PVH Corp. Q1 2026 Earnings Recap

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.