PVH Corp. (PVH)

PVH Corp., the parent of Calvin Klein and TOMMY HILFIGER, reported second-quarter 2026 revenue of $2.097 billion on September 2, 2026, down 3 percent from a year earlier 1.

The quarter also carried a $439 million noncash goodwill charge, a one-time write-down of the value of past brand purchases, which turned the loss per share to $2.23 on the company's standard accounting basis 1.

Refunds of $107 million in tariffs paid earlier lifted profit, adding about 510 basis points to operating margin, which was 11.1 percent excluding one-time items 1.

Europe, the Middle East and Africa (EMEA) was the weak region: revenue there fell 6 percent, which the company tied to soft consumer demand from the Middle East conflict 1.

The company reaffirmed its 2026 outlook, including adjusted earnings of $11.80 to $12.10 a share, and for the third quarter it guided to a low single-digit revenue decline 1.

On November 2, 2026, the board appointed Frits Dirk van Paasschen, 65, as a director, saying the step was part of its ongoing board refreshment 3.

The open question is the third quarter: the company guided to adjusted operating margin of about 7.5 percent, below the 8.8 percent of a year earlier 1.

PVH describes itself as one of the largest global apparel companies, incorporated in Delaware in 1976 as the successor to a business begun in 1881 2.

It became a brand owner by buying brands: Calvin Klein in February 2003, Tommy Hilfiger in May 2010 and The Warnaco Group in February 2013 2.

It later sold what did not fit 2. The women's intimates brands Warner's, Olga and True&Co. went to Basic Resources on November 27, 2023, for net proceeds of $156 million 2.

Revenue was $9.218 billion in fiscal 2023, fell to $8.653 billion in fiscal 2024 and rose to $8.950 billion in fiscal 2025, the year that ended February 1, 2026 2.

The 2024 drop of 6 percent had three causes in the filing: the intimates sale took 2 percent, the extra week in 2023 took 1 percent, and weaker currencies took 1 percent 2.

The 2025 rise was $297 million, or 3 percent, and currency translation alone added 3 percent, so the underlying business was roughly flat 2.

Europe grew 5 percent in 2025 with currency adding 6 percent, while Asia-Pacific shrank 4 percent, partly because Lunar New Year fell outside the year 2.

Profit fell much faster than sales 2. Net income was $25 million in fiscal 2025 against $599 million a year earlier, after $480 million of noncash goodwill and other intangible charges in the first quarter of 2025 2.

Gross margin, the share of revenue left after the cost of goods, slipped to 57.5 percent from 59.4 percent, and U.S. tariffs had a net negative effect on gross profit 2.

To protect profit it began a cost program in the second quarter of 2024, which the filing says brought annualized savings of over $200 million 2.

In June 2026 PVH cut its full-year revenue outlook, citing the Iran crisis and weak demand in EMEA, TheIndustry.fashion reported 7.

Tommy Hilfiger

TOMMY HILFIGER is a premium lifestyle brand founded in New York in 1985, and the company says its global retail sales, licensees included, were approximately $9 billion in 2025 2.

It sells men's, women's and kids' sportswear, denim, underwear, swimwear, accessories and footwear through its own stores, wholesale partners and tommy.com sites, and licenses the name to approximately 30 licensees 2.

Tommy Hilfiger revenue was about flat in the second quarter of 2026, helped by about 3 percent from taking previously licensed women's categories in-house in the Americas 1.

Calvin Klein

Calvin Klein is a fashion lifestyle brand founded in New York in 1968, known for underwear, jeans, apparel, accessories, home and fragrance, with approximately $9 billion of global retail sales in 2025 including licensees 2.

Calvin Klein revenue fell 7 percent in the second quarter of 2026, of which about 4 points came from the timing of wholesale shipments in the Americas, which the company moved into the second half 1.

Where the revenue comes from

The filed segments for fiscal 2025 were EMEA with $4,273.6 million of revenue, the Americas with $2,739.9 million, Asia-Pacific with $1,515.5 million and Licensing with $421.2 million 2.

In the second quarter of 2026, FashionUnited reported EMEA revenue of $986.3 million, down 5.9 percent, with Calvin Klein at $913.3 million, down 6.8 percent 6.

The company sells through approximately 1,350 free-standing stores and approximately 1,450 shop-in-shop or concession locations, plus digital commerce sites, and over 70 percent of its revenue comes from outside the United States 2.

In the second quarter of 2026, wholesale revenue fell 6 percent while owned digital commerce revenue rose 4 percent 1.

People and places

Stefan Larsson is Chief Executive Officer 1. Alexis Rollier, formerly of Sephora, was named Chief Financial Officer to join in early September 2026, replacing Interim Chief Financial Officer Melissa Stone 5.

The company reports approximately 26,000 associates in more than 40 countries 2.

Its principal sites are offices in New York and Amsterdam and distribution centers in the Netherlands and in Georgia, and the owned Jonesville, North Carolina center was held for sale at February 1, 2026 2.

Rivals and problems

The filing says the company competes with numerous global designers, brand owners, manufacturers and retailers, including the private label brands of its own wholesale customers 2.

China's Ministry of Commerce placed PVH Corp. on its List of Unreliable Entities in February 2025, and no measures had been imposed at the time of the filing 2.

China was approximately 6 percent of revenue and 20 percent of income before interest and taxes, excluding the impairment, in each of 2024 and 2025 2.

The company also names the Middle East conflict, which began in March 2026, and tariffs as pressures on consumer demand and costs 2.

The umbrella, in words

Two brands carry the business: TOMMY HILFIGER and Calvin Klein together generated over 95 percent of revenue in 2025 and 2024 2.

It licenses Van Heusen and Nike from others for some product categories, and licenses its own brands out to partners such as Coty for fragrance and Safilo for eyewear 2.

Its subsidiaries exhibit lists operating companies by country 8. Among them is Calvin Klein, Inc. of New York 8.

It owns equity stakes in joint ventures: 50 percent of PVH India, 49 percent of PVH Legwear, about 41 percent of Tommy Hilfiger do Brasil and 49 percent of PVH Mexico 2.

FMR LLC, an asset manager, reported owning 9.5 percent of the common stock in a Schedule 13G amendment 9.

For the third quarter of 2026 the company guided to a low single-digit revenue decline and an adjusted operating margin of about 7.5 percent, with adjusted earnings of $2.50 to $2.65 a share 1.

For the full year it reaffirmed revenue approximately flat, adjusted operating margin of approximately 8.8 percent and adjusted earnings of $11.80 to $12.10 a share 1.

The company also expects net interest expense of approximately $70 million and says it currently expects to repurchase at least $300 million of shares in 2026, none having been bought in the first six months 1.

The 10-K projects capital spending of approximately $250 million for 2026, mainly new stores, technology and warehouses 2.

The company said the planned license transitions in North America are expected to be complete by the end of 2026 1.

It said it intends to sell the Jonesville, North Carolina distribution center within the next 12 months of the filing 2.

A quarterly dividend of $0.0375 a share was declared on October 28, 2026, payable on December 16, 2026 to holders of record on November 25, 2026 4.

Chief Executive Officer Larsson said more campaigns with global talent are coming later this fall, and the company said it is stepping up cost actions 1.

The China Ministry of Commerce listing is unresolved, and the filing says the company does not know if or when measures will be applied 2.