PVH (NYSE:PVH) said it met or exceeded its key first-quarter financial targets, helped by growth in direct-to-consumer sales and e-commerce, but lowered its full-year revenue outlook because of what executives described as the prolonged effects of the Middle East conflict on its EMEA business.
Chief Executive Officer Stefan Larsson said total revenue for the first quarter was $2 billion, up 2% on a reported basis and down 2% in constant currency, in line with the company’s expectations. He said earnings per share came in above guidance, while operating margin reached 6.5%, at the high end of PVH’s non-GAAP guidance range.
Direct-to-consumer and e-commerce drive growth
PVH reported direct-to-consumer revenue growth of 3% in constant currency across Calvin Klein and Tommy Hilfiger. Larsson said the increase was driven by strength in e-commerce across both brands and all regions, supported by higher marketing investment and a sharper focus on target consumer segments.
Interim Chief Financial Officer Melissa Stone said direct-to-consumer revenue rose 6% on a reported basis and 3% in constant currency, including an approximately 2% benefit from Lunar New Year timing. Retail store sales increased 5% reported and 2% in constant currency, while e-commerce sales rose 11% reported and 6% in constant currency.
Larsson said the company’s marketing investments are “cutting through,” attracting new consumers and driving online traffic. He said PVH is targeting Calvin Klein’s “status shopper” and Tommy Hilfiger’s “style enthusiast,” consumer groups he described as shopping more frequently, having higher order values and showing greater loyalty.
Wholesale remained weaker. Stone said total wholesale revenue was flat on a reported basis and down 6% in constant currency, with declines in all regions. Larsson said wholesale was down mid-single digits in constant currency, reflecting timing effects and cautious partner positioning.
Calvin Klein and Tommy Hilfiger show category strength
Larsson said Calvin Klein continued to lean into underwear and denim, supported by campaigns featuring Dakota Johnson, Jungkook and FC Barcelona player Raphinha. He said Calvin Klein delivered mid-single-digit growth in global underwear and double-digit growth in denim in its direct-to-consumer business.
The company also highlighted a Jungkook for Calvin Klein capsule collaboration, which Larsson called the brand’s most successful collaboration to date. He said the launch generated strong sell-through across regions, including 99% sell-through on Tmall in China and a sellout at a Los Angeles pop-up store.
At Tommy Hilfiger, Larsson said the brand’s spring campaign and product storytelling helped drive mid-single-digit direct-to-consumer growth in core categories, with sweaters and outerwear both up double digits. He also pointed to Tommy Hilfiger’s sports-related partnerships, including Liverpool Football Club, Cadillac Formula One and U.S. SailGP, as part of the brand’s consumer engagement strategy.
Larsson said Tommy Hilfiger is preparing a fall 2026 campaign with Travis Kelce, whom PVH previously announced as a global brand ambassador and creative collaborator. He said the announcement generated social reach in the hundreds of millions across platforms.
EMEA outlook reduced on Middle East conflict effects
PVH’s biggest change to its outlook came from EMEA. Larsson said the company is seeing three pressures from the prolonged Middle East conflict: lower wholesale demand in its direct Middle East business, weaker demand in Turkey due to reduced tourism and macro pressures, and broader effects on consumer spending across EMEA, including higher fuel costs and lower store traffic.
Stone said EMEA revenue rose 2% reported but fell 5% in constant currency in the first quarter. Both direct-to-consumer and wholesale revenue declined mid-single digits in constant currency, as the company lapped stronger prior-year comparisons and the macro environment became more challenging.
In response to an analyst question, Larsson said roughly half of the European outlook reduction related directly to the Middle East and Turkey, while the other half reflected broader pressure on the European consumer. He said the effect was most pronounced in traffic to physical stores, although Europe direct-to-consumer trends improved in May from April, partly because of calendar timing.
Despite the EMEA pressure, Larsson said PVH continues to see growth in its consumer base, higher consideration and purchase intent, and stronger engagement with campaigns and product stories. Stone added that the company expects e-commerce growth in Europe for the full year.
Regional performance mixed
In the Americas, revenue declined 1%, as low single-digit direct-to-consumer growth was more than offset by a mid-single-digit decline in wholesale revenue. Stone said the wholesale decline reflected a planned first-half to second-half timing shift compared with 2025, partly offset by revenue from North America license transitions.
Larsson said the Americas e-commerce business continued to grow, supported by higher traffic and average order value. He also said wholesale sell-through with key partners was positive during the quarter, even though the overall wholesale channel declined.
Asia Pacific was PVH’s strongest region in the quarter. Stone said revenue increased 10% reported and 6% in constant currency, including an approximately 4% benefit from Lunar New Year timing. Direct-to-consumer revenue rose by low teens in constant currency, while wholesale revenue declined high single digits as partners remained cautious.
Stone said China delivered high-single-digit constant-currency growth after a challenging first quarter last year, with double-digit direct-to-consumer growth in stores and online, including the Lunar New Year timing impact. That growth was partly offset by weakness in Australia, where high fuel prices and interest rates weighed on consumer spending.
Guidance updated, EPS range maintained
PVH revised its full-year revenue outlook to approximately flat on a reported basis, compared with a prior outlook for a slight increase. The company now expects constant-currency revenue to be down slightly, compared with a prior outlook of flat to up slightly.
However, Stone said PVH is maintaining its full-year operating margin outlook of approximately 8.8% and its EPS guidance range of $11.80 to $12.10. The unchanged profit outlook includes an expected benefit from tariff refunds.
Stone said the company still assumes a full-year blended tariff rate of approximately 15% and about $195 million of gross tariff cost in EBIT, equal to an approximately 215-basis-point unfavorable impact to operating margin. PVH now also expects about $100 million in EBIT benefit, or approximately 100 basis points of favorable operating margin impact, from tariff refunds that were not included in prior guidance. The company expects to record those refunds in the second quarter.
For the second quarter, PVH projected revenue down 3% to 4% reported and down 4% to 5% in constant currency. The company expects second-quarter operating margin of approximately 9.5% and earnings per share of $3.00 to $3.10, including the tariff refund benefit.
Stone said PVH continues to expect capital spending of approximately $250 million this year, focused on e-commerce, stores and shop-in-shop renovations. The company also maintained its plan to repurchase at least $300 million of shares for the full year.
About PVH (NYSE:PVH)
PVH Corp is a leading global apparel company known for its portfolio of iconic brands in the dress shirt, sportswear and lifestyle categories. The company designs, markets and distributes clothing, accessories and fragrances under both owned and licensed brands. PVH’s core brand holdings include Calvin Klein and Tommy Hilfiger, complemented by a range of heritage labels such as Van Heusen, IZOD, ARROW, Warner’s and Olga.
PVH’s operations span the entire value chain from product design and development to manufacturing, marketing and distribution.
