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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
12 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Feb. 02, 2020
Total revenue [1],[3] $ 9,154.7 [2] $ 7,132.6 [2] $ 9,909.0
Cost of goods sold (exclusive of depreciation and amortization) 3,830.6 3,355.8 4,520.6
Gross profit 5,324.1 3,776.8 5,388.4
Selling, general and administrative expenses 4,453.9 3,983.2 4,715.2
Goodwill and other intangible asset impairments 0.0 933.5 0.0
Non-service related pension and postretirement (income) cost (64.1) (75.9) 90.0
Debt modification and extinguishment costs 0.0 0.0 5.2
Other (gain) loss, net (118.9) 3.1 28.9
Equity in net (income) loss of unconsolidated affiliates 23.7 (4.6) 9.6
Income (loss) before interest and taxes [4] 1,076.9 (1,071.7) [5] 558.7
Interest expense 108.6 125.5 120.0
Interest income 4.4 4.2 5.3
Income (loss) before taxes 972.7 (1,193.0) 444.0
Income tax expense (benefit) 20.7 (55.5) 28.9
Net income (loss) 952.0 (1,137.5) 415.1
Less: Net loss attributable to redeemable non-controlling interest (0.3) (1.4) (2.2)
Net income (loss) attributable to PVH Corp. $ 952.3 $ (1,136.1) $ 417.3
Basic net income (loss) per common share attributable to PVH Corp. $ 13.45 $ (15.96) $ 5.63
Diluted net income (loss) per common share attributable to PVH Corp. $ 13.25 $ (15.96) $ 5.60
Net sales      
Total revenue $ 8,723.7 $ 6,798.7 $ 9,400.0
Royalty revenue      
Total revenue 340.1 260.4 379.9
Advertising and other revenue      
Total revenue $ 90.9 $ 73.5 $ 129.1
[1] No single customer accounted for more than 10% of the Company’s revenue in 2021, 2020 or 2019.
[2] Revenue in 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 year. 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 2021 continued to be negatively impacted by the pandemic and related supply chain and logistics disruptions, although to a much lesser extent than in 2020.
[3] Revenue 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 was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.
[5] Loss before interest and taxes in 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 2020 was significantly adversely impacted by $1.0 billion 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 COVID-19 pandemic on the Company’s business. Please see notes (8), (9) and (11) below for further discussion.