PVH Reports Strong Q1 Results, Revises 2026 Revenue Outlook
PVH Corp., reported first-quarter 2026 revenue of US$ 2.03 billion, up 2% year-on-year, as growth in its direct-to-consumer business helped offset challenges in wholesale markets and softer demand in Europe.
The owner of Calvin Klein and Tommy Hilfiger posted a non-GAAP earnings per share of US$ 2.01, exceeding guidance of US$ 1.65 to US$ 1.80. Direct-to-consumer revenue rose 6%, driven by growth across both stores and e-commerce channels, while digital commerce sales increased 11%.
PVH’s APAC business delivered the strongest regional performance, with revenue rising 10%, while the Americas saw a 1% decline. In EMEA, revenue increased 2% on a reported basis but fell 5% in constant currency, reflecting weaker consumer demand linked to the ongoing effects of the Middle East conflict.
Inventory declined 5% year-on-year to US$ 1.51 billion, while operating margin reached 6.5% on a non-GAAP basis, in line with company guidance.
Despite the solid quarter, PVH lowered its full-year revenue outlook and now expects 2026 sales to remain approximately flat, citing prolonged macroeconomic pressures in EMEA. However, the company maintained its non-GAAP operating margin forecast of 8.8% and reaffirmed earnings guidance of US$ 11.80 to US$ 12.10 per share.
