The chairman and chief executive officer — who oversees Tommy Hilfiger, Calvin Klein and a host of other businesses under the PVH umbrella — shined a spotlight on the company’s balance sheet Wednesday while revealing fourth-quarter results.
“We are in a solid financial position to navigate the COVID-19 outbreak and this period of unprecedented volatility,” Chirico said in a statement. “Our balance sheet has always been one of our core strengths and we have over $1 billion in cash and available borrowings. We also are taking a hard look at all of our discretionary spending, payroll and salary reductions, capital expenditures and inventory management with a firm focus on managing our cash flow and preserving our cash position and financial standing.”
For the fourth quarter ended Feb. 2, PVH reported net losses of $67.4 million, or 93 cents a share, compared with earnings of $158.7 million, or $2.09, a year earlier.
Adjusting for onetime items — including a loss tied to the Speedo sale last year and an actuarial hit — the company said its earnings per share rose to $1.88 from $1.84.
Revenues for the quarter were $100 million above the firm’s plan.
For the full year, PVH’s adjusted earnings per share came in 9 cents ahead of the $9.54 the company guided to, although that profit beat would have been much bigger given that additional inventory reserves tied to the onset of COVID-19 took 25 cents per share out of the bottom line.