{"success":true,"data":{"pressRelease":{"id":"134418","rtpr_id":"nBw4K7K9Wa","ticker":"PVH","exchange":"NYSE","all_tickers":["PVH"],"title":"PVH Corp. Reports 2026 Second Quarter Results and Reaffirms Full Year Outlook","author":"Business Wire","published_at":"2026-09-02T20:15:00.779Z","article_body":"PVH Corp. Reports 2026 Second Quarter Results and Reaffirms Full Year Outlook\n\n\n * Delivered second quarter revenue of $2.1 billion, at the high end of guidance\non a reported basis and exceeding guidance in constant currency\n\n * Drove momentum in direct-to-consumer (DTC) with growth in both Americas and\nAPAC; EMEA performance improved on a constant currency basis compared to the\nfirst quarter\n\n * Grew second quarter e-commerce revenues 4% (3% in constant currency), led by\nAmericas and EMEA, with growth across Calvin Klein and Tommy Hilfiger\n\n * Delivered Calvin Klein and Tommy Hilfiger revenues in line with expectations,\nwith consistent year-over-year revenue performance, excluding the impacts of\nCalvin Klein wholesale shipment timing and the transition in-house of\npreviously-licensed ‘TOMMY HILFIGER’ product categories\n\n * Delivered second quarter non-GAAP operating margin above guidance, reflecting\nstronger gross margin and higher AUR values in Americas and APAC and continued\ncost discipline across the business\n\n * Drove DTC growth in multiple hero product categories across both Calvin Klein\nand Tommy Hilfiger, scaling the impact of stronger product, cut-through\ncampaigns and an improved consumer experience\n\n * Delivered major global campaigns including Jung Kook and soccer star Raphinha\nfor ‘Calvin Klein’ and high-profile partnerships with Liverpool Football\nClub and the Cadillac Formula 1® Team for ‘TOMMY HILFIGER’\n\n * Reaffirmed full year revenue, operating margin and EPS outlook on a non-GAAP\nbasis\n\nPVH Corp. [NYSE: PVH] today reported its 2026 second quarter results and\nreaffirmed its 2026 outlook.\n\nStefan Larsson, Chief Executive Officer, commented, “In the second quarter,\nwe delivered revenue in line with our guidance and profitability exceeding\nexpectations, reflecting our disciplined execution of the PVH+ Plan across our\ntwo iconic brands, Calvin Klein and TOMMY HILFIGER. We continued to build\nmomentum in DTC, with growth in both Americas and APAC and improved\nperformance in EMEA compared to last quarter. E-commerce grew across both\nbrands, including strong increases in online traffic. In both brands we are\nseeing early momentum for the new fall season in product and marketing, with a\nvery positive consumer response to our recently-launched campaigns featuring\nTate McRae for Calvin Klein and Travis Kelce for TOMMY HILFIGER.”\n\nLarsson continued, “Looking forward, we are reaffirming our top and bottom\nline outlook for the full year. We remain intensely focused on executing the\nPVH+ Plan, further strengthening product, consumer engagement and the\nmarketplace experience. At the same time, we are stepping up our cost actions,\nand we continue to invest behind strategic priorities and brands, with more\nexciting campaigns amplified by global mega talent coming later this fall. We\nare also very pleased to welcome Alexis Rollier as our new Chief Financial\nOfficer. Alexis joins us with deep financial and operational experience,\nincluding over 8 years as the global CFO and COO at Sephora, where he had a\nstrong track record of driving disciplined growth with significant profit\nexpansion. I look forward to partnering with him as we continue to build\nCalvin Klein and TOMMY HILFIGER into their full potential and drive long-term\nshareholder value.”\n\nMelissa Stone, Interim Chief Financial Officer, said, “For the second\nquarter, we delivered or exceeded our guidance across all key financial\nmetrics. Revenue across all three regions and licensing was in-line with our\nexpectations and we expanded gross margin year-over-year, excluding tariff\nrefunds. For the full year, we are reaffirming our outlook across revenue,\ngross margin, operating margin and EPS on a non-GAAP basis. As part of our\nongoing PVH+ Plan execution, we remain focused on cost discipline and continue\nto strengthen our data- and demand-driven operating model, driving efficiency\nand productivity, while continuing high-value, brand-accretive investments,\nincluding stepped-up year-over-year marketing in the third quarter, to support\nthe long-term growth of Calvin Klein and TOMMY HILFIGER.\"\n\nKey Highlights\n\n\n * Second quarter:\n\n\n* Revenue: Decreased 3% to $2.097 billion compared to the prior year period,\nin\nline with guidance of a 3% to 4% decrease. Decreased 3% on a constant currency\nbasis and exceeded guidance of a 4% to 5% decrease.\n\n * Operating margin:\n\n\n* GAAP basis: (9.1)%, includes a $439 million pre-tax noncash goodwill\nimpairment charge, which has been excluded from the Company’s results on a\nnon-GAAP basis. Results also include other items that are described under the\nheading “Non-GAAP Exclusions,” which have been excluded from the\nCompany’s results on a non-GAAP basis.\n\n * Non-GAAP basis: 11.1%, exceeded guidance of approximately 9.5%.\n\n * Operating margin on both a GAAP and a non-GAAP basis for the second quarter of\n2026 includes an approximately 510 basis point benefit related to the $107\nmillion of tariff refunds received as expected.\n\n\n\n\n * EPS:\n\n\n* GAAP basis: $(2.23), includes the pre-tax noncash goodwill impairment charge\ndiscussed above and other items that are described under the heading\n“Non-GAAP Exclusions,” which have been excluded from the Company’s\nresults on a non-GAAP basis.\n\n * Non-GAAP basis: $3.70 exceeded guidance of $3.00 to $3.10.\n\n * EPS on both a GAAP and a non-GAAP basis for the second quarter of 2026\nincludes an approximately $1.80 per share benefit related to tariff refunds.\n\n\n\n\n * Inventory: Decreased 3% to $1.738 billion compared to the prior year period.\n\n\n\n\n * Full year outlook:\n\n\n* Revenue: Reaffirms outlook of approximately flat (decrease slightly on a\nconstant currency basis).\n\n * Operating margin: Reaffirms outlook of approximately 8.8% on a non-GAAP basis.\n\n * EPS: Reaffirms outlook of a range of $11.80 to $12.10 on a non-GAAP basis.\n\n\n\n\nNon-GAAP Amounts:\n\nAmounts stated to be on a non-GAAP basis exclude the items that are defined or\ndescribed in greater detail near the end of this release under the heading\n“Non-GAAP Exclusions”. Amounts stated on a constant currency basis also\nare deemed to be on a non-GAAP basis. Reconciliations of amounts on a GAAP\nbasis to amounts on a non-GAAP basis are presented after the Non-GAAP\nExclusions section and identify and quantify all excluded items.\n\nSecond Quarter Review:\n\n\n * Revenue of $2.097 billion decreased 3% compared to $2.167 billion in the prior\nyear period (decreased 3% on a constant currency basis).\n\n\n\nRevenue performance for the Company's reportable segments compared to the\nprior year period was as follows:\n\n\n\n\n\n\n* EMEA revenue decreased 6% on both a reported and a constant currency basis\ncompared to the prior year period, including the continued soft consumer\ndemand due to the prolonged effects from the conflict in the Middle East and\nits broader macroeconomic impacts. The decrease in revenue was primarily\ndriven by a decline in the wholesale business. In the DTC business, growth in\ndigital commerce revenue was more than offset by a decrease in stores.\n\n * Americas revenue decreased 1% on both a reported and a constant currency basis\ncompared to the prior year period. A slight increase in revenue in the DTC\nbusiness compared to the prior year period was more than offset by a decline\nin the wholesale business. The decrease in wholesale revenue included (i) a\ndecrease due to a shift in the timing of wholesale shipments, primarily in the\nCalvin Klein business, to the second half of this year as compared to the\nprior year period partially offset by (ii) an increase associated with the\ntransition in-house of previously licensed TOMMY HILFIGER women’s product\ncategories.\n\n * APAC revenue increased 3% compared to the prior year period (increased 1% on a\nconstant currency basis). The increase in revenue on a constant currency basis\nreflected growth in the DTC business partially offset by a decrease in the\nwholesale business.\n\n * Licensing revenue decreased 13% compared to the prior year period due to the\nplanned license transitions in North America partially offset by growth in the\nongoing licensing business. The planned license transitions are expected to be\ncomplete by the end of 2026.\n\n\n\n\nRevenue performance for the Company's global brand businesses compared to the\nprior year period was as follows:\n\n\n * Tommy Hilfiger revenue was approximately flat on both a reported and a\nconstant currency basis compared to the prior year period, which reflects an\napproximately 3% increase attributable to the transition in-house of\npreviously licensed TOMMY HILFIGER women’s product categories in Americas.\n\n * Calvin Klein revenue decreased 7% on both a reported and a constant currency\nbasis compared to the prior year period, which reflects an approximately 4%\ndecrease attributable to the impact of wholesale shipment timing in Americas\nas discussed above.\n\nRevenue performance for the Company's directly operated channels compared to\nthe prior year period was as follows:\n\n\n * DTC revenue was approximately flat on both a reported and a constant currency\nbasis compared to the prior year period.\n\n\n* Owned and operated store revenue decreased 1% on both a reported and a\nconstant currency basis compared to the prior year period. Revenue growth in\nAPAC was more than offset by declines in EMEA and Americas.\n\n * Owned and operated digital commerce revenue increased 4% compared to the prior\nyear period (increased 3% on a constant currency basis). On a constant\ncurrency basis, revenue growth in Americas and EMEA was partially offset by a\nslight decline in APAC.\n\n\n\n\n * Wholesale revenue decreased 6% on both a reported and a constant currency\nbasis compared to the prior year period with revenue declines in all regions.\n\n\n * Gross margin was 63.0% compared to 57.7% in the prior year period. The 530\nbasis point increase includes the approximately 510 basis point benefit from\ntariff refunds. The remaining 20 basis point increase compared to the prior\nyear period reflects lower product costs, including a positive impact of\nforeign exchange, and favorable mix, partially offset by an increased\npromotional environment in EMEA, increased tariff costs net of mitigation\nactions, and the impact of the North America license transitions.\n\n * Inventory decreased 3% compared to the prior year period.\n\n * Earnings (loss) before interest and taxes (“EBIT”) on a GAAP basis was\n$(191) million compared to $133 million in the prior year period. Included in\nthe second quarter of 2026 was the pre-tax noncash goodwill impairment charge\nof $439 million, which was primarily due to changes in valuation assumptions\nassociated with geopolitical and macroeconomic factors. EBIT on a GAAP basis\nfor the second quarters of 2026 and 2025 include other amounts described under\nthe heading “Non-GAAP Exclusions” later in this release. EBIT on a\nnon-GAAP basis for these periods excludes these amounts.\n\n\n\nEBIT on a non-GAAP basis was $233 million compared to $178 million in the\nprior year period. The increase reflects the $107 million benefit from tariff\nrefunds, partially offset by the impact of a planned increase in marketing and\nother brand-building investments compared to the prior year period. The\nCompany continues to take a disciplined approach to managing expenses, driving\ncost efficiencies while making these targeted investments to drive its\nstrategic initiatives.\n\n\n\nThe impact of foreign currency translation to EBIT in the second quarter of\n2026 was immaterial.\n\n * Operating margin on a GAAP basis was (9.1)% compared to 6.1% in the prior year\nperiod. Operating margin on a non-GAAP basis was 11.1% compared to 8.2% in the\nprior year period.\n\n\n\nOperating margin on both a GAAP and a non-GAAP basis for the second quarter of\n2026 includes the approximately 510 basis point benefit related to tariff\nrefunds.\n\n * Earnings (loss) per share (“EPS”)\n\n\n * GAAP basis: $(2.23) compared to $4.63 in the prior year period.\n\n * Non-GAAP basis: $3.70 compared to $2.52 in the prior year period.