PVH sází na opakovatelný růst značek Calvin Klein a Tommy Hilfiger prostřednictvím klíčových kategorií, digitálního prodeje a velkoobchodního kanálu. Licenční byznys o objemu 350 milionů USD má začít růst v příštím roce.
Tapestry Stock Drops After Strong Quarter and Raised OutlookPVH NYSE: PVH CEO Stefan Larsson said the company is pursuing “systematic, repeatable” growth by connecting brand strategy, product development, consumer engagement and operating discipline across its Calvin Klein and Tommy Hilfiger businesses.
Speaking alongside newly appointed CFO Alexis Rollier, Larsson said the company’s approach is intended to move beyond relying on seasonal product improvements. Instead, PVH is identifying priority categories and product franchises, investing in newness and innovation, and seeking to translate its brand appeal into stronger performance across stores, e-commerce and wholesale partners.
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Focus on Young Consumers and Core Categories After a Huge Rally, Is There Any Upside Left for Ralph Lauren Stock? Larsson said consumer research indicates Calvin Klein and Tommy Hilfiger have built particular strength with Gen Z and younger millennials, especially among “status shoppers” and “style enthusiasts.” He described those segments and their value-oriented counterparts as representing roughly 40% of the total market.
For Calvin Klein, Larsson identified underwear and denim as core categories. Those categories represent about half of the brand’s business, while underwear and the broader jeans lifestyle account for about 80%, he said. He pointed to double-digit denim growth and double-digit average unit retail, or AUR, expansion in denim, while also citing mid-single-digit growth in underwear.
Calvin Klein's Parent May Be the Market's Best BargainTommy Hilfiger is emphasizing sweaters, outerwear and shirts, according to Larsson. He said the company is seeing double-digit growth in sweaters and mid-single-digit growth in shirts, while seeking to reinforce the brand’s “classic American style” positioning and product value.
Larsson said the company is working to make brand marketing more directly connected to product and point-of-sale execution. Calvin Klein’s denim marketing, for example, has been structured around specific fits and product messages, he said, with campaigns featuring talent including Sadie Sink intended to drive consumers toward featured products in stores and online.
Digital, Direct-to-Consumer and Wholesale Strategy Larsson said direct-to-consumer performance has benefited from double-digit traffic growth to e-commerce, new customer acquisition, retention and higher customer lifetime value. He said PVH has recorded e-commerce growth across brands and regions, as well as AUR expansion.
He added that North America and Asia-Pacific have not experienced major macroeconomic disruption in the company’s view, supporting direct-to-consumer growth. In Europe, where Larsson said consumer sentiment has been pressured by the Middle East war, PVH grew e-commerce year over year and sequentially improved its direct-to-consumer store business from the first quarter to the second quarter.
PVH is also working more closely with wholesale partners including Zalando, Amazon, Tmall and Macy’s, Larsson said. The company aims to use partner data and consumer insights to jointly grow its brands. He cited newly renovated Calvin Klein and Tommy Hilfiger shop-in-shops at Macy’s Dadeland location in Miami as performing well.
New CFO Highlights Discipline and Global Capabilities Rollier, who said he had been with PVH for one month, joined after serving as global chief operating officer and chief financial officer at Sephora. He said his experience scaling Sephora centered on cost discipline, gross-margin management and reinvestment in growth areas including real estate, digital, technology and procurement.
At PVH, Rollier said he sees an opportunity to further develop global capabilities within a business that has historically been decentralized across brands and regions. Greater use of global infrastructure could make initiatives “faster, cheaper, more efficient,” he said, while improving the company’s speed to market.
Rollier said PVH has already created substantial “upper funnel” brand excitement through its marketing, but the next opportunity is to scale consumer activation throughout the shopping journey. He emphasized disciplined marketing allocation and linking marketing investments to stronger sales and customer experiences.
Licensing Business and Store Tests Larsson said licensing remains a significant recurring revenue and profit stream for PVH. The company has a $350 million licensing business and expects total licensing to begin growing next year, following the completion of a transition involving North American women’s wholesale licensing by the end of this year, he said.
He said PVH has taken greater control of its core consumer proposition while continuing to work with licensing partners in categories such as eyewear, small leather goods, belts and footwear.
