• First quarter

  • Revenue: Increased 2% to $1.984 billion compared to the prior year period (increased 2% on a constant currency basis), and exceeded guidance of flat to a decrease of 2% (flat to a decrease of 1% on a constant currency basis)

  • EPS:

    • GAAP basis: $(0.88). Results include $480 million of pre-tax noncash goodwill and other intangible asset impairment charges, which have been excluded from the Company’s results on a non-GAAP basis.

    • Non-GAAP basis: $2.30 exceeded guidance of $2.10 to $2.25.

• Full year outlook

  • Revenue: Reaffirms outlook of flat to increase slightly (flat to increase slightly on a constant currency basis).

  • Operating margin: Projected to be approximately 8.5% on a non-GAAP basis. Previous outlook was flat to increase slightly on a non-GAAP basis compared to 10.0% on a non-GAAP basis in 2024. Operating margin on a GAAP basis was 8.9% in 2024.

  • EPS: Projected to be in a range of $10.75 to $11.00 on a non-GAAP basis compared to a range of $12.40 to $12.75 previously. Updated outlook reflects (i) an estimated net negative impact related to the tariffs currently in place for goods coming into the U.S., including an unmitigated impact of approximately $1.05 per share and a partially offsetting impact of planned mitigation actions, and (ii) an estimated positive impact of approximately $0.10 per share related to foreign currency translation.

• Company entered into previously announced $500 million accelerated share repurchase (“ASR”) agreements in April 2025, with initial delivery of approximately 4.6 million shares under these agreements during the first quarter of 2025.

Stefan Larsson, Chief Executive Officer, commented, “In Q1, we continued to tap into the global consumer love for Calvin Klein and TOMMY HILFIGER, delivering revenue growth versus last year and ahead of guidance. Calvin Klein saw one of its most impactful product launches in years with the Icon Cotton Stretch franchise, amplified by the viral Bad Bunny campaign. TOMMY HILFIGER tapped into its lifestyle DNA with rich product storytelling around seasonal newness of Tommy classics to drive growth and built momentum for the brand’s collaboration with the biggest movie launch of the summer: F1® The Movie.”

Larsson continued, “While we are making important progress in our PVH+ Plan execution, we are navigating an increasingly uncertain consumer and macroeconomic backdrop—and given where we are on our brand-building journey, we’re not yet fully able to offset that impact. Looking ahead, we’re focused on what we can control, stepping up our actions to scale the impact of our stronger product, next-level cut-through campaigns, and sharper marketplace execution across both brands. This will both strengthen the back half of this year, and continue to move us toward our long-term goal of building Calvin Klein and TOMMY HILFIGER into the most desirable lifestyle brands in the world.”

Zac Coughlin, Chief Financial Officer, said, “We drove solid first quarter results, which included low-single digit revenue growth and non-GAAP earnings per share above our guidance. We are navigating a highly dynamic and uncertain macroeconomic environment that is impacting our industry, our consumers, and our business results. We are reaffirming our revenue guidance for the year but are decreasing our outlook for profitability and earnings per share to reflect that backdrop and the current performance of our business. Our focus remains on taking proactive measures, including investing in cut-through marketing campaigns and delivering increasing cost efficiencies through execution of our Growth Driver 5 multi-year cost savings initiative, that will improve our trajectory in the second half.”

• Revenue of $1.984 billion increased 2% compared to $1.952 billion in the prior year period (increased 2% on a constant currency basis).

Revenue performance for the Company’s reportable segments in the first quarter compared to the prior year period was as follows:

• EMEA revenue increased 5% compared to the prior year period (increased 4% on a constant currency basis) driven by growth in both the wholesale and direct-to-consumer businesses.

• Americas revenue increased 7% compared to the prior year period (increased 8% on a constant currency basis) driven by growth in the wholesale business, partially offset by a mid single-digit decline in the direct-to-consumer business. The increase in wholesale revenue included the transition of previously licensed women’s product categories in house and the impact of a shift in the timing of wholesale shipments from the second half into the first half of this year.

• APAC revenue decreased 13% compared to the prior year period (decreased 11% on a constant currency basis), primarily due to an approximately 3% decline resulting from the timing of the Lunar New Year shopping period, which was primarily in the fourth quarter of 2024, and a challenging consumer environment in the region, particularly in China.

• Licensing revenue decreased 2% compared to the prior year period due to the transition of certain previously licensed women’s product categories in house.

