PVH reported second-quarter 2026 revenue of $2.10 billion, down 3% year over year but at the high end of its reported guidance and above guidance on a constant-currency basis.
The company said direct-to-consumer momentum continued in the Americas and APAC, while EMEA performance improved sequentially on a constant-currency basis. E-commerce revenue increased 4%, including growth across both Calvin Klein and Tommy Hilfiger.
Tommy Hilfiger revenue was approximately flat year over year, while Calvin Klein revenue declined 7%, including an impact from the timing of wholesale shipments in the Americas.
APAC revenue increased 3% as reported and 1% in constant currency, while Americas revenue declined 1% and EMEA revenue fell 6%.
PVH reported a GAAP operating margin of negative 9.1%, reflecting a $439 million noncash goodwill impairment charge.
Non-GAAP operating margin was 11.1%, exceeding guidance of approximately 9.5%. Non-GAAP diluted EPS reached $3.70, above prior guidance of $3.00 to $3.10.
The quarter included approximately $107 million of tariff refunds, which benefited operating margin by about 510 basis points and EPS by approximately $1.80 per share.
PVH reaffirmed its full-year outlook for approximately flat reported revenue, a non-GAAP operating margin of approximately 8.8% and non-GAAP EPS of $11.80 to $12.10.
The company also expects to repurchase at least $300 million of common stock during 2026.
KEY QUOTES:
“In the second quarter, we delivered revenue in line with our guidance and profitability exceeding expectations, reflecting our disciplined execution of the PVH+ Plan across our two iconic brands, Calvin Klein and TOMMY HILFIGER. We continued to build momentum in DTC, with growth in both Americas and APAC and improved performance in EMEA compared to last quarter. E-commerce grew across both brands, including strong increases in online traffic.”
Stefan Larsson, Chief Executive Officer of PVH
“For the second quarter, we delivered or exceeded our guidance across all key financial metrics. Revenue across all three regions and licensing was in-line with our expectations and we expanded gross margin year-over-year, excluding tariff refunds. For the full year, we are reaffirming our outlook across revenue, gross margin, operating margin and EPS on a non-GAAP basis.”
Melissa Stone, Interim Chief Financial Officer of PVH
