Company Quick10K Filing
PVH
Price85.75 EPS6
Shares75 P/E13
MCap6,431 P/FCF15
Net Debt2,224 EBIT659
TEV8,656 TEV/EBIT13
TTM 2019-11-03, in MM, except price, ratios
10-Q 2020-05-03 Filed 2020-06-11
10-K 2020-02-02 Filed 2020-04-01
10-Q 2019-11-03 Filed 2019-12-09
10-Q 2019-08-04 Filed 2019-09-06
10-Q 2019-05-05 Filed 2019-06-10
10-K 2019-02-03 Filed 2019-03-29
10-Q 2018-11-04 Filed 2018-12-10
10-Q 2018-08-05 Filed 2018-09-07
10-Q 2018-05-06 Filed 2018-06-11
10-K 2018-02-04 Filed 2018-03-30
10-Q 2017-10-29 Filed 2017-12-05
10-Q 2017-07-30 Filed 2017-08-31
10-Q 2017-04-30 Filed 2017-06-05
10-K 2017-01-29 Filed 2017-03-24
10-Q 2016-10-30 Filed 2016-12-06
10-Q 2016-07-31 Filed 2016-09-01
10-Q 2016-05-01 Filed 2016-06-06
10-K 2016-01-31 Filed 2016-03-25
10-Q 2015-11-01 Filed 2015-12-08
10-Q 2015-08-02 Filed 2015-09-03
10-Q 2015-05-03 Filed 2015-06-05
10-K 2015-02-01 Filed 2015-04-01
10-Q 2014-11-02 Filed 2014-12-11
10-Q 2014-08-03 Filed 2014-09-11
10-Q 2014-05-04 Filed 2014-06-12
10-K 2014-02-02 Filed 2014-04-03
10-Q 2013-08-04 Filed 2013-09-12
10-Q 2013-05-05 Filed 2013-06-13
10-K 2013-02-03 Filed 2013-04-03
10-Q 2012-10-28 Filed 2012-11-28
10-Q 2012-07-29 Filed 2012-09-06
10-Q 2012-04-29 Filed 2012-06-07
10-K 2012-01-29 Filed 2012-03-28
10-Q 2011-10-30 Filed 2011-12-08
10-Q 2011-07-31 Filed 2011-09-08
10-Q 2011-05-01 Filed 2011-06-09
10-K 2011-01-30 Filed 2011-03-30
10-Q 2010-10-31 Filed 2010-12-09
10-Q 2010-08-01 Filed 2010-09-10
10-Q 2010-05-02 Filed 2010-06-10
10-K 2010-01-31 Filed 2010-03-31
8-K 2020-07-14 Exit Costs, Exhibits
8-K 2020-07-10 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-07-06 Other Events, Exhibits
8-K 2020-07-06 Other Events, Exhibits
8-K 2020-06-18
8-K 2020-06-11
8-K 2020-06-03
8-K 2020-05-28
8-K 2020-04-24
8-K 2020-04-21
8-K 2020-04-21
8-K 2020-04-08
8-K 2020-04-07
8-K 2020-04-06
8-K 2020-04-01
8-K 2020-03-02
8-K 2020-02-14
8-K 2020-02-12
8-K 2020-01-09
8-K 2019-11-25
8-K 2019-11-05
8-K 2019-08-28
8-K 2019-06-20
8-K 2019-06-10
8-K 2019-05-31
8-K 2019-05-29
8-K 2019-05-20
8-K 2019-04-30
8-K 2019-04-29
8-K 2019-03-27
8-K 2019-02-20
8-K 2019-01-10
8-K 2018-11-29
8-K 2018-10-18
8-K 2018-08-29
8-K 2018-06-21
8-K 2018-05-30
8-K 2018-03-28
8-K 2018-01-05

PVH 10Q Quarterly Report

Part I - - Financial Information
Item 1 - Financial Statements
Part II - - Other Information
Part I - Financial Information
Item 1 - Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 - Exhibits
EX-10.1 ex10120201q10q.htm
EX-10.2 ex10220201q10q.htm
EX-10.3 ex10320201q10q.htm
EX-10.4 ex10420201q10q.htm
EX-10.5 ex10520201q10q.htm
EX-31.1 ex31120201q10q.htm
EX-31.2 ex31220201q10q.htm
EX-32.1 ex32120201q10q.htm
EX-32.2 ex32220201q10q.htm

PVH Earnings 2020-05-03

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
2.62.11.51.00.4-0.12012201420172020
Rev, G Profit, Net Income
1.91.10.4-0.4-1.1-1.92012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedMay 3, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period fromto

Commission File Number 001-07572
PVH CORP.
(Exact name of registrant as specified in its charter)

Delaware13-1166910
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
200 Madison Avenue,New York,New York10016
(Address of principal executive offices)(Zip Code)
        
(212) 381-3500
__________________________________________________________________________________________________________________________________________________________________________
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.00 par valuePVHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer  
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

The number of outstanding shares of common stock of the registrant as of June 2, 2020 was 71,039,094.



PVH CORP.
INDEX
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements in this Quarterly Report on Form 10-Q, including, without limitation, statements relating to our future revenue, earnings and cash flows, plans, strategies, objectives, expectations and intentions, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not be anticipated, including, without limitation, (i) our plans, strategies, objectives, expectations and intentions are subject to change at any time at our discretion; (ii) we may be considered to be highly leveraged and we use a significant portion of our cash flows to service our indebtedness, as a result of which we might not have sufficient funds to operate our businesses in the manner we intend or have operated in the past; (iii) the levels of sales of our apparel, footwear and related products, both to our wholesale customers and in our retail stores, the levels of sales of our licensees at wholesale and retail, and the extent of discounts and promotional pricing in which we and our licensees and other business partners are required to engage, all of which can be affected by weather conditions, changes in the economy, fuel prices, reductions in travel, fashion trends, consolidations, repositionings and bankruptcies in the retail industries, repositionings of brands by our licensors, and other factors; (iv) our ability to manage our growth and inventory, including our ability to realize benefits from acquisitions; (v) quota restrictions, the imposition of safeguard controls and the imposition of duties or tariffs on goods from the countries where we or our licensees produce goods under our trademarks, such as the recently imposed increased tariffs, and threatened increased tariffs on goods imported into the United States from China, any of which, among other things, could limit the ability to produce products in cost-effective countries or in countries that have the labor and technical expertise needed, or require that we absorb costs or try to pass costs onto consumers, which could materially impact our revenue and profitability; (vi) the availability and cost of raw materials; (vii) our ability to adjust timely to changes in trade regulations and the migration and development of manufacturers (which can affect where our products can best be produced); (viii) changes in available factory and shipping capacity, wage and shipping cost escalation, civil conflict, war or terrorist acts, the threat of any of the foregoing, or political or labor instability in any of the countries where our or our licensees’ or other business partners’ products are sold, produced or are planned to be sold or produced; (ix) disease epidemics and health related concerns, such as the current COVID-19 pandemic, which could result in (and, in the case of the COVID-19 pandemic, has resulted in some of the following) supply chain disruptions due to closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargoing of goods produced in affected areas, closed stores, reduced consumer traffic and purchasing, as consumers become ill or limit or cease shopping in order to avoid exposure, or governments impose mandatory business closures, travel restrictions or the like to prevent the spread of disease, and market or other changes that could result (or, with respect to the COVID-19 pandemic, could continue to result) in noncash impairments of the Company’s goodwill and other intangible assets, operating lease right-of-use assets, and property, plant and equipment; (x) acquisitions and divestitures and issues arising with acquisitions, divestitures and proposed transactions, including, without limitation, the ability to integrate an acquired entity or business into us with no substantial adverse effect on the acquired entity’s, the acquired business’s or our existing operations, employee relationships, vendor relationships, customer relationships or financial performance, and the ability to operate effectively and profitably our continuing businesses after the sale or other disposal of a subsidiary, business or the assets thereof; (xi) the failure of our licensees to market successfully licensed products or to preserve the value of our brands, or their misuse of our brands; (xii) significant fluctuations of the United States dollar against foreign currencies in which we transact significant levels of business; (xiii) our retirement plan expenses recorded throughout the year are calculated using actuarial valuations that incorporate assumptions and estimates about financial market, economic and demographic conditions, and differences between estimated and actual results give rise to gains and losses, which can be significant, that are recorded immediately in earnings, generally in the fourth quarter of the year; (xiv) the impact of new and revised tax legislation and regulations; and (xv) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

We do not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenue, earnings or cash flows, whether as a result of the receipt of new information, future events or otherwise.



