Stock Alert: PVH Drops 5% As Sales At Reopened Stores Not Encouraging

(RTTNews) - Shares of apparel manufacturer PVH Corp. (PVH) are falling more than 7% Friday morning at $48.86. It has traded in the range of $28.40- $108.06 in the past one year.

Yesterday, while reporting its first-quarter results, the company said sales for the reopened stores for the second quarter-to-date are running down approximately 25% globally compared to the prior-year period. The company expects Covid-19 to have more pronounced impact in the second quarter.

In the first-quarter revenue decreased 43% year-over-year to $1.344 billion, as most of the company's brick and mortar stores and its wholesale customers' stores were closed fore nearly 6 weeks.

PVH reported loss of $3.03 per share in the quarter, missing the average estimate of analysts polled by Thomson Reuters at $1.67 loss per share.

By mid-June, PVH expects to reopen more than 85% of its stores.