\n\n * EPS on both a GAAP and a non-GAAP basis for the second quarter of 2026\nincludes the approximately $1.80 per share benefit related to tariff refunds.\n\nEPS on a GAAP basis for these periods also includes the amounts for the\napplicable period described under the heading “Non-GAAP Exclusions” later\nin this release. EPS on a non-GAAP basis for these periods excludes these\namounts.\n\n\n * Net interest expense decreased to $12 million from $22 million in the prior\nyear period primarily due to an increase in interest income partially due to\nhigher cash balances.\n\n * Effective tax rate was 49.2% on a GAAP basis compared to (101.6)% in the prior\nyear period. The effective tax rate was 22.2% on a non-GAAP basis compared to\n21.8% in the prior year period.\n\n\n\nThe effective tax rates on a GAAP basis included the impact of the $439\nmillion pre-tax noncash goodwill impairment charge recorded in the second\nquarter of 2026 and the $480 million pre-tax noncash goodwill and other\nintangible asset impairment charges recorded in the first quarter of 2025.\nThese impairments were non-deductible for tax purposes and factored into the\nCompany’s annualized effective tax rate for each year. The effective tax\nrates on a non-GAAP basis excluded these impacts.\n\nStock Repurchase Program:\n\nThe Company did not make any common stock repurchases under the stock\nrepurchase program during the first six months of 2026. The Company currently\nexpects to repurchase at least $300 million of shares of its common stock for\nthe full year 2026.\n\n2026 Outlook:\n\nThe Company is reaffirming its full year revenue, operating margin and EPS\noutlook on a non-GAAP basis.\n\nFull Year 2026 Guidance\n\n\n * Revenue: Reaffirming outlook of approximately flat on a reported basis\n(decrease slightly on a constant currency basis).\n\n * Operating margin: Reaffirming outlook of approximately 8.8% on a non-GAAP\nbasis, flat compared to 8.8% in the prior year. Operating margin on a GAAP\nbasis was 2.6% in the prior year.\n\n * EPS: Reaffirming outlook in a range of $11.80 to $12.10 on a non-GAAP basis\ncompared to $11.40 on a non-GAAP basis in the prior year. EPS on a GAAP basis\nwas $0.52 in the prior year.\n\n\n\nThe full year 2026 EPS projection includes an estimated positive impact of\napproximately $0.40 per share related to foreign currency translation, which\nis the same as prior guidance.\n\n\n\nEPS on a GAAP basis for the prior year period included the amounts described\nunder the heading “Non-GAAP Exclusions” later in this release. EPS on a\nnon-GAAP basis for the prior year period excluded these amounts.\n\n * Net interest expense is projected to be approximately $70 million compared to\n$79 million in the prior year period. Previous guidance was approximately $75\nmillion.\n\n * Effective tax rate is projected to be in a range of 22% to 23% on a non-GAAP\nbasis compared to 22.2% on a non-GAAP basis in the prior year period.\nEffective tax rate on a GAAP basis was 83.3% in the prior year period.\n\nThird Quarter 2026 Guidance\n\n\n * Revenue: Projected to decrease low single-digits compared to the prior year\nperiod (decrease low single-digits on a constant currency basis).\n\n * Operating margin: Projected to be approximately 7.5% on a non-GAAP basis,\ncompared to 8.8% on a non-GAAP basis in the prior year period. Operating\nmargin on a GAAP basis was 7.9% in the prior year period.\n\n * EPS: Projected to be in a range of $2.50 to $2.65 on a non-GAAP basis compared\nto $2.83 on a non-GAAP basis in the prior year period. EPS on a GAAP basis was\n$0.09 in the prior year period.\n\n\n\nThe third quarter 2026 EPS projection includes an estimated positive impact of\napproximately $0.05 per share related to foreign currency translation.\n\n\n\nEPS on a GAAP basis includes the applicable amounts described under\n“Non-GAAP Exclusions” later in this release, which are excluded from\nnon-GAAP EPS.\n\n * Net interest expense is projected to decrease to approximately $18 million\ncompared to $21 million in the prior year period.\n\n * Effective tax rate is projected to be approximately 22.0% on a non-GAAP basis\ncompared to 25.5% on a non-GAAP basis in the prior year period. Effective tax\nrate on a GAAP basis was 97.4% in the prior year period.\n\nThe Company is unable to project full year and third quarter 2026 operating\nmargin, EPS, and effective tax rate on a GAAP basis without unreasonable\nefforts as it cannot predict or estimate with reasonable certainty whether or\nwhen certain items affecting a reconciliation will occur or the amounts of\nsuch items. As such, the Company is unable to provide a full reconciliation of\nits full year and third quarter 2026 operating margin, EPS, and effective tax\nrate guidance on a non-GAAP basis to the corresponding measures on a GAAP\nbasis.\n\nPlease see the section entitled “Full Year and Quarterly Reconciliations of\nGAAP to Non-GAAP Amounts” at the end of this release for further detail and\nreconciliations of GAAP to non-GAAP amounts discussed in this section.\n\nNon-GAAP Exclusions:\n\nThe discussions in this release that refer to non-GAAP amounts exclude the\nfollowing:\n\n\n * Pre-tax noncash goodwill impairment charge of $439 million recorded in the\nsecond quarter of 2026, which was primarily due to changes in valuation\nassumptions associated with geopolitical and macroeconomic factors.\n\n * Pre-tax net restructuring gain totaling $9 million recorded in 2026 in\nconnection with the Company’s multiyear initiative announced in 2024 to\nsimplify its operating model by centralizing processes and improving systems\nand automation to drive more efficient, cost-effective ways of working across\nthe organization (the “Growth Driver 5 Actions”), consisting principally\nof (i) the $25 million gain on the sale of a warehouse and distribution center\nin the second quarter and (ii) $17 million of restructuring costs, consisting\nprincipally of severance, of which $7 million was recorded in the first\nquarter of 2026 and $10 million was recorded in the second quarter.\n\n * Pre-tax restructuring costs totaling $93 million incurred in 2025 consisting\nprincipally of severance in connection with the Growth Driver 5 Actions, of\nwhich $13 million was incurred in the first quarter, $45 million was incurred\nin the second quarter, $22 million was incurred in the third quarter, and $13\nmillion was incurred in the fourth quarter.\n\n * Pre-tax gain of $13 million recorded in the fourth quarter of 2025 related to\nthe recognized actuarial gain on retirement plans.\n\n * Pre-tax noncash goodwill and other intangible asset impairment charges of $480\nmillion recorded in the first quarter of 2025, which were primarily due to a\nsignificant increase in discount rates.\n\n * Estimated tax effects associated with the above pre-tax items, which are based\non the Company’s assessment of deductibility. In making this assessment, the\nCompany evaluated each item that it had identified above as a non-GAAP\nexclusion to determine if such item was (i) taxable or tax deductible, in\nwhich case the tax effect was taken at the applicable income tax rate in the\nlocal jurisdiction, or (ii) non-taxable or non-deductible, in which case the\nCompany assumed no tax effect.\n\nThe Company presents constant currency revenue information, which is a\nnon-GAAP financial measure, because it is a global company that transacts\nbusiness in multiple currencies and reports financial information in U.S.\ndollars. Foreign currency exchange rate fluctuations affect the amounts\nreported by the Company in U.S. dollars with respect to its foreign revenues\nand can have a significant impact on the Company’s reported revenues. The\nCompany calculates constant currency revenue information by translating its\nforeign revenues for the relevant period into U.S. dollars at the average\nexchange rates in effect during the comparable prior year period (rather than\nat the actual exchange rates in effect during the relevant period).\n\nThe Company presents non-GAAP financial measures, including constant currency\nrevenue information, as a supplement to its GAAP results. The Company believes\npresenting non-GAAP financial measures provides useful information to\ninvestors, as it provides information to assess how its businesses performed\nexcluding the effects of non-recurring and non-operational amounts and the\neffects of changes in foreign currency exchange rates, as applicable, and (i)\nfacilitates comparing the results being reported against past and future\nresults by eliminating amounts that it believes are not comparable between\nperiods and (ii) assists investors in evaluating the effectiveness of the\nCompany’s operations and underlying business trends in a manner that is\nconsistent with management’s evaluation of business performance. The Company\nbelieves that investors often look at ongoing operations of an enterprise as a\nmeasure of assessing performance. The Company uses its results excluding these\namounts to evaluate its operating performance and to discuss its business with\ninvestment institutions, the Company’s Board of Directors and others. The\nCompany’s results excluding non-recurring and non-operational amounts are\nalso the basis for certain incentive compensation calculations. Non-GAAP\nfinancial measures should be viewed in addition to, and not in lieu of or as\nsuperior to, the Company’s operating performance calculated in accordance\nwith GAAP. The non-GAAP financial measures presented may not be comparable to\nsimilarly described measures reported by other companies.\n\nPlease see tables 1 through 7 and the sections entitled “Reconciliations of\nConstant Currency Revenue” and “Full Year and Quarterly Reconciliations of\nGAAP to Non-GAAP Amounts” later in this release for reconciliations of GAAP\nto non-GAAP amounts.\n\nConference Call Information:\n\nThe Company will host a conference call to discuss its second quarter earnings\nrelease on Thursday, September 3, 2026 at 9:00 a.m. Eastern Time. Please log\non to the Company’s website at www.PVH.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.PVH.com&esheet=54598021&newsitemid=20260902215862&lan=en-US&anchor=www.PVH.com&index=1&md5=dcdabae35ca7b636ed633fdea52e07d2)\nand go to the Events page in the Investors section to listen to the live\nwebcast of the conference call. The webcast will be available for replay for\none year after it is held. Please log on to www.PVH.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.PVH.com&esheet=54598021&newsitemid=20260902215862&lan=en-US&anchor=www.PVH.com&index=2&md5=0ab2cfb75d379b1827bbae75ae437393)\nas described above to listen to the replay. The conference call and webcast\nconsist of copyrighted material. They may not be re-recorded, reproduced,\nre-transmitted, rebroadcast or otherwise used without the Company’s express\nwritten permission. Your participation represents your consent to these terms\nand conditions, which are governed by New York law.\n\nSAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF\n1995: Forward-looking statements in this press release and made during the\nconference call/webcast, including, without limitation, statements relating to\nthe Company’s future revenue, earnings, plans, strategies, objectives,\nexpectations and intentions are made pursuant to the safe harbor provisions of\nthe Private Securities Litigation Reform Act of 1995. Investors are cautioned\nthat such forward-looking statements are inherently subject to risks and\nuncertainties, many of which cannot be predicted with accuracy, and some of\nwhich might not be anticipated, including, without limitation, (i) the\nCompany’s plans, strategies, objectives, expectations and intentions are\nsubject to change at any time at the discretion of the Company; (ii) the\nCompany’s ability to realize anticipated benefits and savings from\ndivestitures, restructurings and similar plans, such as the actions taken in\nrecent years to focus on its Calvin Klein and Tommy Hilfiger businesses and\nits current multiyear initiative to simplify its operating model and achieve\ncost savings; (iii) the ability to realize the intended benefits from\nincreasing the Company’s direct management and oversight of its Calvin Klein\nand TOMMY HILFIGER brands (such as the in-process plan to directly operate a\nsignificant portion of the businesses for the product categories that are or\nhad been licensed to G-III Apparel Group, Ltd., with the remainder to be\nre-licensed to other third parties, upon the expirations of the underlying\nlicense agreements) and avoid any disruptions in the businesses; (iv) the\nCompany has significant levels of outstanding debt, as well as significant\nadditional borrowing capacity, and uses a significant portion of its cash\nflows to service its indebtedness, as a result of which the Company might not\nhave sufficient funds to operate its businesses in the manner it intends or\nhas operated in the past; (v) the levels of sales of the Company’s apparel,\nfootwear and related products, both to its wholesale customers and in its\ndirect-to-consumer retail store and digital commerce operations, the levels of\nsales of the Company’s licensees at wholesale and retail, and the extent of\ndiscounts and promotional pricing in which the Company and its licensees and\nother business partners are required to engage, all of which can be affected\nby weather conditions, changes in the economy (including inflationary\npressures like those currently being experienced globally), fuel prices,\nreductions in travel, fashion trends, consolidations, repositionings and\nbankruptcies in the retail industries, consumer sentiment and other factors;\n(vi) the Company’s ability to manage its growth and inventory; (vii)\nrestrictions, including quotas and the imposition of new or increased duties\nor tariffs on goods from the countries where the Company or its licensees\nproduce goods under its trademarks, which, among other things, could limit the\nability to produce products in cost-effective countries, or in countries that\nhave the labor and technical expertise needed, or require the Company to\nabsorb costs or try to pass costs onto consumers, which could materially\nimpact the Company’s revenue and profitability, and uncertainties regarding\ntrade regulation, including as a result of the U.S. Supreme Court’s ruling\nthat many of the tariffs imposed by the U.S. federal government were\nunconstitutional, which led to the issuance of an executive order imposing\ntariffs at different rates pursuant to Section 122 of the Trade Act of 1974\n(which have expired and are being challenged in court) and launching\ninvestigations under Section 301 of the Trade Act, which have led to the\nimposition of new tariffs and could lead to the imposition of further tariffs;\n(viii) the availability and cost of raw materials; (ix) the Company’s\nability to adjust timely to changes in trade regulations and the migration and\ndevelopment of manufacturers (which can affect where the Company’s products\ncan best be produced); (x) the regulation or prohibition of the transaction of\nbusiness with specific individuals or entities and their affiliates or goods\nmanufactured in (or containing raw materials or components from) certain\nregions, such as the listing of a person or entity as a Specially Designated\nNational or Blocked Person by the U.S. Department of the Treasury’s Office\nof Foreign Assets Control and the issuance of Withhold Release Orders by the\nU.S. Customs and Border Protection; (xi) changes in available factory and\nshipping capacity, wage and shipping cost escalation, and store closures in\nany of the countries where the Company’s or its licensees’ or wholesale\ncustomers’ or other business partners’ stores are located or products are\nsold or produced or are planned to be sold or produced, as a result of civil\nconflict, war or terrorist acts, the threat of any of the foregoing, or\npolitical or labor instability, such as the current war in Ukraine that led to\nthe Company’s exit from its retail business in Russia and the cessation of\nits wholesale operations in Russia and Belarus, and the temporary cessation of\nbusiness by many of its business partners in Ukraine, and the current conflict\nin the Middle East that has resulted in the closure of some of the Company’s\nlicensees’, wholesale customers’ and other business partners’ stores, as\nwell as depressed consumer sentiment, increased fuel and oil costs and\nimpacted inventory availability; (xii) disease epidemics and health-related\nconcerns, such as the COVID-19 pandemic, which could result in (and, in the\ncase of the COVID-19 pandemic, did result in some of the following)\nsupply-chain disruptions due to closed factories, reduced workforces and\nproduction capacity, shipping delays, container and trucker shortages, port\ncongestion and other logistics problems, closed stores, and reduced consumer\ntraffic and purchasing, or governments implement mandatory business closures,\ntravel restrictions or the like, and market or other changes that could result\nin shortages of inventory available to be delivered to the Company’s stores\nand customers, order cancellations and lost sales, as well as in noncash\nimpairments of the Company’s goodwill and other intangible assets, operating\nlease right-of-use assets, and property, plant and equipment; (xiii) actions\ntaken towards sustainability and social and environmental responsibility as\npart of the Company’s sustainability and social and environmental strategy\nmay not be achieved or may be perceived to be falsely claimed, which could\ndiminish consumer trust in the Company’s brands and the Company’s\nbrands’ values, as well as the potential for adverse consumer response to\nany sustainability, social or environmental actions taken by the Company;\n(xiv) the failure of the Company’s licensees to market successfully licensed\nproducts or to preserve the value of the Company’s brands, or their misuse\nof the Company’s brands; (xv) significant fluctuations of the U.S. dollar\nagainst foreign currencies in which the Company transacts significant levels\nof business; (xvi) the Company’s retirement plan expenses recorded\nthroughout the year are calculated using actuarial valuations that incorporate\nassumptions and estimates about financial market, economic and demographic\nconditions, and differences between estimated and actual results give rise to\ngains and losses, which can be significant, that are recorded immediately in\nearnings, generally in the fourth quarter of the year; (xvii) the impact of\nnew and revised tax legislation and regulations; (xviii) the impacts of the\ndecision by China’s Ministry of Commerce to place the Company on the List of\nUnreliable Entities, including the impact of any fines imposed, or\nrestrictions or prohibitions on the Company that have the effect of limiting\nor prohibiting its ability to do business in China; and (xix) other risks and\nuncertainties indicated from time to time in the Company’s filings with the\nSecurities and Exchange Commission (“SEC”).\n\nThis press release includes, and the conference call/webcast will include,\ncertain non-GAAP financial measures, as defined under SEC rules.\nReconciliations of these measures are included in the financial information\nfollowing this Safe Harbor Statement, as well as in the Company’s Current\nReport on Form 8-K furnished to the SEC in connection with this earnings\nrelease, which is available on the Company’s website at www.PVH.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.PVH.com&esheet=54598021&newsitemid=20260902215862&lan=en-US&anchor=www.PVH.com&index=3&md5=3f9fd3228f8a477d4ede5fd40fb760e7)\nand on the SEC’s website at www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54598021&newsitemid=20260902215862&lan=en-US&anchor=www.sec.gov&index=4&md5=e83580703f6f348e0963baf2ede22cf3)\n.\n\nThe Company does not undertake any obligation to update publicly any\nforward-looking statement, including, without limitation, any estimate\nregarding revenue or earnings, whether as a result of the receipt of new\ninformation, future events or otherwise.\n   \n\n PVH CORP. \n \n \n \nConsolidated GAAP Statements of Operations \n \n \n \n(In millions, except per share data) \n   \n                           \n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Revenue   $ 2,097.0     $ 2,167.2         $ 4,122.1     $ 4,150.8       \n                           \n Gross profit     1,321.8       1,250.8           2,508.0       2,412.5       \n                           \n Selling, general and administrative expenses     1,112.5       1,128.9           2,186.9       2,152.8       \n                           \n Goodwill and other intangible asset impairments     439.0       —           439.0       479.5       \n                           \n Non-service related pension and postretirement (cost)     (0.6 )     (0.9 )         (1.4 )     (1.9 )     \n                           \n Other gain     25.4       —           25.4       —       \n                           \n Equity in net income of unconsolidated affiliates     14.0       12.2           27.3       22.7       \n                           \n (Loss) earnings before interest and taxes     (190.9 )     133.2           (66.6 )     (199.0 )     \n                           \n Interest expense, net     11.7       22.0           27.5       39.4       \n                           \n Pre-tax (loss) income     (202.6 )     111.2           (94.1 )     (238.4 )     \n                           \n Income tax (benefit)     (99.7 )     (113.0 )         (79.2 )     (417.8 )     \n                           \n Net (loss) income   $ (102.9 )   $ 224.2         $ (14.9 )   $ 179.4       \n                           \n Diluted net (loss) income per common share ((1))   $ (2.23 )   $ 4.63         $ (0.32 )   $ 3.59       \n                           \n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Depreciation and amortization expense   $ 57.3     $ 68.7         $ 119.9     $ 136.4       \n                         \n\n\nPlease see following pages for information related to non-GAAP measures\ndiscussed in this release.\n ((1)) Please see Note A in Notes to Consolidated GAAP Statements of Operations for \n the reconciliations of GAAP diluted net (loss) income per common share to \n diluted net income per common share on a non-GAAP basis. \n   \n\n\nPVH CORP.\n\nNon-GAAP Measures\n\n(In millions, except per share data)\n\nThe Company believes it is useful to investors to present its results for the\nperiods ended August 2, 2026 and August 3, 2025 on a non-GAAP basis by\nexcluding (i) the restructuring costs incurred in the first and second\nquarters of 2026 and 2025, related to the Company's multiyear initiative to\nsimplify its operating model by centralizing processes and improving systems\nand automation to drive more efficient, cost-effective ways of working across\nthe organization (the \"Growth Driver 5 Actions\"), consisting principally of\nseverance (recorded in selling, general and administrative expenses) and a\ngain on the sale of a warehouse and distribution center (recorded in other\ngain) in the second quarter of 2026; (ii) the pre-tax noncash goodwill\nimpairment charge recorded in the second quarter of 2026, primarily due to\nchanges in valuation assumptions associated with geopolitical and\nmacroeconomic factors, and the pre-tax noncash goodwill and other intangible\nasset impairment charges recorded in the first quarter of 2025, which were\nprimarily due to a significant increase in discount rates; and (iii) the tax\neffects associated with the foregoing pre-tax items. The Company excludes\nthese amounts because it deems them to be non-recurring or non-operational and\nbelieves that their exclusion (i) facilitates comparing the results being\nreported against past and future results by eliminating amounts that it\nbelieves are not comparable between periods, thereby permitting management to\nevaluate performance and investors to make decisions based on the ongoing\noperations of the Company, and (ii) assists investors in evaluating the\neffectiveness of the Company’s operations and underlying business trends in\na manner that is consistent with management’s evaluation of business\nperformance. The Company believes that investors often look at ongoing\noperations of an enterprise as a measure of assessing performance. The Company\nuses its results excluding these amounts to evaluate its operating performance\nand to discuss its business with investment institutions, the Company’s\nBoard of Directors and others. The Company’s results excluding the items\ndescribed above are also the basis for certain incentive compensation\ncalculations. The non-GAAP measures should be viewed in addition to, and not\nin lieu of or superior to, the Company’s operating performance measures\ncalculated in accordance with GAAP. The information presented on a non-GAAP\nbasis may not be comparable to similarly titled measures reported by other\ncompanies.