PVH plunged 54% its gains in first quarter

PVH stumbles at the beginning of the year. American company, owner of Calvin Klein and Tommy Hilfiger, plummeted a 54% its gains in the first quarter, in relation with the same period of the previous year. The company positioned its net result in 81.6 million dollars (73.2 million euros), against the 178.9 million dollars (160.4 million euros) of a year back.

Despite the net benefit drop, PVH raised a 1.8% its volume of business, until 2,356.3 million dollars (2,113.2 million euros) against the 2,314.6 million dollars (2,075.8 million euros) of 2018. The benefit before interests and taxes was reduced almost halve, until 135.1 million dollars (121.1 million euros).

In this period, PVH has taken charge of Tommy Hilfiger's business in the Asian Southeast, being the first step to recover the reins of its brands in the markets where is operating.

By brands, Tommy Hilfiger’s sales raised a 4%, until 1,100 million dollars (986,5 million euros). At constant exchange rates, the growth was of a 9%. Calvin Klein, for its part, maintained a plain evolution, closing the quarter on 890 million dollars (798.2 million euros). The remaining of the firms progressed a 1%, until 415 million dollars (372.1 million euros).

The company publishes its quarterly results a weeks after Stefan Larsson’s appointment as new president of PVH had been announced. The objective at mid-term goes through Larsson substituting Emanuel Chirico, current CEO of the group.