Larsson also cited the Calvin Klein store in New York’s SoHo neighborhood as a testing ground for merchandising and consumer interaction. The store has increased its focus on denim and underwear, he said, and offers shoppers the ability to create custom three-packs from 50 colors of Calvin Klein’s Icon Cotton Stretch underwear.
Looking ahead, Larsson said PVH’s priorities include expanding its success in core categories, increasing operational and financial discipline, and further converting consumer interest in Calvin Klein and Tommy Hilfiger into sales across digital, retail and wholesale channels.
About PVH (NYSE:PVH)PVH Corp. NYSE: PVH is a global apparel company that owns and operates the Calvin Klein and Tommy Hilfiger brands. Its products include clothing, accessories, footwear, underwear, and related lifestyle merchandise for women, men, and children.
The company sells its products through company-operated stores, e-commerce platforms, wholesale partners, and licensing arrangements. Calvin Klein and Tommy Hilfiger merchandise is distributed across North America, Europe, Asia-Pacific, and other international markets.
PVH traces its history to 1881 and has expanded through brand development and acquisitions, including its acquisition of Tommy Hilfiger in 2010.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Po schůzce s vedením vidí Jefferies u PVH prostor pro růst tržeb i marží; e-commerce a džínová kategorie značky Calvin Klein rostou dvouciferným tempem.
PVH Corp. (NYSE:PVH) has a compelling opportunity within reach to improve both sales and margins, according to Jefferies, following a meeting with company management in New York.
The analysts described the session as "more like a catchup than turnaround," saying strong brand awareness and heritage give PVH a better starting point.
Management was upbeat about improved areas of growth across the business, though Jefferies noted meaningful work remains.
PVH said Calvin Klein's opportunity centers on monetizing existing brand equity. Brand awareness stands at 88% in the Americas, 87% in Europe and 65% in Asia-Pacific, and marketing is generating strong social engagement, particularly among younger consumers.
The company's framework is that social engagement drives traffic, traffic drives e-commerce revenue, and e-commerce supports broader direct-to-consumer growth and, later, wholesale.
Double-digit growth in e-commerce and denim points to the strategy working, Jefferies said.
Calvin Klein is being built around underwear, denim and fragrance. Denim is a particular focus, as the team believes consumer awareness and cultural relevance far exceed the category's current sales contribution.
Executives acknowledged the turnaround has taken longer than expected, but PVH views the investments as necessary to improve product consistency and support higher average unit retail prices.
The team pointed to underlying constant-currency revenue growth, double-digit growth in key Calvin Klein categories and pricing power gains as early evidence of results.
PVH described encouraging direct-to-consumer trends in Europe, including e-commerce growth, while acknowledging that wholesale remains softer amid a fragmented distribution landscape and uneven macro backdrop.
Jefferies expects Europe wholesale to remain more challenged, with improvement anticipated in the second half of next year.
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PVH za poslední měsíc přidala asi 4,7 % po zveřejnění výsledků za 2. fiskální čtvrtletí 2026, kdy upravený zisk na akcii 3,70 USD překonal odhady díky vrácení cel.
A month has gone by since the last earnings report for PVH (PVH - Free Report) . Shares have added about 4.7% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is PVH due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.
PVH Q2 Earnings Beat on Tariff Refunds, Revenues in LinePVH Corp. posted second-quarter fiscal 2026 adjusted earnings of $3.70 per share, up 46.8% from $2.52 a year earlier and above the Zacks Consensus Estimate of $3.08. The result included an approximately $1.80-per-share benefit from tariff refunds.
Revenues fell 3.2% year over year to $2.097 billion and were in line with the consensus mark. Owned and operated digital commerce revenues rose 4% year over year, while gross margin benefited from tariff refunds and lower product costs.
PVH’s Regional Sales Show Mixed TrendsEurope, the Middle East and Africa revenues declined 6% year over year to $986.3 million, with weakness primarily stemming from the wholesale channel. The region continued to face soft consumer demand related to the prolonged effects of the Middle East conflict and broader macroeconomic pressures. Direct-to-consumer digital growth was more than offset by lower store revenues.
Americas revenues slipped 1% year over year to $680.1 million as a slight DTC increase was outweighed by lower wholesale sales. Asia-Pacific revenues rose 3% year over year to $343.7 million, or 1% at constant currency, on DTC growth. Licensing revenues fell 13% to $86.9 million due to planned North America license transitions.
PVH Corp. Builds DTC and Digital MomentumTommy Hilfiger revenues were approximately flat year over year at $1.132 billion, including an approximately 3% lift from bringing previously licensed women’s categories in-house in the Americas. Calvin Klein revenues fell 7% to $913.3 million, including an approximately 4% drag from wholesale shipment timing in the Americas.
By channel, DTC revenues were approximately flat year over year. Owned and operated store revenues fell 1%, while digital commerce advanced 4%, or 3% at constant currency. Wholesale revenues declined 6% across all regions.
PVH Margins Get a Lift From Tariff RefundsGross margin increased 530 basis points to 63% from 57.7%. The expansion included about 510 basis points from $107 million of tariff refunds. The remaining improvement reflected lower product costs, including favorable foreign exchange and a better mix, partly offset by promotions in EMEA, higher net tariff costs and North America license transitions.
Adjusted EBIT rose 30.5% to $232.6 million from $178.2 million, lifting adjusted operating margin by 290 basis points year over year to 11.1% from 8.2%. Adjusted SG&A expenses increased 1.7% to $1.1 billion. PVH continued targeted marketing and brand-building investments while maintaining cost discipline.
PVH Ends Q2 With Higher Cash and Lower InventoryInventory decreased 3% year over year to $1.7 billion. PVH ended the quarter with $965.9 million in cash and cash equivalents, up from $248.8 million a year earlier. Long-term debt totaled $2.2 billion, while stockholders’ equity was $4.8 billion.
Net cash provided by operating activities reached $336.4 million in the first six months of fiscal 2026, up from $141.7 million a year earlier. Capital expenditures totaled $76 million. The company made no common stock repurchases under its repurchase program in the first six months and expects at least $300 million of repurchases for fiscal 2026.
PVH Reaffirms Fiscal 2026 OutlookFor fiscal 2026, PVH continues to expect revenues to be approximately flat on a reported basis and down slightly at constant currency. Adjusted operating margin is still projected at approximately 8.8%, while adjusted earnings are forecast at $11.80-$12.10 per share compared with $11.40 a year ago. The outlook includes an estimated 40-cent favorable foreign-currency impact.
For the fiscal third quarter, revenues are projected to decline in the low single digits, with an adjusted operating margin of about 7.5%. Adjusted earnings are expected at $2.50-$2.65 per share, down from $2.83 recorded in the prior-year period. Management also plans higher year-over-year marketing investment in the fiscal third quarter to aid growth.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.
The consensus estimate has shifted -17.14% due to these changes.
VGM ScoresCurrently, PVH has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, PVH has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
PVH (PVH - Free Report) came out with quarterly earnings of $3.7 per share, beating the Zacks Consensus Estimate of $3.08 per share. This compares to earnings of $2.52 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +20.13%. A quarter ago, it was expected that this owner of the Calvin Klein and Tommy Hilfiger brands would post earnings of $1.8 per share when it actually produced earnings of $2.01, delivering a surprise of +11.67%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
PVH, which belongs to the Zacks Textile - Apparel industry, posted revenues of $2.1 billion for the quarter ended July 2026, in line with the Zacks Consensus Estimate. This compares to year-ago revenues of $2.17 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
PVH shares have added about 8.7% since the beginning of the year versus the S&P 500's gain of 11.5%.
What's Next for PVH?While PVH has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for PVH was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.17 on $2.3 billion in revenues for the coming quarter and $12.01 on $8.92 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Textile - Apparel is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Duluth Holdings (DLTH - Free Report) , is yet to report results for the quarter ended July 2026. The results are expected to be released on September 3.
This clothing and tools supplier is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of -266.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Duluth Holdings' revenues are expected to be $119.1 million, down 9.6% from the year-ago quarter.
PVH čeká za čtvrtletí zisk na akcii 3,08 USD, což je meziročně o 22,2 % více, při tržbách 2,1 miliardy USD, o 3,2 % níže. Výsledky mají být zveřejněny 2. září.
