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The performance was supported by robust direct-to-consumer (DTC) growth in the Americas and Asia-Pacific (APAC), improved e-commerce performance, and margin expansion.<\/p>\n
PVH’s Q2 FY26 revenue fell 3 per cent to $2.10 billion, but non-GAAP EPS of $3.70 beat guidance as gross margin reached 63.0 per cent.
\nDTC gains in the Americas and APAC, e-commerce growth and tariff refunds offset weaker wholesale, licensing declines and EMEA pressure.
\nThe Calvin Klein and Tommy Hilfiger owner reaffirmed FY26 guidance, with Q3 revenue seen down low single digits YoY.<\/p>\n
The company reaffirmed its full-year outlook as disciplined execution of the PVH+ Plan and ongoing cost actions continued to drive efficiency and brand momentum, despite a challenging wholesale and licensing environment.<\/p>\n
For the quarter ended August 2, 2026, PVH Corp reported total revenue of $2.10 billion, a 3 per cent decline year on year (YoY), in line with guidance.<\/p>\n
On a non-GAAP basis, operating margin rose to 11.1 per cent, surpassing the company\u2019s forecast of approximately 9.5 per cent. Non-GAAP earnings per share (EPS) reached $3.70, well ahead of the $3.00 to $3.10 guidance range, while net income on a non-GAAP basis was $171.9 million.<\/p>\n
Gross margin expanded to 63.0 per cent from 57.7 per cent a year earlier, benefiting from $107 million in tariff refunds. Inventory levels decreased 3 per cent YoY to $1.74 billion.<\/p>\n
\u201cIn 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,\u201d said Stefan Larsson, chief executive officer, PVH Corp<\/em><\/strong>.<\/p>\n Revenue in the Americas declined 1 per cent YoY to $680.1 million, as DTC growth was offset by softer wholesale demand, including the impact of shipment timing in Calvin Klein.<\/p>\n Europe, the Middle East and Africa (EMEA) revenue fell 6 per cent to $986.3 million, reflecting continued macroeconomic headwinds and weaker wholesale, though digital commerce in the region grew.<\/p>\n APAC revenue increased 3 per cent to $343.7 million, driven by DTC gains. Licensing revenue declined 13 per cent to $86.9 million, largely due to planned license transitions in North America.<\/p>\n By brand, Tommy Hilfiger revenue was flat YoY at $1.13 billion, while Calvin Klein revenue declined 7 per cent to $913.3 million, impacted by wholesale shipment timing.<\/p>\n DTC revenue was flat overall, with owned and operated digital commerce up 4 per cent. Wholesale revenue decreased 6 per cent across all regions.<\/p>\n Gross margin rose to 63.0 per cent, up 530 basis points YoY, including a 510 basis point benefit from tariff refunds.<\/p>\n The remainder of the margin improvement was attributed to lower product costs, favourable mix, and foreign exchange, partially offset by a more promotional environment in EMEA and increased tariff costs.<\/p>\n On a non-GAAP basis, EBIT (earnings before interest and taxes) increased to $232.6 million from $178.2 million a year earlier. The effective tax rate on a non-GAAP basis was 22.2 per cent, compared to 21.8 per cent in the prior-year period.<\/p>\n PVH Corp reaffirmed its full-year 2026 outlook, projecting revenue to remain approximately flat on a reported basis, with operating margin expected at 8.8 per cent on a non-GAAP basis, unchanged from the prior year.<\/p>\n Non-GAAP EPS is forecast in the range of $11.80 to $12.10, compared to $11.40 in the previous year.<\/p>\n For the third quarter of 2026, the company anticipates revenue to decline by low single digits YoY, operating margin of approximately 7.5 per cent (non-GAAP), and non-GAAP EPS between $2.50 and $2.65.<\/p>\n PVH said it remains focused on cost discipline, strengthening its demand-driven operating model, and supporting long-term growth for Calvin Klein and Tommy Hilfiger through increased marketing and strategic investments.<\/p>\n
<\/p>\n Fibre2Fashion News Desk (MS)<\/p>\n
\n <\/p><\/div>\n\tRegional and segment performance<\/strong><\/h3>\n
\tMargin analysis and profitability<\/strong><\/h3>\n
\tGuidance and outlook<\/strong><\/h3>\n