\n\nThe following table presents the non-GAAP measures that are discussed in this\nrelease. Please see Tables 1 through 7 for the reconciliations of the GAAP\namounts to amounts on a non-GAAP basis.\n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Non-GAAP Measures                         \n Selling, general and administrative expenses ((1))   $ 1,102.6   $ 1,083.9       $ 2,170.1   $ 2,094.6     \n Goodwill and other intangible asset impairments ((2))     —             —     —     \n Other gain ((3))     —             —         \n Earnings before interest and taxes ((4))     232.6     178.2         363.8     338.7     \n Income tax expense ((5))     49.0     34.0         71.0     58.5     \n Net income ((6))     171.9     122.2         265.3     240.8     \n Diluted net income per common share ((7))   $ 3.70   $ 2.52       $ 5.71   $ 4.82     \n Depreciation and amortization expense ((8))   $ 56.1   $ 66.4       $ 117.5   $ 134.1     \n                     \n\n ((1)) Please see Table 3 for the reconciliations of GAAP selling, general and \n administrative (“SG&A”) expenses to SG&A expenses on a non-GAAP \n basis. \n ((2)) Please see Table 4 for the reconciliations of GAAP goodwill and other \n intangible asset impairments to goodwill and other intangible asset \n impairments on a non-GAAP basis. \n ((3)) Please see Table 5 for the reconciliations of GAAP other gain to other gain on \n a non-GAAP basis. \n ((4)) Please see Table 2 for the reconciliations of GAAP (loss) earnings before \n interest and taxes to earnings before interest and taxes on a non-GAAP basis. \n GAAP operating margin is defined as GAAP (loss) earnings before interest and \n taxes divided by revenue. Operating margin on a non-GAAP basis is defined as \n earnings before interest and taxes on a non-GAAP basis divided by revenue. \n ((5)) Please see Table 6 for the reconciliations of GAAP income tax (benefit) to \n income tax expense on a non-GAAP basis and an explanation of the calculation \n of the tax effects associated with the pre-tax items identified as non-GAAP \n exclusions. \n ((6)) Please see Table 1 for the reconciliations of GAAP net (loss) income to net \n income on a non-GAAP basis. \n ((7)) Please see Note A in Notes to Consolidated GAAP Statements of Operations for \n the reconciliations of GAAP diluted net (loss) income per common share to \n diluted net income per common share on a non-GAAP basis. \n ((8)) Please see Table 7 for the reconciliation of GAAP depreciation and \n amortization expense to depreciation and amortization expense on a non-GAAP \n basis. \n\n   \n PVH CORP. \n \n \n \nReconciliations of GAAP to Non-GAAP Amounts \n \n \n \n(In millions, except per share data) \n   \n Table 1 - Reconciliations of GAAP net (loss) income to net income on a                 \n non-GAAP basis \n                           \n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Net (loss) income   $ (102.9 )   $ 224.2         $ (14.9 )   $ 179.4       \n                           \n Diluted net (loss) income per common share ((1))   $ (2.23 )   $ 4.63         $ (0.32 )   $ 3.59       \n                           \n Pre-tax items excluded:                         \n                           \n SG&A expenses associated with the Growth Driver 5 Actions     9.9       45.0           16.8       58.2       \n                           \n Goodwill and other intangible asset impairments     439.0               439.0       479.5       \n                           \n Gain in connection with the Growth Driver 5 Actions (recorded in other gain)     (25.4 )             (25.4 )         \n                           \n Tax effect of the pre-tax items above ((2))     (148.7 )     (147.0 )         (150.2 )     (476.3 )     \n                           \n                           \n Net income on a non-GAAP basis   $ 171.9     $ 122.2         $ 265.3     $ 240.8       \n                           \n Diluted net income per common share on a non-GAAP basis ((1))   $ 3.70     $ 2.52         $ 5.71     $ 4.82       \n                           \n\n ((1)) Please see Note A in Notes to the Consolidated GAAP Statements of Operations \n for the reconciliations of GAAP diluted net (loss) income per common share to \n diluted net income per common share on a non-GAAP basis. \n ((2)) Please see Table 6 for an explanation of the calculation of the tax effects of \n the above pre-tax items. \n\n Table 2 - Reconciliations of GAAP (loss) earnings before interest and taxes to earnings before interest and taxes on a non-GAAP basis     \n                           \n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n (Loss) earnings before interest and taxes   $ (190.9 )   $ 133.2       $ (66.6 )   $ (199.0 )     \n                           \n Items excluded:                         \n                           \n SG&A expenses associated with the Growth Driver 5 Actions     9.9       45.0         16.8       58.2       \n                           \n Goodwill and other intangible asset impairments     439.0               439.0       479.5       \n                           \n Gain in connection with the Growth Driver 5 Actions (recorded in other gain)     (25.4 )             (25.4 )         \n                           \n Earnings before interest and taxes on a non-GAAP basis   $ 232.6     $ 178.2       $ 363.8     $ 338.7       \n                           \n\n Table 3 - Reconciliations of GAAP SG&A expenses to SG&A expenses on a   \n non-GAAP basis \n                           \n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n SG&A expenses   $ 1,112.5     $ 1,128.9         $ 2,186.9     $ 2,152.8       \n                           \n Item excluded:                         \n                           \n Expenses associated with the Growth Driver 5 Actions     (9.9 )     (45.0 )         (16.8 )     (58.2 )     \n                           \n SG&A expenses on a non-GAAP basis   $ 1,102.6     $ 1,083.9         $ 2,170.1     $ 2,094.6       \n                           \n\n   \n PVH CORP. \n \n \n \nReconciliations of GAAP to Non-GAAP Amounts (continued) \n \n \n \n(In millions, except per share data) \n   \n Table 4 - Reconciliations of GAAP goodwill and other intangible asset       \n impairments to goodwill and other intangible asset impairments on a non-GAAP \n basis \n                       \n     Quarter Ended       Six Months Ended     \n     8/2/26       8/2/26   8/3/25     \n                       \n Goodwill and other intangible asset impairments   $ 439.0         $ 439.0     $ 479.5       \n                       \n Item excluded:                     \n                       \n Goodwill and other intangible asset impairments     (439.0 )         (439.0 )     (479.5 )     \n                       \n Goodwill and other intangible asset impairments on a non-GAAP basis   $ —         $ —     $ —       \n                       \n\n Table 5 - Reconciliations of GAAP other gain to other gain on a non-GAAP basis     \n                   \n     Quarter Ended       Six Months Ended     \n     8/2/26       8/2/26     \n                   \n Other gain   $ 25.4         $ 25.4       \n                   \n Item excluded:                 \n                   \n Gain in connection with the Growth Driver 5 Actions     (25.4 )         (25.4 )     \n                   \n Other gain on a non-GAAP basis   $ —         $ —       \n                   \n\n Table 6 - Reconciliations of GAAP income tax (benefit) to income tax expense   \n on a non-GAAP basis \n                           \n     Quarter Ended       Six Months Ended   \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Income tax (benefit)   $ (99.7 )   $ (113.0 )       $ (79.2 )   $ (417.8 )     \n                           \n Item excluded:                         \n                           \n Tax effect of pre-tax items identified as non-GAAP exclusions ((1))     148.7       147.0           150.2       476.3       \n                           \n Income tax expense on a non-GAAP basis   $ 49.0     $ 34.0         $ 71.0     $ 58.5       \n   \n\n ((1)) The estimated tax effects associated with the Company’s exclusions on a \n non-GAAP basis are based on the Company’s assessment of deductibility. In \n making this assessment, the Company evaluates each pre-tax item that it has \n identified as a non-GAAP exclusion to determine if such item is (i) taxable or \n tax deductible, in which case the tax effect is taken at the applicable income \n tax rate in the local jurisdiction, or (ii) non-taxable or non-deductible, in \n which case the Company assumes no tax effect. The income tax (benefit) for the \n quarter and six months ended August 2, 2026 included the impact of the $439 \n million pre-tax noncash goodwill impairment charge that was recorded in the \n second quarter of 2026. The income tax (benefit) for the quarter and six \n months ended August 3, 2025 included the impact of the $480 million pre-tax \n noncash goodwill and other intangible asset impairment charges that were \n recorded in the first quarter of 2025. These impairments were non-deductible \n for tax purposes and factored into the Company’s annualized effective tax \n rate in each year. The income tax expense on a non-GAAP basis in each year \n excluded these impacts as well as the tax effect of the other pre-tax items \n identified as non-GAAP exclusions. \n\n PVH CORP. \n \nReconciliations of GAAP to Non-GAAP Amounts (continued) \n \n \n \n(In millions, except per share data) \n   \n Table 7 - Reconciliations of GAAP depreciation and amortization expense to     \n depreciation and amortization expense on a non-GAAP basis \n                           \n     Quarter Ended     Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Depreciation and amortization expense   $ 57.3     $ 68.7         $ 119.9     $ 136.4       \n                           \n Item excluded:                         \n                           \n Accelerated depreciation associated with the Growth Driver 5 Actions     (1.2 )     (2.3 )         (2.4 )     (2.3 )     \n                           \n Depreciation and amortization expense on a non-GAAP basis   $ 56.1     $ 66.4         $ 117.5     $ 134.1       \n                           \n\n   \n PVH CORP. \n \n \n \nNotes to Consolidated GAAP Statements of Operations \n \n \n \n(In millions, except per share data) \n \n \n \n  \n \n \n \nA. The Company computed its diluted net (loss) income per common share as \n follows: \n   \n     Quarter Ended       Quarter Ended \n     8/2/26       8/3/25 \n     GAAP   Adjustments ((1))   Non-GAAP       GAAP   Adjustments ((2))   Non-GAAP   \n \nResults \nResults \nResults \nResults \n                                 \n Net (loss) income   $ (102.9 )   $ 274.8   $ 171.9       $ 224.2   $ (102.0 )   $ 122.2   \n                                 \n Weighted average common shares     46.1           46.1         48.1         48.1   \n Weighted average dilutive securities     —       0.4     0.4         0.4         0.4   \n Total shares     46.1           46.5         48.5         48.5   \n                                 \n Diluted net (loss) income per common share   $ (2.23 )       $ 3.70       $ 4.63       $ 2.52   \n                                 \n\n     Six Months Ended       Six Months Ended \n     8/2/26       8/3/25 \n     GAAP   Adjustments ((1))   Non-GAAP       GAAP   Adjustments ((2))   Non-GAAP   \n \nResults \nResults \nResults \nResults \n                                 \n Net (loss) income   $ (14.9 )   $ 280.2   $ 265.3       $ 179.4   $ 61.4   $ 240.8   \n                                 \n Weighted average common shares     46.0           46.0         49.6         49.6   \n Weighted average dilutive securities     —       0.4     0.4         0.4         0.4   \n Total shares     46.0           46.4         50.0         50.0   \n                                 \n Diluted net (loss) income per common share   $ (0.32 )       $ 5.71       $ 3.59       $ 4.82   \n                                 \n\n ((1)) Represents the impact on net (loss) income in the applicable periods ended \n August 2, 2026 from the elimination of (i) the net gain related to the Growth \n Driver 5 Actions, (ii) the pre-tax noncash goodwill impairment charge, \n primarily due to changes in valuation assumptions associated with geopolitical \n and macroeconomic factors; and (iii) the tax effect associated with the \n foregoing pre-tax items. Please see Table 1 for the reconciliations of GAAP \n net (loss) income to net income on a non-GAAP basis. Adjustments to weighted \n average dilutive