PVH Corp. reported first-quarter revenues of $2.025 billion, a 2% increase year-over-year, although down 2% in constant currency. Non-GAAP earnings were $2.01 per share, exceeding previous guidance. The company’s direct-to-consumer business grew by 6% on a reported basis, with owned digital revenues up 11%. Calvin Klein and Tommy Hilfiger remain key drivers, contributing 44.2% and 53.2% of total revenues, respectively.
Despite a strong performance in direct channels, PVH faces challenges, especially in the Europe, Middle East, and Africa (EMEA) region, where revenues dropped 5%. Tariff pressures are significant, with a projected impact of $195 million on operating margins this fiscal year. However, PVH anticipates approximately $100 million in tariff refunds, partially mitigating this issue.
Looking ahead, PVH expects flat revenues for fiscal 2026 on a reported basis and slightly decreased figures in constant currency. It maintains a non-GAAP operating margin outlook of around 8.8%, with earnings guidance set between $11.80 and $12.10 per share.
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