PART I -- FINANCIAL INFORMATION

Item 1 - Financial Statements









PART II -- OTHER INFORMATION





PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

PVH Corp.
Consolidated Statements of Operations
Unaudited
(In millions, except per share data)

Thirteen Weeks Ended
May 3,May 5,
20202019
Net sales$1,257.2  $2,237.3  
Royalty revenue69.0  89.4  
Advertising and other revenue17.8  29.6  
Total revenue1,344.0  2,356.3  
Cost of goods sold (exclusive of depreciation and amortization)678.1  1,060.4  
Gross profit665.9  1,295.9  
Selling, general and administrative expenses940.1  1,161.5  
Goodwill and other intangible assets impairments933.5    
Non-service related pension and postretirement income(3.6) (2.2) 
Debt modification and extinguishment costs  5.2  
Other noncash loss, net3.1    
Equity in net (loss) income of unconsolidated affiliates(11.2) 3.7  
(Loss) income before interest and taxes (1,218.4) 135.1  
Interest expense22.5  31.0  
Interest income1.3  1.1  
(Loss) income before taxes (1,239.6) 105.2  
Income tax (benefit) expense(142.4) 23.6  
Net (loss) income(1,097.2) 81.6  
Less: Net loss attributable to redeemable non-controlling interest(0.4) (0.4) 
Net (loss) income attributable to PVH Corp.$(1,096.8) $82.0  
Basic net (loss) income per common share attributable to PVH Corp.$(15.37) $1.09  
Diluted net (loss) income per common share attributable to PVH Corp.
$(15.37) $1.08  

See accompanying notes.
1


PVH Corp.
Consolidated Statements of Comprehensive (Loss) Income
Unaudited
(In millions)


Thirteen Weeks Ended
May 3,May 5,
20202019
Net (loss) income$(1,097.2) $81.6  
Other comprehensive (loss) income:
Foreign currency translation adjustments(112.6) (111.6) 
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $4.1 and $0.4
7.8  13.4  
Net gain on net investment hedges, net of tax expense of $3.7 and $7.2
11.5  22.4  
Total other comprehensive loss(93.3) (75.8) 
Comprehensive (loss) income(1,190.5) 5.8  
Less: Comprehensive loss attributable to redeemable non-controlling interest(0.4) (0.4) 
Comprehensive (loss) income attributable to PVH Corp.$(1,190.1) $6.2  

See accompanying notes.

2



PVH Corp.
Consolidated Balance Sheets
(In millions, except share and per share data)
May 3,February 2,May 5,
202020202019
UNAUDITEDAUDITEDUNAUDITED
ASSETS
Current Assets:
Cash and cash equivalents$800.7  $503.4  $494.3  
Trade receivables, net of allowances for credit losses of $54.0, $21.1 and $23.0
545.6  741.4  851.6  
Other receivables21.3  23.7  24.4  
Inventories, net1,561.2  1,615.7  1,608.4  
Prepaid expenses160.1  159.9  173.4  
Other99.4  112.9  101.3  
 Assets held for sale  237.2    
Total Current Assets3,188.3  3,394.2  3,253.4  
Property, Plant and Equipment, net 976.5  1,026.8  962.3  
Operating Lease Right-of-Use Assets1,638.0  1,675.8  1,606.0  
Goodwill2,759.1  3,677.6  3,625.7  
Tradenames2,768.9  2,830.2  2,838.4  
Other Intangibles, net616.4  650.5  685.6  
Other Assets, including deferred taxes of $49.4, $40.3 and $27.6
347.0  375.9  383.6  
Total Assets$12,294.2  $13,631.0  $13,355.0  
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$783.9  $882.8  $696.2  
Accrued expenses751.3  929.6  789.5  
Deferred revenue51.7  64.7  55.9  
Current portion of operating lease liabilities399.0  363.5  334.3  
Short-term borrowings322.1  49.6  299.7  
Current portion of long-term debt13.6  13.8  31.0  
Liabilities related to assets held for sale  57.1    
Total Current Liabilities2,321.6  2,361.1  2,206.6  
Long-Term Portion of Operating Lease Liabilities1,493.2  1,532.0  1,499.4  
Long-Term Debt2,854.2  2,693.9  2,759.4  
Other Liabilities, including deferred taxes of $433.7, $558.1 and $543.0
1,114.2  1,234.5  1,128.3  
Redeemable Non-Controlling Interest(2.4) (2.0) (0.2) 
Stockholders’ Equity:
Preferred stock, par value $100 per share; 150,000 total shares authorized 
      
