PVH Corp. reported first-quarter revenues of $2.025 billion for fiscal 2026, a 2% increase year-over-year, despite a 2% decline in constant currency. The company’s direct-to-consumer revenues rose 6% on a reported basis and 3% in constant currency, driven mainly by gains in Calvin Klein and Tommy Hilfiger. However, wholesale revenues were flat, with a 6% drop in constant currency, reflecting broader market challenges particularly in Europe, the Middle East, and Africa (EMEA).
PVH’s gross margin held steady at 58.6% amid rising tariffs and inventory management efforts, although the firm anticipates operating margin pressure from tariffs estimated to impact gross EBIT by about $195 million. The company’s inventory decreased by 5% year-over-year to $1.510 billion, offering improved flexibility in managing demand shifts. For the current fiscal year, PVH has forecasted flat revenues on a reported basis and a slight decline in constant currency.
Management is implementing a data-driven strategy through its PVH+ Plan, leveraging AI for improved consumer insights and demand forecasting. Despite the positive momentum in direct-to-consumer growth and digital commerce, PVH’s outlook highlights ongoing concerns with macroeconomic pressures and a challenging retail environment.
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