PVH Closes Majority Of Calvin Klein, Tommy Hilfiger China Stores; Warns Of Q4

(RTTNews) - PVH Corp. (PVH) said it has temporarily closed majority of its Calvin Klein and Tommy Hilfiger stores in China due to coronavirus concerns, including as a result of related government-imposed restrictions.

The company stated that stores still open are operating for limited hours and are experiencing significantly lower than planned traffic and sales trends.

The company noted that the coronavirus will impact its businesses in the near-term, but its long term growth opportunities across the Asia Pacific region are significant.

The company currently expects its GAAP results for the fourth quarter and full year 2019 will be lower than its prior guidance due to an actuarial loss expected to be recognized on its retirement plans in the fourth quarter of 2019, primarily resulting from a decrease in the discount rate in the latter part of January 2020.

The company said last month that it expected loss per to be $0.20 for the fourth quarter 2019 and earnings per share of $6.32 for the full year 2019.

The company today reaffirmed its non-GAAP earnings per share guidance, which is expected to be at least $1.79 for the fourth quarter 2019 and at least $9.45 for the full year 2019.

The Company believes that it would have exceeded its non-GAAP earnings guidance had the coronavirus outbreak not occurred during the last two weeks of its fiscal year.