US-based clothing company PVH Corporation’s revenue in fourth quarter (Q4) decreased by 20 per cent to US $2.090 billion and the same decreased by 28 per cent to US $ 7.133 billion in full year compared to the prior year period.
The global retailer today announced its Q4 and full year results. The company said that the revenue in Q4 was in line with the company’s guidance despite more extensive lockdowns throughout Europe than previously anticipated.
Revenue through digital channels grew 57 per cent in Q4 and 43 per cent in full year.
Stefan Larsson, CEO of the company said, “We delivered Q4 revenue in line with expectations despite more extensive lockdowns in Europe, as we successfully navigated the uncertainty and unprecedented impacts caused by the pandemic to drive towards an accelerated recovery. I want to thank our teams around the world for their tireless efforts this year.”
He further added “As we look forward, we will increasingly continue to shift our business globally towards these channels and categories. In addition, we executed disciplined expense management, significantly improved our inventory position, and ended the year with over US $3 billion in liquidity. …”
The company said that revenue in 2021 is projected to increase by 22 to 24 per cent as compared to 2020.