second quarter and full-year 2020 results.
Its directly operated digital commerce businesses experienced strong growth in all regions, and increased 47 per cent globally compared to the prior-year period.
Notably, the retailer experienced robust consumer demand for its Tommy Hilfiger and Calvin Klein brands across all regions, resulting in double-digit to triple-digit revenue increase.
Emanuel Chirico, Chairman and CEO of the company, commented “While our first-quarter results were impacted significantly by the pandemic, we have been able to reopen the majority of our stores in all regions over the last month.”
He said that the Group has been active enough to ensure that the financial position of the business is improved.
The company ended the first quarter with US $ 1.8 billion of liquidity consisting of approximately US $ 800 million of cash on hand and US $ 1 billion of available borrowings under revolving credit facilities.