|Over a week ago|
PVH Corp. announces phased reopening of global stores » 06:4405/1905/19/20
PVH Corp. released a…
PVH Corp. released a phased reopening plan for its stores in the U.S. and around the world as the company continues to navigate the COVID-19 crisis. The company is taking a measured approach, considering not only the ability to re-open but local infection rate trends, store staff readiness and training, and the availability of protective and cleaning equipment and supplies to prioritize the health and safety of associates, consumers and communities generally. Specific practices will vary by region as informed by local ordinances. As of May 19, approximately 180 company-operated stores across all brands are now open in North America, along with 350 in Europe, 1,000 in Asia, 75 in Australia and four in Brazil. Phased reopening will continue over the next several weeks as additional localities lift restrictions on retail operations and other requirements are met.
|Over a month ago|
Early notable gainers among liquid option names on April 28th » 09:5504/2804/28/20
HOG, M, BBBY, ADS, PVH
Notable gainers among…
Notable gainers among liquid option names this morning include Harley Davidson (HOG) $21.92 +2.98, Macy's (M) $6.26 +0.76, Bed Bath & Beyond (BBBY) $7.18 +0.77, Alliance Data (ADS) $46.33 +4.94, and PVH Corp. (PVH) $53.04 +5.40.
Amazon removed from Fresh Money Buy List at Morgan Stanley » 08:3504/2004/20/20
AMZN, CFG, PVH
Morgan Stanley equity…
Morgan Stanley equity strategist Michael Wilson contends that the timing, speed and sustainability of the "re-opening of America" is the key for stocks, not Q1 earnings, and he thinks the chance for a correction has increased with risk assets now appearing overbought. Wilson has added Citizens Financial Group (CFG) and PVH Corp. (PVH) to the firm's Fresh Money Buy List, while removing Amazon (AMZN) in order to lock in profits.
Early notable gainers among liquid option names on April 17th » 09:5504/1704/17/20
SIG, BA, CFG, ADS, PVH
Notable gainers among…
Notable gainers among liquid option names this morning include Signet Jewelers (SIG) $8.18 +1.08, Boeing (BA) $152.64 +18.40, Citizens Financial (CFG) $19.43 +2.24, Alliance Data (ADS) $37.23 +4.23, and PVH Corp. (PVH) $45.12 +5.08.
Fly Intel: After-Hours Movers » 19:0104/0704/07/20
SGH, LEVI, GNMK, PINS, PTCT, BXC, PRGO, TAL, DIS, PVH
Check out this…
PVH Corp. suspends dividends and buybacks, draws down $750M in credit facility » 18:0404/0704/07/20
The company has taken the…
The company has taken the following steps to preserve liquidity and ensure the company's financial flexibility: Drew down $750M from its over $1 billion revolving credit facility to add to cash balances, while maintaining untapped capital through its revolving credit facility. Suspended share repurchases under the stock repurchase program. Suspending its cash dividend beginning with the second quarter of 2020. Reviewing every opportunity to eliminate discretionary operating expenses, while reducing capital expenditures to approximately $190M from $345M in 2019.
PVH Corp furloughs about 75% of associates » 18:0304/0704/07/20
PVH Corpannounced additional actions it is taking to navigate the COVID-19 pandemic and its effects on its associates and the company's business and financial position. To protect our liquidity position, maintain our financial strength and manage the business, we have taken or are taking the following measures: Board of Directors compensation suspended: Board members will forego cash compensation for the duration of the crisis. Reduction of executive compensation: Manny Chirico, Chairman and CEO, has elected to forgo his salary while the crisis continues. Additionally, approximately 250 senior leaders and executives globally will experience salary reductions of up to 50%. Furloughs, decreased working hours and salary reductions in North America: In North America, which has PVH's highest concentration of its workforce, PVH has commenced actions that will result in approximately 75% of store, office and warehouse associates being furloughed or having their working hours decreased. Furloughs will be unpaid and associates who have their hours reduced will have their pay reduced proportionally to their hour reductions. All remaining full-time associates will have a temporary salary reduction of 5%-20% depending on salary level. The Company will cover all associates' share of medical benefit costs during the period regardless of situation.
PVH Corp. completes sale of Speedo North America business to Pentland Group » 11:0604/0604/06/20
PVH announced it has…
PVH announced it has completed the sale of its Speedo North America business to Pentland Group, parent company of the Speedo brand, for $170M in cash, subject to a working capital adjustment. The proceeds from the transaction will further bolster PVH's core balance sheet strength and add to its liquidity position that stands now at over $1.3B in cash and available borrowings. This sale was previously announced in January. Pentland Group, which also owns the Berghaus, Canterbury, Ellesse and SeaVees brands, acquired Speedo in 1991 and directly and through partnership with licensees like PVH has since developed it into the world's leading performance swimwear brand. Pentland will now operate the Speedo businesses worldwide.
PVH Corp. price target lowered to $45 from $59 at Deutsche Bank » 08:3504/0304/03/20
Deutsche Bank analyst…
Deutsche Bank analyst Tiffany Kanaga lowered the firm's price target on PVH Corp. to $45 from $59 and reiterates a Hold rating on the shares. The analyst believes PVH is well positioned to "emerge as a survivor" after getting past this unprecedented period of disruption with likely accelerated consolidation and store closures.
PVH Corp. price target lowered to $41 from $115 at DA Davidson » 08:1004/0304/03/20
DA Davidson analyst John…
DA Davidson analyst John Morris lowered the firm's price target on PVH Corp. to $41 from $115 but keeps a Buy rating on the shares after its Q4 earnings beat and progress on lift of lockdowns in China. The analyst is also cutting his FY20 and FY21 EPS views to $3.32 from $10.02 and to $5.24 from $12.63 respectively, with assumptions that include U.S. store closures persisting until June followed by a slow recovery to normal store traffic and sales in the back-half. Morris adds that online sales at PVH have remained a strong channel, demonstrating 20% to 50% growth across its markets.