PVH Corp. tops analysts’ estimates for quarterly profit; CEO tests Coronavirus positive

By:
on Apr 2, 2020
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  • PVH posts £2.10 billion in revenue in the fourth quarter and £1.52 of profit per share.
  • The Calvin-Klein parent company expects a significant financial hit due to Coronavirus.
  • PVH Corp's CEO Manny Chirico tests positive for the flu-like virus.

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PVH
Corp. (NYSE:PVH) announced its quarterly financial results on Wednesday.
Topping analysts’ estimates for profit, the stock was seen trading higher in
extended trading on Wednesday.

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In
after-hours trading on Wednesday, PVH climbed more than 7% in the stock market.
At £27.84 per share at the time of writing, however, the
Calvin-Klein’s parent company
is still trading over 65% down year to date.

The
American clothing company has a market cap of £2.04 billion and a price to
earnings ratio of 4.05.

Noticeable
Figures In PVH Corp’s Earnings Report

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According
to Refinitiv, analysts had forecast the company to print profit per share of £1.46
in the fourth quarter. But the company boasted a higher £1.52 of profit per
share (non-GAAP) in the recent quarter. On the revenue front, PVH recorded £2.10
billion in Q4 that marks a 5% growth as compared to the revenue in the same
quarter last year.

In
fiscal 2019, the company said that it generated a total revenue of £8 billion
that came out 3% higher than its revenue in 2018. At £7.70 per share, the
company’s profit in fiscal 2019 was also reported higher than the analysts’
forecast.

PVH
Corp. also highlighted in its financial report that the
onset of the Coronavirus pandemic
weighed on its earnings per share (EPS)
in the fourth quarter by approximately £0.20 per share. Due to the health
emergency, the company also refrained from giving guidance for the first
quarter as well as the fiscal 2020. It, however, reiterated that its financial
performance can be expected to take a significant hit due to COVID-19.

PVH
Corp’s CEO Tests Positive For Coronavirus

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In
separate news, PVH Corp’s chief executive officer, Manny Chirico, also revealed
in his talk with CNBC’s Jim Cramer on Wednesday that he recently tested
positive for the flu-like virus. In his “Mad Money” interview, Chirico was
reported quoting “I am fine” as he also highlighted that his family was
fortunate to have not been diagnosed with the virus.

The
62-year-old executive was at Montefiore Medical Center for the quality control
of the N95 masks when he was diagnosed with COVID-19. Chirico also used the
platform to appreciate the efforts of healthcare professionals, emergency
workers, firemen, policemen etc. in serving as the frontline defense against
the pandemic.

The
Coronavirus has so far infected more than 216,000 people in the U.S and has
caused over 5,100 deaths.

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