PVH, the parent company of Tommy Hilfiger and Calvin Klein, reported quarterly revenue up 2% to $2.03bn from $1.98bn a year earlier. On a constant currency basis, revenue decreased 2%, indicating foreign exchange supported the reported increase. PVH Q1 operating margin developments and constant currency trends framed the quarter’s performance.
In EMEA, revenue rose 2% on a reported basis but fell 5% in constant currency, with declines across both direct-to-consumer and wholesale. The company cited softer consumer demand tied to the prolonged effects of the conflict in the Middle East and its broader macroeconomic impact.
In the Americas, revenue decreased 1% reported and 2% in constant currency, as growth in direct-to-consumer was offset by lower wholesale revenue.
In Asia-Pacific, revenue increased 10% reported and 6% in constant currency, including an approximately 4% favorable impact from the timing of Lunar New Year.
By brand, Tommy Hilfiger revenue increased 3% on a reported basis but declined 2% in constant currency. Calvin Klein revenue rose 1% reported and fell 3% in constant currency.
Financial performance highlights
Gross margin was unchanged at 58.6% for the quarter, with PVH attributing this to higher US import tariffs, a more promotional environment, and a margin impact from bringing women’s categories in-house.
On a GAAP basis, operating margin was 6.1% in Q1 FY26, compared to negative 16.7% in the prior-year period. GAAP earnings before interest and taxes (EBIT) were $124m, improving from a loss of $332m a year earlier. PVH Q1 operating margin metrics and constant currency results are central to the company’s quarterly revenue update.
Outlook for Q2 and FY26
For fiscal 2026, PVH now expects revenue to be approximately flat on a reported basis, compared with a slight increase previously, and to decrease slightly in constant currency. The company reaffirmed its non-GAAP operating margin outlook of approximately 8.8% on a non-GAAP basis.
Full-year earnings guidance includes non-GAAP EPS between $11.80 and $12.10, reflecting a negative tariff-related impact and positive effects from tariff refunds and foreign currency. For the second quarter, PVH expects revenue to decline 3% to 4% and projects non-GAAP operating margin of about 9.5%, including an estimated 470-basis-point benefit from tariff refunds. Second-quarter earnings guidance calls for non-GAAP EPS of $3.00 to $3.10.
Stefan Larsson, PVH chief executive officer, said: “We delivered on our plan and commitments in the first quarter, reflecting our disciplined PVH+ Plan execution and the consumer momentum we are building with our two iconic global brands, Calvin Klein and TOMMY HILFIGER. Importantly, we grew our direct-to-consumer business, with growth in stores and online across both brands.”
Melissa Stone, PVH Corp. interim chief financial officer, said: “For the full year, while we continue to expect growth in our Americas and APAC businesses, our EMEA performance is expected to be negatively impacted by the prolonged effects of the Middle East conflict, resulting in our now lowered full year revenue outlook.
“We are maintaining our overall operating margin guidance, as our earnings outlook now includes the benefit of tariff refunds, enabling us to absorb the prolonged effects of the Middle East conflict while continuing our planned investments.”
Summary
PVH closed the quarter with quarterly revenue growth on a reported basis, offset by a constant currency decline, steady gross margin, and an operating margin of 6.1%. Regional trends were mixed, with APAC growth and EMEA softness, and the company updated outlook and earnings guidance for FY26 and Q2 while reiterating a focus on direct-to-consumer initiatives.
