As a part of its attempts to navigate the challenges posed by the coronavirus crisis, PVH Corp has introduced a number of cost-cutting measures over the past few weeks.

These include furloughings, hiring freezes, salary reductions and decreased working hours, as well as the elimination or reduction of a range of discretionary and variable operating expenses, including marketing, travel, consulting services, and creative and design costs.

The first quarter sales of the company, which owns brands like Tommy Hilfiger and Calvin Klein declined by 43 per cent. The New York-based company reported $1.34 billion revenue during the quarter. Its Tommy Hilfiger brand posted a 39 per cent decline in revenue, while the revenues of Calvin Klein fell by 46 per cent. PVH’s heritage brand segment also reported a 47 per cent decrease in revenue.

The company expects 85 per cent of its stores to have reopened by mid-June and highlighted that, although second quarter-to-date sales are currently running down approximately 25 per cent globally, traffic and sales trends are improving each week.