Revenue performance for the Company’s global brand businesses in the first quarter compared to the prior year period was as follows:

• Tommy Hilfiger revenue increased 3% compared to the prior year period (increased 3% on a constant currency basis) driven by growth in EMEA and Americas.

• Calvin Klein revenue was flat compared to the prior year period (flat on a constant currency basis).

Revenue performance for the Company’s channels in the first quarter compared to the prior year period was as follows:

• Direct-to-consumer revenue decreased 3% compared to the prior year period (decreased 3% on a constant currency basis).

  • Owned and operated store revenue decreased 5% compared to the prior year period (decreased 5% on a constant currency basis) as growth in EMEA was more than offset by declines in Americas and APAC primarily due to the challenging consumer environment in those regions.

  • Owned and operated digital commerce revenue increased 3% compared to the prior year period (increased 4% on a constant currency basis) driven by growth in Americas.

• Wholesale revenue increased 6% compared to the prior year period (increased 7% on a constant currency basis) driven by the increases in Americas and EMEA as discussed above.

• Gross margin was 58.6% compared to 61.4% in the prior year period. The decrease reflects the impacts of (i) an unfavorable shift in channel mix, (ii) an increased promotional environment, (iii) the gross margin differential due to the transition of previously licensed women’s product categories to an in-house wholesale business, and (iv) higher freight costs and incremental discounts provided to customers to address the impact of Calvin Klein product delivery delays.

• Inventory increased 19% compared to the prior year period primarily due to (i) a purposeful investment in core product inventory to improve overall availability, (ii) an increase in inventory to support the projected sales growth in the second quarter, and (iii) earlier receipts of summer season product to improve in-season stock availability.

• Earnings (loss) before interest and taxes (“EBIT”) on a GAAP basis was $(332) million, inclusive of a $4 million negative impact attributable to foreign currency translation, compared to $205 million in the prior year period. Included in the first quarter of 2025 were noncash goodwill and other intangible asset impairment charges of $480 million, which were primarily due to a significant increase in discount rates. EBIT on a GAAP basis for the first quarter of 2025 and 2024 include other amounts described under the heading “Non-GAAP Exclusions” later in this release. EBIT on a non-GAAP basis for these periods excluded these amounts.

  Earnings (loss) per share (“EPS”)

  • GAAP basis: $(0.88) compared to $2.59 in the prior year period.

  • Non-GAAP basis: $2.30 compared to $2.45 in the prior year period. Previous guidance was $2.10 to $2.25.

.Interest expense decreased to $17 million from $18 million in the prior year period.

• Effective tax rate was 87.2% on a GAAP basis compared to 19.2% in the prior year period. The effective tax rate for the first quarter of 2025 included the impact of the $480 million pre-tax noncash goodwill and other intangible asset impairment charges, which are non-deductible for tax purposes and factored into the Company’s annualized effective tax rate. The effective tax rate on a non-GAAP basis for the first quarter of 2025 excludes this impact. The effective tax rate on a non-GAAP basis was 17.1% compared to 19.4% in the prior year period.

Stock Repurchase Program:

Delivering on its commitment under the PVH+ Plan to return excess cash to stockholders, the Company entered into ASR agreements in April 2025 to repurchase an aggregate of $500 million of its common stock under the Company’s existing $5 billion stock repurchase authorization.

In total during the first quarter of 2025, the Company repurchased 5.4 million shares of its common stock and paid $561 million in connection with the ASR agreements and open market purchases. The Company currently does not expect to make any additional payments to repurchase its common stock in 2025. The number of shares of common stock repurchased for the full year 2025 is subject to the final settlement under the ASR agreements.

2025 Outlook:

The Company’s 2025 outlook reflects an estimated net negative impact related to the tariffs currently in place for goods coming into the U.S., including an approximately $65 million unmitigated impact to full year 2025 EBIT, or approximately $1.05 per share, and a partially offsetting impact of planned mitigation actions which will primarily take effect in the second half of 2025.

There is significant uncertainty with respect to global trade policies and the related impact on the broader macroeconomic environment and, as such, the Company’s 2025 outlook could be subject to significant material change.

Full Year 2025 Guidance

• Revenue: Reaffirming outlook of flat to increase slightly (flat to increase slightly on a constant currency basis).

• Operating margin: Projected to be approximately 8.5% on a non-GAAP basis. Previous guidance was flat to increase slightly on a non-GAAP basis compared to 10.0% on a non-GAAP basis in 2024. Operating margin on a GAAP basis was 8.9% in 2024.

