PVH (PVH) Q1 2026 Earnings Transcript

PVH's Q1 2026 earnings show modest growth driven by direct-to-consumer channels and e-commerce, though reported revenue rose 2% to $2.0 billion while constant-currency revenue fell 2%. Direct-to-consumer revenue rose 3% in constant currency, supported by e-commerce growth across Calvin Klein and Tommy Hilfiger. Wholesale declined mid-single digits, while gross margin remained at 58.6% and operating margin at 6.5%. Inventory declined 5%, and earnings per share stood at $2.01. SG&A as a share of revenue rose to 52.1%. Regionally, EMEA was up 2% (reported) and Americas down 1%, with Asia Pacific up 10%. Calvin Klein rose 1% and Tommy Hilfiger 3% in reported terms; licensing revenue fell 7%. The company plans $250 million in capex and at least $300 million in share repurchases, with marketing around 6% of sales. Full-year guidance points to roughly flat revenue and about 8.8% EBIT margin, aided by tariff refunds and gross margin expansion of about 100 basis points.