Wall Street expects a year-over-year increase in earnings on lower revenues when PVH (PVH - Free Report) reports results for the quarter ended July 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on September 2. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis owner of the Calvin Klein and Tommy Hilfiger brands is expected to post quarterly earnings of $3.08 per share in its upcoming report, which represents a year-over-year change of +22.2%.
Revenues are expected to be $2.1 billion, down 3.2% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.32% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for PVH?For PVH, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that PVH will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that PVH would post earnings of $1.8 per share when it actually produced earnings of $2.01, delivering a surprise of +11.67%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
PVH doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
PVH posiluje značky Calvin Klein a Tommy Hilfiger i digitální kanály, aby podpořila růst. AI a datová analytika zlepšují plánování poptávky, merchandising i řízení zásob.
Key Takeaways PVH is using the PVH Plan to strengthen products, engagement, digital reach and operating efficiency.AI and data analytics are improving forecasting, merchandising, inventory and product assortment decisions.Calvin Klein and Tommy Hilfiger support international growth, while DTC gains boost digital momentum. PVH Corporation (PVH - Free Report) continues to benefit from the strength of its iconic brands, including Calvin Klein and Tommy Hilfiger, which enjoy strong global recognition and pricing power across key markets. The company is advancing a multi-year transformation strategy centered on strengthening its brands, accelerating digital capabilities and enhancing operational efficiency.
PVH is also benefiting from the effective execution of its PVH+ Plan, which is designed to accelerate growth by strengthening its core capabilities and deepening consumer connections with its brands. The strategy is centered on five key priorities: enhancing product offerings, increasing consumer engagement, strengthening its presence in the digitally driven marketplace, building a demand- and data-driven operating model, and improving efficiencies to support future growth investments.
PVH Corp.’s digital strategy focuses on leveraging Artificial intelligence (AI), data analytics and digital platforms to strengthen consumer engagement and improve operational efficiency. The company is using AI and data-driven insights to enhance demand forecasting, merchandising, inventory management and product assortment decisions. PVH is also expanding its use of generative AI across product development, marketing and other creative functions, supported by its partnership with OpenAI.
PVH continued to make progress in strengthening its direct-to-consumer (DTC) and digital channels. The company has significantly enhanced its e-commerce capabilities and omnichannel execution. This is driving higher online traffic, stronger engagement and improved full-price sell-through across channels. PVH is seeing positive momentum in DTC heading into fiscal 2026, with higher spring season sell-through trends across its brands and regions. Investments in data analytics, AI-enabled merchandising and DTC capabilities are enhancing consumer insights and personalization.
PVH Corp.’s continued expansion across international markets remains an important growth driver, supported by the strong global presence of Calvin Klein and Tommy Hilfiger. The company is also streamlining its operations through the divestiture of non-core businesses, enabling greater focus on strategic priorities and more efficient capital allocation. Meanwhile, ongoing product innovation and investments in product development, digital capabilities and sustainability are helping strengthen the portfolio and support PVH’s long-term growth objectives.
PVH’s Price Performance, Valuation and EstimatesPVH Corp. shares have gained 11.8% in the past six months against the industry’s 6.9% decline.
Image Source: Zacks Investment Research
From a valuation standpoint, PVH trades at a forward price-to-earnings ratio of 6.33X compared with the industry’s average of 14.86X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for PVH’s fiscal 2026 and fiscal 2027 earnings per share (EPS) indicates year-over-year growth of 5.4% and 5.7%, respectively. The company’s EPS estimate for fiscal 2026 has moved south, but that of fiscal 2027 has increased in the past 30 days.
Image Source: Zacks Investment Research
PVH Corp. currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PVH Corp.’s PeersRalph Lauren’s (RL - Free Report) growth strategy focuses on strengthening its luxury lifestyle positioning, expanding its customer base and increasing engagement with younger consumers. The company is investing in its iconic core products while broadening its offerings across high-potential categories. RL is expanding its presence in key international markets, particularly Asia and China, while strengthening its directly operated stores and digital channels. Product innovation, personalized consumer experiences and technology investments, including AI-powered tools, are helping Ralph Lauren improve brand relevance and deepen customer relationships.