securities for the quarter and six months ended August 2, \n 2026 represent the dilutive impact of securities included in the non-GAAP \n diluted net income per share calculations. The GAAP diluted net loss per share \n calculation for the quarter and six months ended August 2, 2026 excluded these \n potentially dilutive securities because there was a GAAP net loss for the \n period, and, as such, the inclusion of these securities would have been \n anti-dilutive. \n ((2)) Represents the impact on net income in the applicable periods ended August 3, \n 2025 from the elimination of (i) the restructuring costs related to the Growth \n Driver 5 Actions; (ii) the pre-tax noncash goodwill and other intangible asset \n impairment charges, which were primarily due to a significant increase in \n discount rates; and (iii) the tax effects associated with the foregoing \n pre-tax items. Please see Table 1 for the reconciliations of GAAP net income \n to net income on a non-GAAP basis. \n   \n\n PVH CORP. \n \n \n \nConsolidated Balance Sheets \n \n \n \n(In millions) \n   \n   8/2/26   8/3/25   \n ASSETS         \n Current Assets:         \n Cash and Cash Equivalents $ 965.9   $ 248.8   \n Receivables   941.6     919.2   \n Inventories   1,738.2     1,791.0   \n Other Assets   337.0     323.6   \n Assets Held For Sale   —     16.7 ((1)) \n Total Current Assets   3,982.7     3,299.3   \n Property, Plant and Equipment   620.2     695.1   \n Operating Lease Right-of-Use Assets   1,784.4     1,888.0   \n Goodwill and Other Intangible Assets   4,615.3     5,056.1   \n Other Assets   414.1     689.1   \n TOTAL ASSETS $ 11,416.7   $ 11,627.6   \n           \n LIABILITIES AND STOCKHOLDERS’ EQUITY   \n Accounts Payable and Accrued Expenses $ 2,055.2   $ 2,067.9   \n Current Portion of Operating Lease Liabilities   349.3     329.6   \n Short-Term Borrowings   —     —   \n Current Portion of Long-Term Debt   11.5     12.8   \n Other Liabilities   406.8     407.1   \n Long-Term Portion of Operating Lease Liabilities   1,565.4     1,687.6   \n Long-Term Debt   2,236.5     2,256.0   \n Stockholders’ Equity   4,792.0     4,866.6   \n TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 11,416.7   $ 11,627.6   \n\n Note: Year over year balances are impacted by changes in foreign currency exchange rates. \n   \n ((1)) Assets held for sale included a building and other assets related to a \n Company-owned warehouse and distribution center. The Company completed the \n sale of the building and related assets during the second quarter of 2026. \n   \n\n PVH CORP.                 \n Segment Data                 \n (In millions)                 \n                   \n REVENUE BY SEGMENT                 \n     Quarter Ended   Six Months Ended \n     8/2/26   8/3/25   8/2/26   8/3/25 \n Europe, the Middle East and Africa (“EMEA”)   $ 986.3   $ 1,048.5   $ 1,932.4   $ 1,976.2 \n                   \n Americas     680.1     684.0     1,283.0     1,292.4 \n                   \n Asia-Pacific (“APAC”)     343.7     335.2     730.7     686.9 \n                   \n Licensing     86.9     99.5     176.0     195.3 \n                   \n Total Revenue   $ 2,097.0   $ 2,167.2   $ 4,122.1   $ 4,150.8 \n                   \n\n REVENUE BY BRAND                 \n     Quarter Ended   Six Months Ended \n     8/2/26   8/3/25   8/2/26   8/3/25 \n Tommy Hilfiger   $ 1,131.8   $ 1,135.9   $ 2,209.1   $ 2,184.0 \n                   \n Calvin Klein     913.3     980.0     1,808.5     1,866.1 \n                   \n Heritage Brands     51.9     51.3     104.5     100.7 \n                   \n Total Revenue   $ 2,097.0   $ 2,167.2   $ 4,122.1   $ 4,150.8 \n                   \n\n EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT \n     Quarter Ended   Quarter Ended \n \n \n \n \n8/2/26 \n8/3/25 \n     Results under GAAP   Adjustments ((1))   Non-GAAP Results   Results under GAAP   Adjustments ((2))   Non-GAAP Results \n EMEA   $ 159.0         $ 159.0     $ 178.5         $ 178.5   \n                           \n Americas ((3))     195.0           195.0       73.5           73.5   \n                           \n APAC     47.6           47.6       51.3           51.3   \n                           \n Licensing     73.6           73.6       84.8           84.8   \n                           \n Corporate and other ((4))     (242.6 )         (242.6 )     (209.9 )         (209.9 ) \n                           \n Restructuring and other items     (423.5 )   $ 423.5     —       (45.0 )   $ 45.0     —   \n                           \n (Loss) earnings before interest and taxes ((3))   $ (190.9 )   $ 423.5   $ 232.6     $ 133.2     $ 45.0   $ 178.2   \n\n ((1)) Restructuring and other items for the quarter ended August 2, 2026 consists of \n (i) the net gain related to the Growth Driver 5 Actions; and (ii) the pre-tax \n noncash goodwill impairment charge. Restructuring and other items on a \n non-GAAP basis excludes these amounts. \n ((2)) Restructuring and other items for the quarter ended August 3, 2025 consists of \n the restructuring costs related to the Growth Driver 5 Actions. Restructuring \n and other items on a non-GAAP basis excludes this amount. \n ((3)) Earnings before interest and taxes included a benefit of $106.7 million \n related to tariff refunds received during the second quarter of 2026 which was \n included in the Americas segment. \n ((4)) Corporate and other includes costs that are not specific to any particular \n segment, primarily consisting of (i) global brand costs, which include \n centrally managed marketing, design, and merchandising costs; (ii) corporate \n expenses, which include centrally managed information technology costs, \n including network, infrastructure and global systems; expenses for senior \n corporate management; and expenses for corporate support functions including \n finance, human resources, legal and information security; and (iii) intangible \n asset amortization. \n\n   \n PVH CORP. \n \nSegment Data (continued) \n \n(In millions) \n   \n EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT \n   \n     Six Months Ended   Six Months Ended \n \n \n \n \n8/2/26 \n8/3/25 \n     Results under GAAP   Adjustments ((1))   Non-GAAP Results   Results under GAAP   Adjustments ((2))   Non-GAAP Results \n EMEA   $ 311.4         $ 311.4     $ 327.9         $ 327.9   \n                           \n Americas ((3))     245.9           245.9       134.3           134.3   \n                           \n APAC     137.0           137.0       130.3           130.3   \n                           \n Licensing     148.5           148.5       165.5           165.5   \n                           \n Corporate and other ((4))     (479.0 )         (479.0 )     (419.3 )         (419.3 ) \n                           \n Restructuring and other items     (430.4 )   $ 430.4     —       (537.7 )   $ 537.7     —   \n                           \n (Loss) earnings before interest and taxes ((3))   $ (66.6 )   $ 430.4   $ 363.8     $ (199.0 )   $ 537.7   $ 338.7   \n\n ((1)) Restructuring and other items for the six months ended August 2, 2026 consists \n of (i) the net gain related to the Growth Driver 5 Actions; and (ii) the \n pre-tax noncash goodwill impairment charge. Restructuring and other items on a \n non-GAAP basis excludes these amounts. \n ((2)) Restructuring and other items for the six months ended August 3, 2025 consists \n of (i) the restructuring costs related to the Growth Driver 5 Actions; and \n (ii) the pre-tax noncash goodwill and other intangible asset impairment \n charges. Restructuring and other items on a non-GAAP basis excludes these \n amounts. \n ((3)) Earnings before interest and taxes included a benefit of $106.7 million \n related to tariff refunds received during the second quarter of 2026 which was \n included in the Americas segment. \n ((4)) Corporate and other includes costs that are not specific to any particular \n segment, primarily consisting of (i) global brand costs, which include \n centrally managed marketing, design, and merchandising costs; (ii) corporate \n expenses, which include centrally managed information technology costs, \n including network, infrastructure and global systems; expenses for senior \n corporate management; and expenses for corporate support functions including \n finance, human resources, legal and information security; and (iii) intangible \n asset amortization. \n\n\nPVH CORP.\n\nReconciliations of Constant Currency Revenue\n\n(In millions)\n\nAs a supplement to the Company’s reported operating results, the Company\npresents constant currency revenue information, which is a non-GAAP financial\nmeasure. The Company presents results in this manner because it is a global\ncompany that transacts business in multiple currencies and reports financial\ninformation in U.S. dollars. Foreign currency exchange rate fluctuations\naffect the amounts reported by the Company in U.S. dollars with respect to its\nforeign revenues. Exchange rate fluctuations can have a significant impact on\nreported revenues. The Company believes presenting constant currency revenue\ninformation provides useful information to investors, as it provides\ninformation to assess how its businesses performed excluding the effects of\nchanges in foreign currency exchange rates and assists investors in evaluating\nthe effectiveness of the Company’s operations and underlying business trends\nin a manner that is consistent with management’s evaluation of business\nperformance.\n\nThe Company calculates constant currency revenue information by translating\nits foreign revenues for the relevant period into U.S. dollars at the average\nexchange rates in effect during the comparable prior year period (rather than\nat the actual exchange rates in effect during the relevant period).\n\nConstant currency performance should be viewed in addition to, and not in lieu\nof or as superior to, the Company’s operating performance calculated in\naccordance with GAAP. The constant currency revenue information presented may\nnot be comparable to similarly described measures reported by other companies.\n     GAAP Revenue   % Change \n     Quarter Ended   GAAP   Positive (Negative) Impact of Foreign Exchange   Constant Currency \n     8/2/26   8/3/25       \n Total Revenue   $ 2,097.0   $ 2,167.2   (3.2 )%   0.2 %   (3.4 )% \n                       \n EMEA   $ 986.3   $ 1,048.5   (5.9 )%   (0.1 )%   (5.8 )% \n Americas     680.1     684.0   (0.6 )%   — %   (0.6 )% \n APAC     343.7     335.2   2.5 %   1.5 %   1.0 % \n                       \n Tommy Hilfiger   $ 1,131.8   $ 1,135.9   (0.4 )%   — %   (0.4 )% \n Calvin Klein     913.3     980.0   (6.8 )%   0.3 %   (7.1 )% \n                       \n Owned and Operated Stores   $ 862.0   $ 868.0   (0.7 )%   (0.1 )%   (0.6 )% \n Owned and Operated Digital Commerce     194.1     186.6   4.0 %   0.8 %   3.2 % \n Total Direct-to-Consumer   $ 1,056.1   $ 1,054.6   0.1 %   0.1 %   — % \n                       \n Wholesale   $ 954.0   $ 1,013.1   (5.7 )%   0.3 %   (6.0 )% \n\n   \n PVH CORP. \n \n \n \nFull Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts \n   \n Reconciliations of (i) GAAP Operating Margin to Operating Margin on a Non-GAAP \n basis and (ii) GAAP Diluted Net Income Per Common Share to Diluted Net Income \n Per Common Share on a Non-GAAP Basis \n                           \n     Full Year 2025   Third Quarter 2025 \n     (Actual)   (Actual) \n (In millions, except per share data)   Results Under GAAP   Adjustments ((1))   Non-GAAP Results   Results Under GAAP   Adjustments ((2))   Non-GAAP Results \n                           \n Operating margin                         \n Revenue   $8,950.2       $8,950.2   $2,294.3       $2,294.3 \n Earnings before interest and taxes   230.6   $ 559.9   790.5   180.8   $ 21.5   202.3 \n Operating margin ((3))   2.6%       8.8%   7.9%       8.8% \n                           \n Net income per common share                         \n Net income   $25.3   $ 527.9   $553.2   $4.2   $ 131.2   $135.4 \n Total weighted average shares   48.5       48.5   47.9       47.9 \n                           \n Diluted net income per common share   $0.52       $11.40   $0.09       $2.83 \n\n ((1)) Represents the impact on net income in the year ended February 1, 2026 from \n the elimination of (i) the $13 million pre-tax recognized actuarial gain on \n retirement plans; (ii) the $93 million pre-tax restructuring costs related to \n the Growth Driver 5 Actions; (iii) the $480 million pre-tax noncash goodwill \n and other intangible asset impairment charges; and (iv) a $32 million tax \n benefit associated with the foregoing pre-tax items. \n ((2)) Represents the impact on net income in the quarter ended November 2, 2025 from \n the elimination of (i) the $22 million pre-tax restructuring costs related to \n the Growth Driver 5 Actions; and (ii) a $110 million tax expense associated \n with (a) the foregoing pre-tax item and (b) the pre-tax noncash goodwill and \n other intangible asset impairment charges that were recorded in the first \n quarter of 2025 and factored into the Company’s annualized effective tax \n rate. \n ((3)) GAAP operating margin is defined as GAAP earnings before interest and taxes \n divided by revenue. Operating margin on a non-GAAP basis is defined as \n earnings before interest and taxes on a non-GAAP basis divided by revenue. