PVH Corp. Earnings Recaps
Q1 2026
Jun 6, 2026
PVH shares dropped 20.6% after the company cut its full-year revenue outlook due to the prolonged Middle East conflict, which is weighing heavily on the EMEA region. Despite stable margins and ongoing momentum in the Americas and APAC, investor sentiment was clearly shaken by the cautious outlook and regional deceleration.
Key takeaways
- Q1 revenue reached $2 billion, up 2% reported but down 2% in constant currency, broadly in line with guidance.
- Direct-to-consumer sales grew 3% in constant currency, driven by digital strength across Calvin Klein and Tommy Hilfiger.
- Wholesale sales declined mid-single digits due to timing and cautious partner demand, especially in EMEA.
- Gross margins held flat year-over-year despite tariff headwinds; operating margin came in at 6.5%, at the high end of guidance.
- Updated full-year revenue outlook cut to flat/ slightly negative growth, reflecting ongoing negative macro and geopolitical pressures in EMEA not incorporated previously.
Q3 2025
Dec 5, 2025
PVH Corp reported a resilient Q3 2025, surpassing guidance with total revenues of $2.3 billion, led by strong growth in wholesale and consistent brand performance despite a challenging consumer environment.
Key takeaways
- Total revenue decreased less than 1% in constant currency, aligning with management's expectations.
- Direct-to-consumer revenue fell 1%, offset by a 1% increase in wholesale revenue, indicating stable brand health.
- Operating profit performance exceeded forecasted levels, reaffirming a positive full-year outlook and cost-saving initiatives.
- Significant brand innovation and marketing efforts, including high-profile collaborations, drove double-digit growth in Calvin Klein's underwear category.
- Strong performance in the APAC region, particularly in China, underscoring effective demand-driven strategies and healthy inventory management.