• EPS: Projected to be in a range of $10.75 to $11.00 on a non-GAAP basis compared to $10.56 on a GAAP basis and $11.74 on a non-GAAP basis in 2024. Previous guidance was range of $12.40 to $12.75.

• Interest expense is projected to increase to approximately $85 million compared to $67 million in 2024, primarily due to the impact of funding the accelerated share repurchase agreements discussed above.

• Effective tax rate is projected to be approximately 22% on a non-GAAP basis.

Second Quarter 2025 Guidance

• Revenue: Projected to increase low single digits compared to the second quarter of 2024 (flat to increase slightly on a constant currency basis).

• EPS: Projected to be in a range of $1.85 to $2.00 on a non-GAAP basis compared to $2.80 on a GAAP basis and $3.01 on a non-GAAP basis in the second quarter of 2024. The second quarter 2025 EPS projection includes an estimated negative unmitigated impact related to the tariffs currently in place for goods coming into the U.S. of approximately $0.20 per share. The impact of foreign currency translation on second quarter 2025 EPS is not expected to be material. EPS on a GAAP basis for the second quarter of 2024 included the amounts described under the heading “Non-GAAP Exclusions” later in this release. EPS on a non-GAAP basis for the second quarter of 2024 excluded this amount.

• Interest expense is projected to increase to approximately $25 million compared to $19 million in the second quarter of 2024 primarily due to the impact of funding the accelerated share repurchase agreements discussed above.

• Effective tax rate is projected to be approximately 20% on a non-GAAP basis.

The Company is unable to project full year 2025 operating margin and full year and second quarter 2025 EPS and effective tax rate on a GAAP basis without unreasonable efforts as there are significant uncertainties with respect to the amount and timing of the restructuring costs to be incurred during 2025 in connection with the Growth Driver 5 Actions defined later in this release. As such, the Company is unable to provide a full reconciliation of its full year 2025 operating margin and full year and second quarter 2025 EPS and effective tax rate guidance on a non-GAAP basis to the corresponding measures on a GAAP basis. See Non-GAAP Exclusions below for items recorded in the first quarter of 2025.

The discussions in this release that refer to non-GAAP amounts exclude the following:

• Pre-tax restructuring costs totaling $13 million incurred in the first quarter of 2025 consisting principally of severance in connection with the Company’s multi-year initiative announced in 2024 to simplify its operating model by centralizing processes and improving systems and automation to drive more efficient, cost-effective ways of working across the organization (the “Growth Driver 5 Actions”).

• Pre-tax noncash goodwill and other intangible asset impairment charges of $480 million recorded in the first quarter of 2025, which were primarily due to a significant increase in discount rates.

• Pre-tax loss of $28 million recorded in the fourth quarter of 2024 related to the recognized actuarial loss on retirement plans.

• Pre-tax net restructuring costs totaling $24 million incurred in 2024 consisting principally of severance and the gain on the sale of a warehouse and distribution center in the third quarter in connection with the Growth Driver 5 Actions, of which $15 million was incurred in the second quarter, $3 million was incurred in the third quarter, and $6 million was incurred in the fourth quarter.

• Pre-tax costs of $51 million incurred in the third quarter of 2024 in connection with an amendment to Mr. Tommy Hilfiger’s employment agreement pursuant to which the Company made a cash buyout of a portion of future payments to Mr. Hilfiger.

• Pre-tax gain of $10 million recorded in the first quarter of 2024 in connection with the Company’s sale of the Heritage Brands women’s intimates business.

• Estimated tax effects associated with the above pre-tax items, which are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated each item that it had identified above as a non-GAAP exclusion to determine if such item was (i) taxable or tax deductible, in which case the tax effect was taken at the applicable income tax rate in the local jurisdiction, or (ii) non-taxable or non-deductible, in which case the Company assumed no tax effect.

Consolidated GAAP Statements of Operations
(In millions, except per share data)

Please see following pages for information related to non-GAAP measures discussed in this release.

PVH CORP.
Reconciliations of GAAP to Non-GAAP Amounts
(In millions, except per share data)

PVH CORP.
Reconciliations of GAAP to Non-GAAP Amounts (continued)
(In millions, except per share data)

PVH CORP.
Notes to Consolidated GAAP Statements of Operations
(In millions, except per share data)

A. The Company computed its diluted net (loss) income per common share as follows:

PVH CORP.
Consolidated Balance Sheets
(In millions)

Note: Year over year balances are impacted by changes in foreign currency exchange rates.

PVH CORP.
Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts