PVH Corporation, a US-based global apparel companies, has reported 28 per cent revenue decline to $6.8 billion in its fiscal 2020 that ended on January 31, 2021 compared to the revenue of $9.4 billion in the previous fiscal. The company incurred a net loss during the year of $1.1 billion compared to net income of $415.1 million in FY19.
PVH Corporation, a US-based global apparel companies, has reported 28 per cent revenue decline to $6.8 billion in its fiscal 2020 that ended on January 31, 2021 compared to the revenue of $9.4 billion in the previous fiscal. The company incurred a net loss during the year of $1.1 billion compared to net income of $415.1 million in FY19. #
“We delivered fourth quarter 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,” Stefan Larsson, president at PVH Corp, said.
PVH Corporation, a US-based global apparel companies, has reported 28 per cent revenue decline to $6.8 billion in its fiscal 2020 that ended on January 31, 2021 compared to the revenue of $9.4 billion in the previous fiscal. The company incurred a net loss during the year of $1.1 billion compared to net income of $415.1 million in FY19. #
The company’s total gross profit for FY20 came down to $7.1 billion (FY19: $9.9 billion), while selling, general and administrative expenses were $3.7 billion ($5.4 billion). PVH Corp’s digital revenues jumped 43 per cent during 2020 with sales through its directly operated digital commerce businesses up 69 per cent compared to prior fiscal.
PVH Corporation, a US-based global apparel companies, has reported 28 per cent revenue decline to $6.8 billion in its fiscal 2020 that ended on January 31, 2021 compared to the revenue of $9.4 billion in the previous fiscal. The company incurred a net loss during the year of $1.1 billion compared to net income of $415.1 million in FY19. #
Segmentally, sales of Tommy Hilfiger decreased 23 per cent to $3.6 billion ($4.7 billion), whereas Calvin Klein sales dropped 28 per cent to $2.6 billion ($3.6 billion). Sales of Heritage Brands during the year dipped 44 per cent to $857.9 million ($1.5 billion).
PVH Corporation, a US-based global apparel companies, has reported 28 per cent revenue decline to $6.8 billion in its fiscal 2020 that ended on January 31, 2021 compared to the revenue of $9.4 billion in the previous fiscal. The company incurred a net loss during the year of $1.1 billion compared to net income of $415.1 million in FY19. #
“We remain focused on connecting our core strengths to where the consumer is going – with our biggest brands Calvin Klein and Tommy Hilfiger, in how we are super charging e-commerce, through our casual assortments, and how we are taking market share in our international businesses,” Larsson said. “As we look forward, we will increasingly continue to shift our business globally towards these channels and categories.”
Fibre2Fashion News Desk (JL)
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