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260902215862/en/\n(https://www.businesswire.com/news/home/20260902215862/en/)\n\nInvestor Contact: \n\ninvestorrelations@pvh.com \n(mailto:investorrelations@pvh.com) \n\n\nMedia Contact: \n\ncommunications@pvh.com (mailto:communications@pvh.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw4K7K9Wa","title":"PVH Corp. Reports 2026 Second Quarter Results and Reaffirms Full Year Outlook","author":"Business Wire","ticker":"PVH","created":"2026-09-02T20:15:00.779Z","tickers":["PVH"],"exchange":"NYSE","article_body":"PVH Corp. Reports 2026 Second Quarter Results and Reaffirms Full Year Outlook\n\n\n * Delivered second quarter revenue of $2.1 billion, at the high end of guidance\non a reported basis and exceeding guidance in constant currency\n\n * Drove momentum in direct-to-consumer (DTC) with growth in both Americas and\nAPAC; EMEA performance improved on a constant currency basis compared to the\nfirst quarter\n\n * Grew second quarter e-commerce revenues 4% (3% in constant currency), led by\nAmericas and EMEA, with growth across Calvin Klein and Tommy Hilfiger\n\n * Delivered Calvin Klein and Tommy Hilfiger revenues in line with expectations,\nwith consistent year-over-year revenue performance, excluding the impacts of\nCalvin Klein wholesale shipment timing and the transition in-house of\npreviously-licensed ‘TOMMY HILFIGER’ product categories\n\n * Delivered second quarter non-GAAP operating margin above guidance, reflecting\nstronger gross margin and higher AUR values in Americas and APAC and continued\ncost discipline across the business\n\n * Drove DTC growth in multiple hero product categories across both Calvin Klein\nand Tommy Hilfiger, scaling the impact of stronger product, cut-through\ncampaigns and an improved consumer experience\n\n * Delivered major global campaigns including Jung Kook and soccer star Raphinha\nfor ‘Calvin Klein’ and high-profile partnerships with Liverpool Football\nClub and the Cadillac Formula 1® Team for ‘TOMMY HILFIGER’\n\n * Reaffirmed full year revenue, operating margin and EPS outlook on a non-GAAP\nbasis\n\nPVH Corp. [NYSE: PVH] today reported its 2026 second quarter results and\nreaffirmed its 2026 outlook.\n\nStefan Larsson, Chief Executive Officer, commented, “In the second quarter,\nwe delivered revenue in line with our guidance and profitability exceeding\nexpectations, reflecting our disciplined execution of the PVH+ Plan across our\ntwo iconic brands, Calvin Klein and TOMMY HILFIGER. We continued to build\nmomentum in DTC, with growth in both Americas and APAC and improved\nperformance in EMEA compared to last quarter. E-commerce grew across both\nbrands, including strong increases in online traffic. In both brands we are\nseeing early momentum for the new fall season in product and marketing, with a\nvery positive consumer response to our recently-launched campaigns featuring\nTate McRae for Calvin Klein and Travis Kelce for TOMMY HILFIGER.”\n\nLarsson continued, “Looking forward, we are reaffirming our top and bottom\nline outlook for the full year. We remain intensely focused on executing the\nPVH+ Plan, further strengthening product, consumer engagement and the\nmarketplace experience. At the same time, we are stepping up our cost actions,\nand we continue to invest behind strategic priorities and brands, with more\nexciting campaigns amplified by global mega talent coming later this fall. We\nare also very pleased to welcome Alexis Rollier as our new Chief Financial\nOfficer. Alexis joins us with deep financial and operational experience,\nincluding over 8 years as the global CFO and COO at Sephora, where he had a\nstrong track record of driving disciplined growth with significant profit\nexpansion. I look forward to partnering with him as we continue to build\nCalvin Klein and TOMMY HILFIGER into their full potential and drive long-term\nshareholder value.”\n\nMelissa Stone, Interim Chief Financial Officer, said, “For the second\nquarter, we delivered or exceeded our guidance across all key financial\nmetrics. Revenue across all three regions and licensing was in-line with our\nexpectations and we expanded gross margin year-over-year, excluding tariff\nrefunds. For the full year, we are reaffirming our outlook across revenue,\ngross margin, operating margin and EPS on a non-GAAP basis. As part of our\nongoing PVH+ Plan execution, we remain focused on cost discipline and continue\nto strengthen our data- and demand-driven operating model, driving efficiency\nand productivity, while continuing high-value, brand-accretive investments,\nincluding stepped-up year-over-year marketing in the third quarter, to support\nthe long-term growth of Calvin Klein and TOMMY HILFIGER.\"\n\nKey Highlights\n\n\n * Second quarter:\n\n\n* Revenue: Decreased 3% to $2.097 billion compared to the prior year period,\nin\nline with guidance of a 3% to 4% decrease. Decreased 3% on a constant currency\nbasis and exceeded guidance of a 4% to 5% decrease.\n\n * Operating margin:\n\n\n* GAAP basis: (9.1)%, includes a $439 million pre-tax noncash goodwill\nimpairment charge, which has been excluded from the Company’s results on a\nnon-GAAP basis. Results also include other items that are described under the\nheading “Non-GAAP Exclusions,” which have been excluded from the\nCompany’s results on a non-GAAP basis.\n\n * Non-GAAP basis: 11.1%, exceeded guidance of approximately 9.5%.\n\n * Operating margin on both a GAAP and a non-GAAP basis for the second quarter of\n2026 includes an approximately 510 basis point benefit related to the $107\nmillion of tariff refunds received as expected.\n\n\n\n\n * EPS:\n\n\n* GAAP basis: $(2.23), includes the pre-tax noncash goodwill impairment charge\ndiscussed above and other items that are described under the heading\n“Non-GAAP Exclusions,” which have been excluded from the Company’s\nresults on a non-GAAP basis.\n\n * Non-GAAP basis: $3.70 exceeded guidance of $3.00 to $3.10.\n\n * EPS on both a GAAP and a non-GAAP basis for the second quarter of 2026\nincludes an approximately $1.80 per share benefit related to tariff refunds.\n\n\n\n\n * Inventory: Decreased 3% to $1.738 billion compared to the prior year period.\n\n\n\n\n * Full year outlook:\n\n\n* Revenue: Reaffirms outlook of approximately flat (decrease slightly on a\nconstant currency basis).\n\n * Operating margin: Reaffirms outlook of approximately 8.8% on a non-GAAP basis.\n\n * EPS: Reaffirms outlook of a range of $11.80 to $12.10 on a non-GAAP basis.\n\n\n\n\nNon-GAAP Amounts:\n\nAmounts stated to be on a non-GAAP basis exclude the items that are defined or\ndescribed in greater detail near the end of this release under the heading\n“Non-GAAP Exclusions”. Amounts stated on a constant currency basis also\nare deemed to be on a non-GAAP basis. Reconciliations of amounts on a GAAP\nbasis to amounts on a non-GAAP basis are presented after the Non-GAAP\nExclusions section and identify and quantify all excluded items.\n\nSecond Quarter Review:\n\n\n * Revenue of $2.097 billion decreased 3% compared to $2.167 billion in the prior\nyear period (decreased 3% on a constant currency basis).\n\n\n\nRevenue performance for the Company's reportable segments compared to the\nprior year period was as follows:\n\n\n\n\n\n\n* EMEA revenue decreased 6% on both a reported and a constant currency basis\ncompared to the prior year period, including the continued soft consumer\ndemand due to the prolonged effects from the conflict in the Middle East and\nits broader macroeconomic impacts. The decrease in revenue was primarily\ndriven by a decline in the wholesale business. In the DTC business, growth in\ndigital commerce revenue was more than offset by a decrease in stores.\n\n * Americas revenue decreased 1% on both a reported and a constant currency basis\ncompared to the prior year period. A slight increase in revenue in the DTC\nbusiness compared to the prior year period was more than offset by a decline\nin the wholesale business. The decrease in wholesale revenue included (i) a\ndecrease due to a shift in the timing of wholesale shipments, primarily in the\nCalvin Klein business, to the second half of this year as compared to the\nprior year period partially offset by (ii) an increase associated with the\ntransition in-house of previously licensed TOMMY HILFIGER women’s product\ncategories.\n\n * APAC revenue increased 3% compared to the prior year period (increased 1% on a\nconstant currency basis). The increase in revenue on a constant currency basis\nreflected growth in the DTC business partially offset by a decrease in the\nwholesale business.\n\n * Licensing revenue decreased 13% compared to the prior year period due to the\nplanned license transitions in North America partially offset by growth in the\nongoing licensing business. The planned license transitions are expected to be\ncomplete by the end of 2026.\n\n\n\n\nRevenue performance for the Company's global brand businesses compared to the\nprior year period was as follows:\n\n\n * Tommy Hilfiger revenue was approximately flat on both a reported and a\nconstant currency basis compared to the prior year period, which reflects an\napproximately 3% increase attributable to the transition in-house of\npreviously licensed TOMMY HILFIGER women’s product categories in Americas.\n\n * Calvin Klein revenue decreased 7% on both a reported and a constant currency\nbasis compared to the prior year period, which reflects an approximately 4%\ndecrease attributable to the impact of wholesale shipment timing in Americas\nas discussed above.\n\nRevenue performance for the Company's directly operated channels compared to\nthe prior year period was as follows:\n\n\n * DTC revenue was approximately flat on both a reported and a constant currency\nbasis compared to the prior year period.\n\n\n* Owned and operated store revenue decreased 1% on both a reported and a\nconstant currency basis compared to the prior year period. Revenue growth in\nAPAC was more than offset by declines in EMEA and Americas.\n\n * Owned and operated digital commerce revenue increased 4% compared to the prior\nyear period (increased 3% on a constant currency basis). On a constant\ncurrency basis, revenue growth in Americas and EMEA was partially offset by a\nslight decline in APAC.\n\n\n\n\n * Wholesale revenue decreased 6% on both a reported and a constant currency\nbasis compared to the prior year period with revenue declines in all regions.\n\n\n * Gross margin was 63.0% compared to 57.7% in the prior year period. The 530\nbasis point increase includes the approximately 510 basis point benefit from\ntariff refunds. The remaining 20 basis point increase compared to the prior\nyear period reflects lower product costs, including a positive impact of\nforeign exchange, and favorable mix, partially offset by an increased\npromotional environment in EMEA, increased tariff costs net of mitigation\nactions, and the impact of the North America license transitions.\n\n * Inventory decreased 3% compared to the prior year period.\n\n * Earnings (loss) before interest and taxes (“EBIT”) on a GAAP basis was\n$(191) million compared to $133 million in the prior year period. Included in\nthe second quarter of 2026 was the pre-tax noncash goodwill impairment charge\nof $439 million, which was primarily due to changes in valuation assumptions\nassociated with geopolitical and macroeconomic factors. EBIT on a GAAP basis\nfor the second quarters of 2026 and 2025 include other amounts described under\nthe heading “Non-GAAP Exclusions” later in this release. EBIT on a\nnon-GAAP basis for these periods excludes these amounts.