Apparel company PVH Corp. (PVH) will suspend its quarterly dividend because of the COVID-19 pandemic.

The owner of Calvin Klein and Tommy Hilfiger did not hike its dividend since 1992 with investors receiving a dividend of 15 cents annually for almost three decades.

In the company's press release PVH reported its 2019 fourth quarter and full year financial results and also announced the suspension of its cash dividend beginning with the second quarter of 2020. The company’s previously announced cash dividend of $0.0375 per common share paid on March 31, 2020 was not affected by this suspension.

PVH Corp. is a global apparel company. Its brands include TOMMY HILFIGER, CALVIN KLEIN, Van Heusen, IZOD, ARROW, Warner’s, Olga and Geoffrey Beene brands and True&Co. PVH licenses brands from third parties, including Speedo (licensed in perpetuity for North, Kenneth Cole New York, Kenneth Cole Reaction, Unlisted, a Kenneth Cole Production, MICHAEL Michael Kors, Michael Kors Collection, DKNY and Chaps. The company's brand portfolio also consists of various other owned, licensed and, to a lesser extent, private label brands. PVH Corp. was incorporated in the State of Delaware in 1976 as the successor to a business begun in 1881.