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Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Oct. 31, 2021
Nov. 01, 2020
Oct. 31, 2021
Nov. 01, 2020
Total revenue [1],[2] $ 2,332.5 $ 2,118.1 $ 6,725.0 $ 5,042.8
Cost of goods sold (exclusive of depreciation and amortization) 987.4 1,016.8 2,817.2 2,392.3
Gross profit 1,345.1 1,101.3 3,907.8 2,650.5
Selling, general and administrative expenses 1,097.3 987.2 3,198.7 2,809.5
Goodwill and other intangible asset impairments 0.0 0.0 0.0 933.5
Non-service related pension and postretirement income (4.2) (3.6) (11.5) (7.9)
Other (gain) loss, net (118.9) 0.0 (118.9) 3.1
Equity in net income (loss) of unconsolidated affiliates 6.3 4.4 14.1 (10.3)
Income (loss) before interest and taxes [3] 377.2 122.1 [4] 853.6 (1,098.0) [4]
Interest expense 25.9 34.4 83.7 89.6
Interest income 1.3 0.9 3.4 2.8
Income (loss) before taxes 352.6 88.6 773.3 (1,184.8)
Income tax expense (benefit) 72.9 19.1 212.1 (105.4)
Net income (loss) 279.7 69.5 561.2 (1,079.4)
Less: Net loss attributable to redeemable non-controlling interest 0.0 (0.3) (0.3) (1.0)
Net income (loss) attributable to PVH Corp. $ 279.7 $ 69.8 $ 561.5 $ (1,078.4)
Basic net income (loss) per common share attributable to PVH Corp. $ 3.94 $ 0.98 $ 7.89 $ (15.15)
Diluted net income (loss) per common share attributable to PVH Corp. $ 3.89 $ 0.98 $ 7.77 $ (15.15)
Net sales        
Total revenue $ 2,208.0 $ 2,014.3 $ 6,410.0 $ 4,802.7
Royalty revenue        
Total revenue 97.4 79.7 248.0 185.7
Advertising and other revenue        
Total revenue $ 27.1 $ 24.1 $ 67.0 $ 54.4
[1] Revenue in the thirteen and thirty-nine weeks ended November 1, 2020 was significantly negatively impacted by the COVID-19 pandemic, including as a result of reduced traffic and consumer spending trends, and temporary store closures for varying periods of time throughout the first quarter and into the second quarter of 2020. The Company’s wholesale customers and licensing partners also experienced significant business disruptions as a result of the pandemic, resulting in a decrease in the Company’s revenue from these channels. Revenue in the thirteen and thirty-nine weeks ended October 31, 2021 continued to be negatively impacted by the pandemic and related supply chain and logistics disruptions, although to a much lesser extent than in the prior year periods.
[2] Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.
[3] Income (loss) before interest and taxes was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.
[4] Income (loss) before interest and taxes in the thirteen and thirty-nine weeks ended November 1, 2020 was significantly adversely impacted by the COVID-19 pandemic, including as a result of the unprecedented material decline in revenue noted above. As well, loss before interest and taxes in the thirty-nine weeks ended November 1, 2020 was significantly adversely impacted by $961.8 million of noncash impairment charges related to goodwill, tradenames, and other intangible assets, store assets and an equity method investment resulting from the significant adverse impacts of the pandemic on the Company’s business. Please see notes (10), (11) and (13) below for further discussion.