\n\n\n\nEBIT on a non-GAAP basis was $233 million compared to $178 million in the\nprior year period. The increase reflects the $107 million benefit from tariff\nrefunds, partially offset by the impact of a planned increase in marketing and\nother brand-building investments compared to the prior year period. The\nCompany continues to take a disciplined approach to managing expenses, driving\ncost efficiencies while making these targeted investments to drive its\nstrategic initiatives.\n\n\n\nThe impact of foreign currency translation to EBIT in the second quarter of\n2026 was immaterial.\n\n * Operating margin on a GAAP basis was (9.1)% compared to 6.1% in the prior year\nperiod. Operating margin on a non-GAAP basis was 11.1% compared to 8.2% in the\nprior year period.\n\n\n\nOperating margin on both a GAAP and a non-GAAP basis for the second quarter of\n2026 includes the approximately 510 basis point benefit related to tariff\nrefunds.\n\n * Earnings (loss) per share (“EPS”)\n\n\n * GAAP basis: $(2.23) compared to $4.63 in the prior year period.\n\n * Non-GAAP basis: $3.70 compared to $2.52 in the prior year period.\n\n * EPS on both a GAAP and a non-GAAP basis for the second quarter of 2026\nincludes the approximately $1.80 per share benefit related to tariff refunds.\n\nEPS on a GAAP basis for these periods also includes the amounts for the\napplicable period described under the heading “Non-GAAP Exclusions” later\nin this release. EPS on a non-GAAP basis for these periods excludes these\namounts.\n\n\n * Net interest expense decreased to $12 million from $22 million in the prior\nyear period primarily due to an increase in interest income partially due to\nhigher cash balances.\n\n * Effective tax rate was 49.2% on a GAAP basis compared to (101.6)% in the prior\nyear period. The effective tax rate was 22.2% on a non-GAAP basis compared to\n21.8% in the prior year period.\n\n\n\nThe effective tax rates on a GAAP basis included the impact of the $439\nmillion pre-tax noncash goodwill impairment charge recorded in the second\nquarter of 2026 and the $480 million pre-tax noncash goodwill and other\nintangible asset impairment charges recorded in the first quarter of 2025.\nThese impairments were non-deductible for tax purposes and factored into the\nCompany’s annualized effective tax rate for each year. The effective tax\nrates on a non-GAAP basis excluded these impacts.\n\nStock Repurchase Program:\n\nThe Company did not make any common stock repurchases under the stock\nrepurchase program during the first six months of 2026. The Company currently\nexpects to repurchase at least $300 million of shares of its common stock for\nthe full year 2026.\n\n2026 Outlook:\n\nThe Company is reaffirming its full year revenue, operating margin and EPS\noutlook on a non-GAAP basis.\n\nFull Year 2026 Guidance\n\n\n * Revenue: Reaffirming outlook of approximately flat on a reported basis\n(decrease slightly on a constant currency basis).\n\n * Operating margin: Reaffirming outlook of approximately 8.8% on a non-GAAP\nbasis, flat compared to 8.8% in the prior year. Operating margin on a GAAP\nbasis was 2.6% in the prior year.\n\n * EPS: Reaffirming outlook in a range of $11.80 to $12.10 on a non-GAAP basis\ncompared to $11.40 on a non-GAAP basis in the prior year. EPS on a GAAP basis\nwas $0.52 in the prior year.\n\n\n\nThe full year 2026 EPS projection includes an estimated positive impact of\napproximately $0.40 per share related to foreign currency translation, which\nis the same as prior guidance.\n\n\n\nEPS on a GAAP basis for the prior year period included the amounts described\nunder the heading “Non-GAAP Exclusions” later in this release. EPS on a\nnon-GAAP basis for the prior year period excluded these amounts.\n\n * Net interest expense is projected to be approximately $70 million compared to\n$79 million in the prior year period. Previous guidance was approximately $75\nmillion.\n\n * Effective tax rate is projected to be in a range of 22% to 23% on a non-GAAP\nbasis compared to 22.2% on a non-GAAP basis in the prior year period.\nEffective tax rate on a GAAP basis was 83.3% in the prior year period.\n\nThird Quarter 2026 Guidance\n\n\n * Revenue: Projected to decrease low single-digits compared to the prior year\nperiod (decrease low single-digits on a constant currency basis).\n\n * Operating margin: Projected to be approximately 7.5% on a non-GAAP basis,\ncompared to 8.8% on a non-GAAP basis in the prior year period. Operating\nmargin on a GAAP basis was 7.9% in the prior year period.\n\n * EPS: Projected to be in a range of $2.50 to $2.65 on a non-GAAP basis compared\nto $2.83 on a non-GAAP basis in the prior year period. EPS on a GAAP basis was\n$0.09 in the prior year period.\n\n\n\nThe third quarter 2026 EPS projection includes an estimated positive impact of\napproximately $0.05 per share related to foreign currency translation.\n\n\n\nEPS on a GAAP basis includes the applicable amounts described under\n“Non-GAAP Exclusions” later in this release, which are excluded from\nnon-GAAP EPS.\n\n * Net interest expense is projected to decrease to approximately $18 million\ncompared to $21 million in the prior year period.\n\n * Effective tax rate is projected to be approximately 22.0% on a non-GAAP basis\ncompared to 25.5% on a non-GAAP basis in the prior year period. Effective tax\nrate on a GAAP basis was 97.4% in the prior year period.\n\nThe Company is unable to project full year and third quarter 2026 operating\nmargin, EPS, and effective tax rate on a GAAP basis without unreasonable\nefforts as it cannot predict or estimate with reasonable certainty whether or\nwhen certain items affecting a reconciliation will occur or the amounts of\nsuch items. As such, the Company is unable to provide a full reconciliation of\nits full year and third quarter 2026 operating margin, EPS, and effective tax\nrate guidance on a non-GAAP basis to the corresponding measures on a GAAP\nbasis.\n\nPlease see the section entitled “Full Year and Quarterly Reconciliations of\nGAAP to Non-GAAP Amounts” at the end of this release for further detail and\nreconciliations of GAAP to non-GAAP amounts discussed in this section.\n\nNon-GAAP Exclusions:\n\nThe discussions in this release that refer to non-GAAP amounts exclude the\nfollowing:\n\n\n * Pre-tax noncash goodwill impairment charge of $439 million recorded in the\nsecond quarter of 2026, which was primarily due to changes in valuation\nassumptions associated with geopolitical and macroeconomic factors.\n\n * Pre-tax net restructuring gain totaling $9 million recorded in 2026 in\nconnection with the Company’s multiyear initiative announced in 2024 to\nsimplify its operating model by centralizing processes and improving systems\nand automation to drive more efficient, cost-effective ways of working across\nthe organization (the “Growth Driver 5 Actions”), consisting principally\nof (i) the $25 million gain on the sale of a warehouse and distribution center\nin the second quarter and (ii) $17 million of restructuring costs, consisting\nprincipally of severance, of which $7 million was recorded in the first\nquarter of 2026 and $10 million was recorded in the second quarter.\n\n * Pre-tax restructuring costs totaling $93 million incurred in 2025 consisting\nprincipally of severance in connection with the Growth Driver 5 Actions, of\nwhich $13 million was incurred in the first quarter, $45 million was incurred\nin the second quarter, $22 million was incurred in the third quarter, and $13\nmillion was incurred in the fourth quarter.\n\n * Pre-tax gain of $13 million recorded in the fourth quarter of 2025 related to\nthe recognized actuarial gain on retirement plans.\n\n * Pre-tax noncash goodwill and other intangible asset impairment charges of $480\nmillion recorded in the first quarter of 2025, which were primarily due to a\nsignificant increase in discount rates.\n\n * Estimated tax effects associated with the above pre-tax items, which are based\non the Company’s assessment of deductibility. In making this assessment, the\nCompany evaluated each item that it had identified above as a non-GAAP\nexclusion to determine if such item was (i) taxable or tax deductible, in\nwhich case the tax effect was taken at the applicable income tax rate in the\nlocal jurisdiction, or (ii) non-taxable or non-deductible, in which case the\nCompany assumed no tax effect.\n\nThe Company presents constant currency revenue information, which is a\nnon-GAAP financial measure, because it is a global company that transacts\nbusiness in multiple currencies and reports financial information in U.S.\ndollars. Foreign currency exchange rate fluctuations affect the amounts\nreported by the Company in U.S. dollars with respect to its foreign revenues\nand can have a significant impact on the Company’s reported revenues. The\nCompany calculates constant currency revenue information by translating its\nforeign revenues for the relevant period into U.S. dollars at the average\nexchange rates in effect during the comparable prior year period (rather than\nat the actual exchange rates in effect during the relevant period).\n\nThe Company presents non-GAAP financial measures, including constant currency\nrevenue information, as a supplement to its GAAP results. The Company believes\npresenting non-GAAP financial measures provides useful information to\ninvestors, as it provides information to assess how its businesses performed\nexcluding the effects of non-recurring and non-operational amounts and the\neffects of changes in foreign currency exchange rates, as applicable, and (i)\nfacilitates comparing the results being reported against past and future\nresults by eliminating amounts that it believes are not comparable between\nperiods and (ii) assists investors in evaluating the effectiveness of the\nCompany’s operations and underlying business trends in a manner that is\nconsistent with management’s evaluation of business performance. The Company\nbelieves that investors often look at ongoing operations of an enterprise as a\nmeasure of assessing performance. The Company uses its results excluding these\namounts to evaluate its operating performance and to discuss its business with\ninvestment institutions, the Company’s Board of Directors and others. The\nCompany’s results excluding non-recurring and non-operational amounts are\nalso the basis for certain incentive compensation calculations. Non-GAAP\nfinancial measures should be viewed in addition to, and not in lieu of or as\nsuperior to, the Company’s operating performance calculated in accordance\nwith GAAP. The non-GAAP financial measures presented may not be comparable to\nsimilarly described measures reported by other companies.\n\nPlease see tables 1 through 7 and the sections entitled “Reconciliations of\nConstant Currency Revenue” and “Full Year and Quarterly Reconciliations of\nGAAP to Non-GAAP Amounts” later in this release for reconciliations of GAAP\nto non-GAAP amounts.\n\nConference Call Information:\n\nThe Company will host a conference call to discuss its second quarter earnings\nrelease on Thursday, September 3, 2026 at 9:00 a.m. Eastern Time. Please log\non to the Company’s website at www.PVH.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.PVH.com&esheet=54598021&newsitemid=20260902215862&lan=en-US&anchor=www.PVH.com&index=1&md5=dcdabae35ca7b636ed633fdea52e07d2)\nand go to the Events page in the Investors section to listen to the live\nwebcast of the conference call. The webcast will be available for replay for\none year after it is held. Please log on to www.PVH.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.PVH.com&esheet=54598021&newsitemid=20260902215862&lan=en-US&anchor=www.PVH.com&index=2&md5=0ab2cfb75d379b1827bbae75ae437393)\nas described above to listen to the replay. The conference call and webcast\nconsist of copyrighted material. They may not be re-recorded, reproduced,\nre-transmitted, rebroadcast or otherwise used without the Company’s express\nwritten permission. Your participation represents your consent to these terms\nand conditions, which are governed by New York law.