PVH Corp (NYSE:PVH) reported better-than-expected results for its fourth quarter.
The New York-based company reported fourth-quarter revenue of $2.60 billion increased 5% (increased 6% on a constant currency basis) compared to the prior year period.
Full-year 2019 revenue was $9.91 billion increased 3% (increased 5% on a constant currency basis) compared to 2018.
The 2019 EPS made for a loss of 93 cents, on a GAAP basis, in the fourth quarter, and $5.60 on a full-year basis.
On a non-GAAP basis: $1.88 (fourth quarter) and $9.54 (full year) and exceeded guidance.
EPS included a negative impact of approximately $0.25 per share due to additional inventory reserves recorded as a result of the onset of the COVID-19 outbreak
First-quarter and full-year 2020 results will include a significant negative impact as a result of the COVID-19 pandemic. Given the dynamic nature of the situation, 2020 guidance cannot be provided at this time.
Commenting on these results, CEO Emanuel Chirico noted, "PVH ended the year with a strong holiday season and increasing momentum across TOMMY HILFIGER and CALVIN KLEIN in the majority of the regions where we operate. We are very pleased with these results, with revenue as well as earnings per share on a non-GAAP basis exceeding our guidance."
PVH also says the COVID-19 pandemic is having a significant impact on the Company’s business, results of operations, financial condition and cash flows in 2020.
Shares picked up $2.07, or 6.4%, to $34.68.
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