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MarketWatch MarketPulseApr 01, 2020
Calvin Klein maker PVH earnings damaged by COVID-19 pandemic
PVH Corp. shares rose more than 7% in the extended session Wednesday, after the company warned investors about the damaging effects of the COVID-19 pandemic on its businesses and beat earnings and revenue estimates. The apparel company reported a fourth-quarter net loss of $68.5 million, or 93 cents a share, compared with net income of $158.7 million, or $2.09 a share, in the year-ago period. Adjusted for items such as a non-cash loss on its Speedo acquisition, among other items, earnings were $1.88 a share versus $1.84 a year ago. The company said earnings per share were impacted negatively by 25 cents because of additional inventory reserves as a result of the onset of the coronavirus pandemic. Revenue rose to $2.6 billion from $2.48 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.72 a share on revenue of $2.47 billion. For the first quarter, analysts model adjusted earnings of $1.16 a share and sales of $1.94 billion. PVH said that it was not issuing guidance due to the COVID-19 pandemic and that its first quarter and full-year results will be hurt by the outbreak. PVH said it was halting stock buybacks, suspending its dividend beginning in the second quarter, reducing capital expenditures and eliminating discretionary spending; the apparel maker also said it was drawing down $750 million of its over $1 billion revolving credit facility. PVH stock has fallen 74% in the past year, with the S&P 500 index falling 9.9%.

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The Motley FoolApr 01, 2020
Shares of Ford, General Motors, and TrueCar Are Falling After Auto Sales Collapse
March sales numbers are coming in, and they're grim.

Reuters BusinessApr 01, 2020
Kroger posts 30% jump in March comparable sales, borrows $1 billion
Kroger Co's comparable sales surged about 30% in March as consumers stockpiled due to the coronavirus pandemic, and the grocer said it had borrowed $1 billion to boost its cash reserve as it prepared for any fallout from the health crisis.

Wall Street Journal US BusinessApr 01, 2020
Coronavirus Outbreak Takes Toll On U.S. Auto Sales
A collapse of showroom traffic in March led to a big drop in U.S. sales for major car companies in the first quarter, illustrating how quickly the coronavirus outbreak has dented business for one of the nation's largest industries.

RELATED ARTICLES
Auto Sales Plummet in First Quarter as Buyers Stay Away (NYTimes Business)
Coronavirus Hit U.S. Auto Sales Harder Than Expected in March (The Motley Fool)
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