PVH Corp

PVH Corp. reported second-quarter fiscal 2026 adjusted earnings of $3.70 per share, up 46.8% from $2.52 a year earlier and above the Zacks Consensus Estimate of $3.08, a result that included an approximately $1.80-per-share benefit from tariff refunds. Revenues fell 3.2% year over year to $2.097 billion and were in line with the consensus mark, while gross margin increased 530 basis points to 63% from 57.7%, including about 510 basis points from $107 million of tariff refunds. By region, Europe, the Middle East and Africa revenues declined 6% to $986.3 million, Americas revenues slipped 1% to $680.1 million, Asia-Pacific revenues rose 3% to $343.7 million, and licensing revenues fell 13% to $86.9 million. For fiscal 2026, PVH continues to expect revenues to be approximately flat on a reported basis and down slightly at constant currency, with adjusted operating margin of approximately 8.8% and adjusted earnings of $11.80-$12.10 per share, including an estimated 40-cent favorable foreign-currency impact. For the fiscal third quarter, the company projects revenues to decline in the low single digits, an adjusted operating margin of about 7.5%, and adjusted earnings of $2.50-$2.65 per share, down from $2.83 a year earlier.

PVH Corp. reaffirmed its full-year 2026 outlook, projecting EPS in the range of $11.80 to $12.10 and operating margin of approximately 8.8%, while confirming annualized run-rate savings of approximately $45 million. In the second quarter, revenue decreased 3% and non-GAAP EPS was $3.70, beating expectations, though the company recognized a noncash goodwill impairment charge of $439 million on a GAAP basis. CEO Stefan Larsson highlighted strong D2C and e-commerce momentum, with Calvin Klein up double-digits and Tommy Hilfiger up high single-digits online, but noted European wholesale remains pressured, with the spring 2027 order book down mid-single digits. The company also announced that Alexis Rollier has formally joined as Chief Financial Officer, and it continues to expect at least $300 million in share repurchases.

PVH met Wall Street's revenue expectations in Q2 CY2026, with sales falling 3.2% year on year to $2.10 billion, while non-GAAP profit of $3.70 per share beat analysts' consensus by 20.1%. Management credited improved execution across Calvin Klein and Tommy Hilfiger, citing targeted product innovation and marketing campaigns that drove consumer engagement. CEO Stefan Larsson highlighted increased investment in global marketing, flagship store expansions in Tokyo and New York, and supply chain optimization as key strategic priorities. CFO Zac Coughlin noted that higher tariffs will pressure margins, but mitigation actions and cost discipline should help offset the impact. The company reiterated its full-year adjusted EPS guidance of $11.95 at the midpoint, despite an estimated unmitigated tariff impact of roughly $70 million to EBIT for 2025.

PVH declared a quarterly cash dividend of $0.0375 per share, payable on September 23, 2026, to stockholders of record as of September 2, 2026. The announcement comes as PVH shares trade at $87.58, with a year-to-date return of 29.14% and a one-year total shareholder return of 22.13%, though the five-year total shareholder return remains down 21.69%. A widely followed fair value estimate places PVH at $93.08, implying the stock is about 5.9% undervalued, driven by expectations of higher net margins from growing direct-to-consumer digital sales and omnichannel execution. However, the current price-to-earnings ratio of 25.5 times exceeds the peer average of 21.5 times and the fair ratio of 24.5 times, while risks include fading tariff-related earnings support and ongoing softness in Europe, the Middle East, and Africa.

The global intimate apparel market is projected to grow from USD 97.3 billion in 2025 to USD 169.4 billion by 2035, at a compound annual growth rate of 5.7%, according to a new report by Custom Market Insights. The market is expected to reach USD 102.8 billion in 2026. Growth is driven by rising female workforce participation, which boosts purchasing power and demand for premium, versatile intimate wear, along with the influence of social media and influencer marketing. The Asia Pacific region held the largest market share in 2025, fueled by urbanization and a growing middle class in countries such as China, India, and Japan, while Europe is forecast to grow at the highest CAGR during the projection period. Key players include PVH Corp., Hanesbrands Inc., Victoria's Secret and Co., and Wacoal Holdings Corp., among others.

PVH Corp. has appointed Alexis Rollier as its new Chief Financial Officer, effective early September 2026. Rollier joins from LVMH-owned Sephora, where he served as Global Chief Operating Officer and Global Chief Financial Officer since 2018, bringing more than 30 years of global finance, operations, and omni-channel retail experience. He will lead PVH's global finance organization, join the Executive Leadership Team, and report to CEO Stefan Larsson, as the company executes its PVH+ Plan to build Calvin Klein and TOMMY HILFIGER into their full potential. Rollier succeeds Melissa Stone, who has served as Interim CFO since January 1, 2026, and will continue to lead Global Financial Planning & Analysis. Prior to Sephora, Rollier held senior finance roles at Guerlain, Kingfisher, and LVMH, and began his career at Arthur Andersen.

PVH Corporation shares have rallied 19.8% in the past six months, outperforming an industry decline of 9.1%, driven by strength in its Calvin Klein and Tommy Hilfiger brands and progress on its PVH+ Plan. The multi-year transformation strategy focuses on enhancing products, deepening consumer engagement, expanding digital and direct-to-consumer channels, and improving operational efficiency. The company is investing in AI, data analytics, and digital platforms, including a partnership with OpenAI for generative AI in design and marketing, while also streamlining operations through divestitures of non-core businesses. International expansion and improved full-price sell-through across channels are providing additional momentum heading into fiscal 2026. Despite macroeconomic uncertainty and tariff headwinds, analysts remain optimistic, with Zacks Consensus Estimates projecting year-over-year EPS growth of 5.5% for fiscal 2026 and 2.1% for fiscal 2027.

PVH Corp. is attracting investor attention after reporting adjusted earnings of $2.01 per share for the first quarter of fiscal 2026, beating the Zacks Consensus Estimate of $1.80 and management's guidance range of $1.65 to $1.80. The stock trades at a trailing price-to-earnings multiple of 6.9 times and a forward multiple of 6.4 times, with a price-to-sales ratio of 0.4 times, and has gained 21.8% over the past three months. Revenues rose 2% year over year to $2.025 billion, but on a constant-currency basis they declined 2%, and the company now expects full-year fiscal 2026 revenues to be approximately flat on a reported basis. Direct-to-consumer revenues grew 6% reported, while Calvin Klein and Tommy Hilfiger revenues were mixed, and the company faces headwinds from a 5% constant-currency revenue decline in the EMEA region and an estimated $195 million gross EBIT impact from tariffs. PVH currently carries a Zacks Rank of 3, or Hold, along with a Value Score of A and a Momentum Score of A.