Crocs, Inc. (CROX - Free Report) is focused on sustaining growth by strengthening its core Crocs brand, accelerating HEYDUDE and expanding its global presence. CROX is investing in product innovation, broader assortments and collaborations to attract consumers and maintain strong brand relevance. Crocs is expanding into adjacent categories and new occasions to increase purchase frequency and deepen customer engagement.
lululemon athletica inc. (LULU - Free Report) focuses on sustaining growth by strengthening its brand, expanding its global customer base and delivering innovative, high-quality products. LULU is emphasizing product innovation, differentiated assortments and deeper consumer engagement across its core categories. lululemon is also expanding its international presence, particularly in China and other high-growth markets, while enhancing its digital and omnichannel capabilities to capitalize on evolving consumer preferences and support growth.
PVH ve 1. čtvrtletí překonala odhady zisku i tržeb, ale snížila celoroční výhled tržeb na přibližně stagnaci na vykazované bázi. Akcie za měsíc klesly asi o 3,8 %.
A month has gone by since the last earnings report for PVH (PVH - Free Report) . Shares have lost about 3.8% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is PVH due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for PVH Corp. before we dive into how investors and analysts have reacted as of late.
PVH Q1 Earnings Top Estimates, FY26 Sales Outlook CutPVH Corporation posted first-quarter fiscal 2026 results, wherein both earnings and revenues topped the Zacks Consensus Estimate. However, the bottom line fell year over year while the top line increased.
PVH’s first-quarter 2026 results reflected continued momentum in Calvin Klein and TOMMY HILFIGER, supported by growth in direct-to-consumer sales across both stores and e-commerce, along with ongoing product innovation and stepped-up marketing.
Delving Deeper Into PVH’s Q1 PerformancePVH Corp. reported adjusted earnings of $2.01 per share, down 12.6% from the year-ago quarter's $2.30. However, the bottom line surpassed the Zacks Consensus Estimate of earnings of $1.80 per share and the company’s guidance of $1.65-$1.80
The EPS figure included the positive effect of 21 cents per share associated with the foreign currency translations.
Revenues increased 2% year over year (flat at constant currency) to $2.025 billion and beat the consensus mark of $1.997 billion.
Direct-to-consumer revenues inched up 6% compared with the prior-year period’s figure (up 3% on a constant-currency basis), buoyed by growth in the Americas and APAC, partly offset by decreases in EMEA. Revenues in PVH Corp.’s owned and operated stores were up 5%, and revenues also rose 2% in constant currency. Meanwhile, owned and operated digital commerce grew 11%, while decreasing 6% in constant currency, with declines in all the regions.
Wholesale revenues were flat from the prior-year period (down 6% on a constant-currency basis), with declines in all the regions.
PVH Corp.’s Costs & Margin DetailsThe company’s gross profit of $1.19 billion grew 2.1% year over year. However, the gross margin remained flat at 58.6% due to the higher U.S. tariffs, elevated promotional backdrop and margin differential owing to the transition of earlier-licensed women’s product categories to an in-house wholesale business. Decline was partly offset by tariff-mitigation efforts and lower product costs, comprising foreign exchange gains.
Adjusted selling, general and administrative expenses were $1.07 billion, up 5.6% year over year. The company’s adjusted earnings before interest and taxes totaled $131.2 million, down 18.3% from the prior-year quarter. It reported an adjusted operating margin of 6.5% in line e with guidance of 6.0% to 6.5%.
PVH’s Segmental AnalysisEMEA revenues increased 2% year over year to $946.1 million. However, on a constant-currency basis, revenues declined 5% due to softness in both the direct-to-consumer and wholesale businesses. The consensus estimate for EMEA revenues was pegged at $940 million.
Americas revenues declined 1% year over year to 602.9 million (down 2% on a constant-currency basis). Growth in the direct-to-consumer business was not enough to offset weaker wholesale sales. The decline in wholesale revenues was primarily due to a shift in the timing of shipments, with more wholesale deliveries expected in the second half of 2026 compared with the prior year. This was partially offset by higher sales resulting from bringing previously licensed women’s product categories in-house.
APAC revenues grew 10% year over year to 387 million, or 6% on a constant-currency basis. The constant-currency growth benefited from an approximately 4% boost related to the timing of the Lunar New Year, which fell in the first quarter of 2026 but not in the same period of 2025. Revenue growth was primarily driven by strength in the direct-to-consumer business, though this was partly offset by lower wholesale sales.
