Fashion Giant PVH Reaffirms Annual Forecast Following Mixed Quarter
New York, Thursday, 3 September 2026.
PVH Corp. reaffirmed its full-year financial target despite a 439 million dollar write-down causing a quarterly loss, supported by disciplined cost control and unexpected tariff refunds.
GAAP Loss Driven by Impairment
PVH Corp. (NYSE: PVH) reported its financial results for the second quarter of 2026 on 2 September 2026, revealing a GAAP earnings before interest and taxes (EBIT) loss of $191 million [1][4]. This contrasts sharply with the EBIT of $133 million recorded in the prior year period ended 3 August 2025 [1]. The primary driver of this GAAP loss was a $439 million pre-tax noncash goodwill impairment charge, attributed to changes in valuation assumptions linked to geopolitical and macroeconomic factors [1][2]. Total revenue for the quarter ended 2 August 2026 was $2.097 billion, representing a decrease from the $2.167 billion reported in the same period of 2025 [1][7]. The revenue contraction calculates to -3.23 percent, reflecting the challenging global consumer environment [1][4].
Non-GAAP Profitability and Tariff Benefits
Despite the GAAP loss, PVH Corp. demonstrated resilience on a non-GAAP basis, reporting earnings per share (EPS) of $3.70, which exceeded the guidance range of $3.00 to $3.10 [1][4]. This performance was significantly bolstered by $107 million in tariff refunds, which contributed approximately 510 basis points to the operating margin [1][7]. The non-GAAP operating margin reached 11.1%, surpassing the prior year’s 8.2% and the guidance of approximately 9.5% [1][4]. Management noted that these tariff refunds provided a one-time benefit that masked some underlying operational pressures, yet cost discipline measures helped sustain profitability [2][6].
Brand and Regional Performance
Performance across PVH’s iconic brands varied, with Tommy Hilfiger revenue remaining flat at $1.1318 billion, while Calvin Klein revenue declined 7% to $913.3 million [1][8]. The decline in Calvin Klein sales was partially attributed to wholesale shipment timing in the Americas, whereas Tommy Hilfiger benefited from the in-house transition of licensed women’s products [1][4]. Regionally, the Asia-Pacific (APAC) segment was the only territory to log sales growth, increasing 3% to $343.7 million [1][7]. Conversely, EMEA revenue decreased 6% due to soft consumer demand linked to the Middle East conflict, and Americas revenue fell 1% [1][8].
Strategic Outlook and Leadership
Looking ahead, PVH Corp. reaffirmed its full-year 2026 outlook, projecting revenue to be approximately flat and non-GAAP EPS in the range of $11.80 to $12.10 [1][4]. In leadership news, the company announced the appointment of Alexis Rollier as the new Chief Financial Officer, effective 8 September 2026, succeeding interim CFO Melissa Stone [2][4]. CEO Stefan Larsson emphasized continued focus on the PVH+ Plan to strengthen product and consumer engagement, with planned license transitions in North America expected to be complete by 31 December 2026 [1][4].