PVH Corp reported first‑quarter revenue of $2.03 billion, marginally above street estimates of $2.0 billion.
Direct‑to‑consumer (DTC) revenue grew 6% year‑over‑year (3% in constant currency), driven by both physical stores and e‑commerce for Calvin Klein and Tommy Hilfiger.
The quarter’s non‑GAAP operating margin landed at the high end of management guidance, supporting the company’s target operating margin of about 8.8% for fiscal 2026.
Product categories such as Calvin Klein denim and underwear, and Tommy Hilfiger sweaters and outerwear delivered growth across stores and digital platforms.
Management highlighted gains from spring marketing campaigns, investments in e‑commerce capabilities, store upgrades and shop‑in‑shop renovations that attracted new customers.
Despite the solid start, PVH revised its full‑year FY2026 revenue outlook to be approximately flat versus the prior year, citing prolonged effects of the Middle East conflict on consumer demand in EMEA.
The company expects the conflict‑related pressures to be partially offset by anticipated tariff refunds.
CEO Stefan Larsson said the company is balancing increasing brand momentum with the consumer pressure caused by the ongoing Middle East conflict.