Licensing revenues fell 7% year over year to $89.1 million, mainly due to license transitions in North America.
PVH Corp.’s Brand PerformanceRevenues for the Calvin Klein segment increased 1% year over year (down 3% on a constant-currency basis).
Revenues for the Tommy Hilfiger brand rose 3% year over year (down 2% on a constant-currency basis).
Closer Look at PVH's Financial PerformancePVH Corp. ended the fiscal year with cash and cash equivalents of $592.5 million, long-term debt of $2.27 billion and stockholders’ equity of $4.89 billion. Inventories were down 5% year over year to $1.51 billion.
What to Expect From PVH in Q2 and FY26?PVH expects full-year fiscal 2026 revenues to be approximately flat on a reported basis, a step down from its prior view calling for a slight increase. On a constant-currency basis, the company now projects revenues to decrease slightly, compared with its earlier expectation of flat to slightly up.
On profitability, PVH reaffirmed its non-GAAP operating margin outlook of approximately 8.8%, flat with the non-GAAP margin delivered in fiscal 2025. The full-year margin view reflects an estimated net negative impact from U.S. tariffs, including a gross impact of about 215 basis points with a partial offset from mitigation actions, alongside an estimated positive impact of roughly 100 bps tied to tariff refunds.
PVH also reiterated its full-year fiscal 2026 non-GAAP earnings outlook of $11.80-$12.10 per share versus non-GAAP earnings of $11.40 in fiscal 2025. Management expects the fiscal 2026 earnings outlook to include an estimated gross tariff headwind of about $3.30 per share with partial mitigation, an estimated benefit of about $1.70 per share from tariff refunds and an estimated $0.40 per-share benefit from foreign currency translation. Net interest expense is projected at approximately $75 million, with the effective tax rate expected in the 22%-23% range.
PVH expects second-quarter fiscal 2026 revenues to decline 3% to 4% from the second quarter of fiscal 2025, with revenues projected to decrease 4% to 5% on a constant-currency basis.
On profitability, PVH sees a non-GAAP operating margin of about 9.5%, up from 8.2% in the year-ago period, reflecting an estimated positive impact of roughly 470 bps tied to tariff refunds. Non-GAAP earnings are projected at $3.00-$3.10 per share versus $2.52 a year ago, including an estimated $0.05 per-share benefit from foreign currency translation. Net interest expense is expected to be approximately $18 million, and the effective tax rate is projected at about 22%.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.
The consensus estimate has shifted 20.34% due to these changes.
VGM ScoresCurrently, PVH has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a grade of A on the value side, putting it in the top 20% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, PVH has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerPVH is part of the Zacks Textile - Apparel industry. Over the past month, Ralph Lauren (RL - Free Report) , a stock from the same industry, has gained 8.6%. The company reported its results for the quarter ended March 2026 more than a month ago.
Ralph Lauren reported revenues of $1.98 billion in the last reported quarter, representing a year-over-year change of +16.6%. EPS of $2.80 for the same period compares with $2.27 a year ago.
For the current quarter, Ralph Lauren is expected to post earnings of $4.26 per share, indicating a change of +13% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
Ralph Lauren has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
First Graphene dokončila akvizici americké MITO® Material Solutions a posiluje expanzi v USA. Do firmy zároveň nastupuje CEO MITO® Haley Marie Keith jako viceprezidentka pro business development.
First Graphene Ltd (ASX:FGR, OTCQB:FGPHF, FRA:M11) earlier this week confirmed it had completed the acquisition of USA-based MITO® Material Solutions, with managing director and CEO Michael Bell telling Proactive the transaction had moved quickly and gave the company a stronger commercial platform in the United States.
Bell said First Graphene completed the deal within “sort of five or six days” of signing the agreement, describing the rapid turnaround as a reflection of the motivation shown by both teams. He said it was “a testament to both our team and the MITO® team being pretty motivated to get the deal across the line”.
The acquisition also brings MITO® Material Solutions chief executive officer Haley Marie Keith into First Graphene Ltd (ASX:FGR, OTCQB:FGPHF) as vice president of business development. Bell said Keith would lead US business operations, business development, commercial activity and promotion from Indiana.
