PVH says earnings hit by COVID-19 outbreak

Fourth quarter revenue at PVH Corp increased 5 percent or 6 percent on constant currency basis to 2.6 billion dollars compared to the prior year period. The company said in a statement that loss per share on a GAAP basis was 93 cents for the quarter compared to earnings per share of 2.09 dollars in the prior year period, while on non-GAAP basis earnings per share were 1.88 dollars. Revenue for 2019 increased 3 percent or 5 percent on constant currency basis to 9.9 billion dollars compared to the prior year, while earnings per share on a GAAP basis was 5.60 dollars for 2019 compared to 9.65 dollars in the prior year and earnings per share on a non-GAAP basis was 9.54 dollars compared to 9.60 dollars in the prior year. The company said, EPS included a negative impact of approximately 25 cents per share due to additional inventory reserves recorded as a result of the onset of the COVID-19 outbreak. PVH also expects first quarter and full year 2020 results will include a significant negative impact as a result of the COVID-19 pandemic.