Common stock, par value $1 per share; 240,000,000 shares authorized; 86,122,983; 85,890,276 and 85,817,270 shares issued
86.1  85.9  85.8  
Additional paid in capital - common stock3,085.2  3,075.4  3,032.7  
Retained earnings3,652.5  4,753.0  4,423.3  
Accumulated other comprehensive loss(733.4) (640.1) (583.7) 
Less: 15,094,838; 13,597,113 and 10,702,140 shares of common stock held in treasury, at cost
(1,577.0) (1,462.7) (1,196.6) 
Total Stockholders’ Equity4,513.4  5,811.5  5,761.5  
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity$12,294.2  $13,631.0  $13,355.0  


See accompanying notes.
3



PVH Corp.
Consolidated Statements of Cash Flows
Unaudited
(In millions)
Thirteen Weeks Ended
May 3,May 5,
20202019
OPERATING ACTIVITIES
Net (loss) income$(1,097.2) $81.6  
Adjustments to reconcile to net cash used by operating activities:
Depreciation and amortization81.1  76.5  
Equity in net loss (income) of unconsolidated affiliates11.2  (3.7) 
Deferred taxes(127.9) (10.1) 
Stock-based compensation expense10.0  13.9  
Impairment of goodwill and other intangible assets933.5    
Impairment of other long-lived assets16.0  83.7  
Debt modification and extinguishment costs  5.2  
Other noncash loss, net3.1    
Changes in operating assets and liabilities:
Trade receivables, net186.5  (86.3) 
Other receivables1.4  0.6  
Inventories, net35.8  99.8  
Accounts payable, accrued expenses and deferred revenue(262.8) (286.6) 
Prepaid expenses(1.4) (28.0) 
Other, net67.9  (19.8) 
Net cash used by operating activities(142.8) (73.2) 
INVESTING ACTIVITIES
Purchases of property, plant and equipment (56.4) (76.7) 
Proceeds from sale of the Speedo North America business169.1    
Net cash provided (used) by investing activities112.7  (76.7) 
FINANCING ACTIVITIES
Net proceeds from short-term borrowings272.0  286.9  
Proceeds from 3 5/8 senior notes, net of related fees186.6    
Proceeds from 2019 facilities, net of related fees  1,643.5  
Repayment of 2016 facilities  (1,649.3) 
Repayment of 2019 facilities(3.4)   
Net proceeds from settlement of awards under stock plans  1.9  
Cash dividends(2.7) (5.7) 
Acquisition of treasury shares(114.8) (77.5) 
Payments of finance lease liabilities(1.3) (1.5) 
Net cash provided by financing activities336.4  198.3  
Effect of exchange rate changes on cash and cash equivalents(9.0) (6.1) 
Increase in cash and cash equivalents297.3  42.3  
Cash and cash equivalents at beginning of period503.4  452.0  
Cash and cash equivalents at end of period$800.7  $494.3  
See Note 17 for information on Supplemental Cash Flow Information.


See accompanying notes.
4



PVH Corp.
Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Non-Controlling Interest
Unaudited
(In millions, except share and per share data)


Thirteen Weeks Ended May 5, 2019
Stockholders’ Equity
Common StockAdditional
Paid In
Capital-
Common
Stock
Accumulated
Other
Comprehensive Loss
Total Stockholders’ Equity
Redeemable
Non-Controlling
Interest
Preferred
Stock
Shares$1 par
Value
Retained
Earnings
Treasury
Stock
February 3, 2019$0.2  $  85,446,141  $85.4  $3,017.3  $4,350.1  $(507.9) $(1,117.1) $5,827.8  
Net income attributable to PVH Corp.82.0  82.0  
Foreign currency translation adjustments(111.6) (111.6) 
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $0.4
13.4  13.4  
Net gain on net investment hedges, net of tax expense of $7.2
22.4  22.4  
Comprehensive income attributable to PVH Corp.6.2  
Cumulative-effect adjustment related to the adoption of accounting guidance for leases(3.1) (3.1) 
Settlement of awards under stock plans371,129  0.41.5  1.9  
Stock-based compensation expense13.9  13.9  
Cash dividends ($0.075 per common share)
(5.7) (5.7) 
Acquisition of 659,630 treasury shares
(79.5) (79.5) 
Net loss attributable to redeemable non-controlling interest(0.4) 
May 5, 2019$(0.2) $  85,817,270  $85.8  $3,032.7  $4,423.3  $(583.7) $(