For investors, the appointment appears to be an important catalyst in the company’s US expansion strategy. Bell said Keith brought “a huge amount of experience” in the US market, composites and the MITO® Material Solutions portfolio. He described her appointment as “a fairly clear line in the sand” that showed First Graphene Ltd was committed to growing its US business.
Bell said the scale of the US market required a focused approach. Drawing on previous experience, he said companies could not assume one person could represent a business across the entire country, noting that the market was vast and often required a state-by-state focus.
The company is initially looking at opportunities across aerospace, transportation and defence, although Bell said those sectors were likely to move more slowly. In the near term, First Graphene Ltd also intends to build on MITO® Material Solutions’ validation work in commercial sporting goods, where the acquired business already has clients.
Revenue growth and pipeline development were also highlighted. Bell said First Graphene Ltd had recently expanded from five new clients to six, with another footwear company coming across the line in recent days. He added that the time taken to move customers from inquiry to execution or production was speeding up.
Bell said the company had a pipeline approaching 700 opportunities, ranging from early-stage discussions to projects that had been in development for up to three years. He also pointed to a nearer-term group of around 30 to 40 potential clients in areas such as marketing releases and regulatory approvals, which he said could become contributors to revenue over the next six months.
Interview highlights First Graphene Ltd has completed the acquisition of USA-based MITO® Material Solutions within about five or six days of signing the agreement. Michael Bell said the fast completion reflected strong motivation from both the First Graphene Ltd and MITO® Material Solutions teams. MITO® Material Solutions chief executive officer Haley Marie Keith has joined First Graphene Ltd as vice president of business development. Keith will support US business operations, business development, commercial activity and promotion from Indiana. Bell said Keith brings significant experience in the US market, composites and the MITO® Material Solutions portfolio. First Graphene Ltd sees the appointment as a “line in the sand” showing its commitment to expanding in the United States. The company is targeting opportunities across aerospace, transportation, defence and commercial sporting goods. Bell said MITO® Material Solutions has already validated products in commercial sporting goods, giving First Graphene Ltd a base to grow from. First Graphene Ltd has added a sixth client in recent months, including another footwear company. The company has a pipeline approaching 700 opportunities, with 30 to 40 potential clients in later-stage areas such as marketing releases and regulatory approvals.
Proactive: Welcome back to Proactive Investors. I’m your host, Kerry Stevenson. I’ve asked Michael Bell to come back. He is the managing director and CEO of First Graphene Ltd, ASX code FGR. The reason I’ve asked Michael back is that the last time I had him on, which was only a couple of weeks ago, we were talking about the acquisition of MITO® Material Solutions. That has now closed. The deal is done, but First Graphene Ltd has also made its first hire in the United States. This looks like rapid global expansion. Michael, congratulations on closing the deal. We talked about the deal last time. Talk to us about closing the deal. It was a pretty quick turnaround.
Michael Bell: Yes, we managed to get it closed within sort of five or six days from signing the agreement. It was really a testament to both our team and the MITO® team being pretty motivated to get the deal across the line and get into it. We got it wrapped up the other week, and we also made our first hire as part of that deal.
Haley Marie Keith, who is the CEO of MITO® Material Solutions, has come across to First Graphene Ltd. She will head up our business operations, business development, commercial and promotion within the United States. She is based out of Indiana and brings a huge amount of experience in both the US market and composites, but also the MITO® portfolio. She will really help us drive that forward.
It is also a fairly clear line in the sand of our intent to grow the US business. There is huge opportunity there. As we immerse ourselves more, both in the MITO® materials as well as the First Graphene PureGRAPH line, we start to understand the true potential of the United States. It is a line in the sand saying we are committed to growing that side of the business.
Proactive: Is the US market a tough one to break into, Michael? I know it is a big market. It is huge, isn’t it?
Michael Bell: It is big. I have had previous experience of trying to grow businesses in the United States out of a company that I was a partner in, in New Zealand. That taught us some very hard lessons in terms of the size of the market. Where you think one person can represent you across the United States, you need to focus on a state basis because the market is so vast.
How I apply that to Haley Marie Keith is that she has a big role and a very broad opportunity. It will take some really critical focus on certain applications, certain client bases and so on.
Proactive: Talking about focus, are you going to focus more on government or are you going to focus more on private?
Michael Bell: It is a good question. The products that we have acquired from MITO® Material Solutions, and the ones that we see proving the most successful and having the fastest timeline, would be aerospace, transportation and defence. Those are probably slower-moving industries.
What MITO® Material Solutions has done is take its products and validate them in the commercial sporting goods segment. It has clients in those spaces and we have a pipeline to expand that. We will probably continue focusing on that, pushing that and growing the sporting goods side, while at the same time advancing the pipeline that MITO® Material Solutions has established in bigger industries like aerospace, transportation and defence.
Proactive: Before we finish up, it is important for our audience and investors to know that First Graphene Ltd has a very full pipeline, which means growth is happening. The company also already has revenue generation. What is that looking like?
Michael Bell: It is strong. It is growing. We mentioned previously, I think in our last call, that we had added five clients in the last couple of months. That has now expanded into a sixth client. We got another footwear company across the line just in the last few days.
That tax rate, or that time to get people from inquiry to executing or getting it into production, is speeding up. We have a big pipeline, somewhere up towards 700 different opportunities, somewhere between a week and three years deep in development. We have also got that really good next wave of clients, sort of 30 or 40 of them, that are in marketing releases, regulatory approvals and that sort of phase. Those are coming on and are our next contributors to revenue over the next six months.
Proactive: The US market is a major focus. MITO® Material Solutions has now been acquired, and the deal is done. More importantly, MITO® Material Solutions CEO Haley Marie Keith is joining First Graphene Ltd as vice president of business development as the company strikes out into a big US market. First Graphene Ltd’s ASX code is FGR. Michael is taking strides to expand and First Graphene Ltd is generating revenue. Michael, good to chat. Talk to you next time.
Bank of America snížila hodnocení PVH na Underperform a cílovou cenu na 70 USD z 90 USD kvůli vysoké expozici vůči EMEA, kde region tvoří zhruba 50 % tržeb. Očekává, že obnova potrvá déle a ziskovost zůstane pod tlakem.
PVH Corp. (NYSE:PVH) was downgraded to 'Underperform' from 'Neutral' by Bank of America, which also lowered its price objective to $70 from $90, citing the apparel company's significant exposure to Europe, the Middle East and Africa (EMEA) and expectations that a recovery in the region could take longer than anticipated.
Shares of PVH traded hands at $72 on Thursday afternoon, up about 7% so far this year.
Bank of America analysts wrote that PVH's EMEA business accounts for about 50% of sales, the highest exposure among companies in their coverage universe, limiting the potential for upside amid a challenging macroeconomic backdrop.
The analysts lowered their earnings estimates for 2026 through 2028 by 1% to 3% to reflect softer sales and margin assumptions and reduced their valuation multiple to 4 times projected 2027 EV/EBITDA from 5 times previously.
Bank of America wrote that demand in Europe has weakened amid conflict in the Middle East, while PVH is also facing sales and margin pressure in its Middle East and Türkiye operations. Although the Middle East excluding Türkiye represents only about 1% of company sales, it contributes roughly 7% of total EBIT because the business is entirely wholesale.
Even if geopolitical tensions ease, the analysts wrote that a recovery in the region may take time, particularly as tourism flows into markets such as the United Arab Emirates have been affected. They added that PVH's wholesale business, which accounts for approximately half of total sales, could further slow the rebound because wholesale partners tend to be cautious about inventory commitments during periods of uncertainty.
Bank of America also noted that PVH's updated guidance already incorporates expected tariff refunds of about $100 million in the second quarter, equivalent to an estimated 100-basis-point benefit to annual gross margin. The analysts wrote that this leaves the company with less margin flexibility in 2026 relative to peers and creates more challenging comparisons in 2027.
Despite the tariff-related benefit, Bank of America expects PVH's EBIT margin to remain flat in 2026 as pressure in EMEA, tariff costs, licensing transitions and increased marketing spending offset potential gains.
While the analysts acknowledged longer-term opportunities for margin expansion through cost-cutting and strategic initiatives, they wrote that near-term profit-and-loss volatility is likely to continue overshadowing progress.