\n\nSAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF\n1995: Forward-looking statements in this press release and made during the\nconference call/webcast, including, without limitation, statements relating to\nthe Company’s future revenue, earnings, plans, strategies, objectives,\nexpectations and intentions are made pursuant to the safe harbor provisions of\nthe Private Securities Litigation Reform Act of 1995. Investors are cautioned\nthat such forward-looking statements are inherently subject to risks and\nuncertainties, many of which cannot be predicted with accuracy, and some of\nwhich might not be anticipated, including, without limitation, (i) the\nCompany’s plans, strategies, objectives, expectations and intentions are\nsubject to change at any time at the discretion of the Company; (ii) the\nCompany’s ability to realize anticipated benefits and savings from\ndivestitures, restructurings and similar plans, such as the actions taken in\nrecent years to focus on its Calvin Klein and Tommy Hilfiger businesses and\nits current multiyear initiative to simplify its operating model and achieve\ncost savings; (iii) the ability to realize the intended benefits from\nincreasing the Company’s direct management and oversight of its Calvin Klein\nand TOMMY HILFIGER brands (such as the in-process plan to directly operate a\nsignificant portion of the businesses for the product categories that are or\nhad been licensed to G-III Apparel Group, Ltd., with the remainder to be\nre-licensed to other third parties, upon the expirations of the underlying\nlicense agreements) and avoid any disruptions in the businesses; (iv) the\nCompany has significant levels of outstanding debt, as well as significant\nadditional borrowing capacity, and uses a significant portion of its cash\nflows to service its indebtedness, as a result of which the Company might not\nhave sufficient funds to operate its businesses in the manner it intends or\nhas operated in the past; (v) the levels of sales of the Company’s apparel,\nfootwear and related products, both to its wholesale customers and in its\ndirect-to-consumer retail store and digital commerce operations, the levels of\nsales of the Company’s licensees at wholesale and retail, and the extent of\ndiscounts and promotional pricing in which the Company and its licensees and\nother business partners are required to engage, all of which can be affected\nby weather conditions, changes in the economy (including inflationary\npressures like those currently being experienced globally), fuel prices,\nreductions in travel, fashion trends, consolidations, repositionings and\nbankruptcies in the retail industries, consumer sentiment and other factors;\n(vi) the Company’s ability to manage its growth and inventory; (vii)\nrestrictions, including quotas and the imposition of new or increased duties\nor tariffs on goods from the countries where the Company or its licensees\nproduce goods under its trademarks, which, among other things, could limit the\nability to produce products in cost-effective countries, or in countries that\nhave the labor and technical expertise needed, or require the Company to\nabsorb costs or try to pass costs onto consumers, which could materially\nimpact the Company’s revenue and profitability, and uncertainties regarding\ntrade regulation, including as a result of the U.S. Supreme Court’s ruling\nthat many of the tariffs imposed by the U.S. federal government were\nunconstitutional, which led to the issuance of an executive order imposing\ntariffs at different rates pursuant to Section 122 of the Trade Act of 1974\n(which have expired and are being challenged in court) and launching\ninvestigations under Section 301 of the Trade Act, which have led to the\nimposition of new tariffs and could lead to the imposition of further tariffs;\n(viii) the availability and cost of raw materials; (ix) the Company’s\nability to adjust timely to changes in trade regulations and the migration and\ndevelopment of manufacturers (which can affect where the Company’s products\ncan best be produced); (x) the regulation or prohibition of the transaction of\nbusiness with specific individuals or entities and their affiliates or goods\nmanufactured in (or containing raw materials or components from) certain\nregions, such as the listing of a person or entity as a Specially Designated\nNational or Blocked Person by the U.S. Department of the Treasury’s Office\nof Foreign Assets Control and the issuance of Withhold Release Orders by the\nU.S. Customs and Border Protection; (xi) changes in available factory and\nshipping capacity, wage and shipping cost escalation, and store closures in\nany of the countries where the Company’s or its licensees’ or wholesale\ncustomers’ or other business partners’ stores are located or products are\nsold or produced or are planned to be sold or produced, as a result of civil\nconflict, war or terrorist acts, the threat of any of the foregoing, or\npolitical or labor instability, such as the current war in Ukraine that led to\nthe Company’s exit from its retail business in Russia and the cessation of\nits wholesale operations in Russia and Belarus, and the temporary cessation of\nbusiness by many of its business partners in Ukraine, and the current conflict\nin the Middle East that has resulted in the closure of some of the Company’s\nlicensees’, wholesale customers’ and other business partners’ stores, as\nwell as depressed consumer sentiment, increased fuel and oil costs and\nimpacted inventory availability; (xii) disease epidemics and health-related\nconcerns, such as the COVID-19 pandemic, which could result in (and, in the\ncase of the COVID-19 pandemic, did result in some of the following)\nsupply-chain disruptions due to closed factories, reduced workforces and\nproduction capacity, shipping delays, container and trucker shortages, port\ncongestion and other logistics problems, closed stores, and reduced consumer\ntraffic and purchasing, or governments implement mandatory business closures,\ntravel restrictions or the like, and market or other changes that could result\nin shortages of inventory available to be delivered to the Company’s stores\nand customers, order cancellations and lost sales, as well as in noncash\nimpairments of the Company’s goodwill and other intangible assets, operating\nlease right-of-use assets, and property, plant and equipment; (xiii) actions\ntaken towards sustainability and social and environmental responsibility as\npart of the Company’s sustainability and social and environmental strategy\nmay not be achieved or may be perceived to be falsely claimed, which could\ndiminish consumer trust in the Company’s brands and the Company’s\nbrands’ values, as well as the potential for adverse consumer response to\nany sustainability, social or environmental actions taken by the Company;\n(xiv) the failure of the Company’s licensees to market successfully licensed\nproducts or to preserve the value of the Company’s brands, or their misuse\nof the Company’s brands; (xv) significant fluctuations of the U.S. dollar\nagainst foreign currencies in which the Company transacts significant levels\nof business; (xvi) the Company’s retirement plan expenses recorded\nthroughout the year are calculated using actuarial valuations that incorporate\nassumptions and estimates about financial market, economic and demographic\nconditions, and differences between estimated and actual results give rise to\ngains and losses, which can be significant, that are recorded immediately in\nearnings, generally in the fourth quarter of the year; (xvii) the impact of\nnew and revised tax legislation and regulations; (xviii) the impacts of the\ndecision by China’s Ministry of Commerce to place the Company on the List of\nUnreliable Entities, including the impact of any fines imposed, or\nrestrictions or prohibitions on the Company that have the effect of limiting\nor prohibiting its ability to do business in China; and (xix) other risks and\nuncertainties indicated from time to time in the Company’s filings with the\nSecurities and Exchange Commission (“SEC”).\n\nThis press release includes, and the conference call/webcast will include,\ncertain non-GAAP financial measures, as defined under SEC rules.\nReconciliations of these measures are included in the financial information\nfollowing this Safe Harbor Statement, as well as in the Company’s Current\nReport on Form 8-K furnished to the SEC in connection with this earnings\nrelease, which is available on the Company’s website at www.PVH.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.PVH.com&esheet=54598021&newsitemid=20260902215862&lan=en-US&anchor=www.PVH.com&index=3&md5=3f9fd3228f8a477d4ede5fd40fb760e7)\nand on the SEC’s website at www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54598021&newsitemid=20260902215862&lan=en-US&anchor=www.sec.gov&index=4&md5=e83580703f6f348e0963baf2ede22cf3)\n.\n\nThe Company does not undertake any obligation to update publicly any\nforward-looking statement, including, without limitation, any estimate\nregarding revenue or earnings, whether as a result of the receipt of new\ninformation, future events or otherwise.\n   \n\n PVH CORP. \n \n \n \nConsolidated GAAP Statements of Operations \n \n \n \n(In millions, except per share data) \n   \n                           \n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Revenue   $ 2,097.0     $ 2,167.2         $ 4,122.1     $ 4,150.8       \n                           \n Gross profit     1,321.8       1,250.8           2,508.0       2,412.5       \n                           \n Selling, general and administrative expenses     1,112.5       1,128.9           2,186.9       2,152.8       \n                           \n Goodwill and other intangible asset impairments     439.0       —           439.0       479.5       \n                           \n Non-service related pension and postretirement (cost)     (0.6 )     (0.9 )         (1.4 )     (1.9 )     \n                           \n Other gain     25.4       —           25.4       —       \n                           \n Equity in net income of unconsolidated affiliates     14.0       12.2           27.3       22.7       \n                           \n (Loss) earnings before interest and taxes     (190.9 )     133.2           (66.6 )     (199.0 )     \n                           \n Interest expense, net     11.7       22.0           27.5       39.4       \n                           \n Pre-tax (loss) income     (202.6 )     111.2           (94.1 )     (238.4 )     \n                           \n Income tax (benefit)     (99.7 )     (113.0 )         (79.2 )     (417.8 )     \n                           \n Net (loss) income   $ (102.9 )   $ 224.2         $ (14.9 )   $ 179.4       \n                           \n Diluted net (loss) income per common share ((1))   $ (2.23 )   $ 4.63         $ (0.32 )   $ 3.59       \n                           \n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Depreciation and amortization expense   $ 57.3     $ 68.7         $ 119.9     $ 136.4       \n                         \n\n\nPlease see following pages for information related to non-GAAP measures\ndiscussed in this release.\n ((1)) Please see Note A in Notes to Consolidated GAAP Statements of Operations for \n the reconciliations of GAAP diluted net (loss) income per common share to \n diluted net income per common share on a non-GAAP basis. \n   \n\n\nPVH CORP.\n\nNon-GAAP Measures\n\n(In millions, except per share data)\n\nThe Company believes it is useful to investors to present its results for the\nperiods ended August 2, 2026 and August 3, 2025 on a non-GAAP basis by\nexcluding (i) the restructuring costs incurred in the first and second\nquarters of 2026 and 2025, related to the Company's multiyear initiative to\nsimplify its operating model by centralizing processes and improving systems\nand automation to drive more efficient, cost-effective ways of working across\nthe organization (the \"Growth Driver 5 Actions\"), consisting principally of\nseverance (recorded in selling, general and administrative expenses) and a\ngain on the sale of a warehouse and distribution center (recorded in other\ngain) in the second quarter of 2026; (ii) the pre-tax noncash goodwill\nimpairment charge recorded in the second quarter of 2026, primarily due to\nchanges in valuation assumptions associated with geopolitical and\nmacroeconomic factors, and the pre-tax noncash goodwill and other intangible\nasset impairment charges recorded in the first quarter of 2025, which were\nprimarily due to a significant increase in discount rates; and (iii) the tax\neffects associated with the foregoing pre-tax items. The Company excludes\nthese amounts because it deems them to be non-recurring or non-operational and\nbelieves that their exclusion (i) facilitates comparing the results being\nreported against past and future results by eliminating amounts that it\nbelieves are not comparable between periods, thereby permitting management to\nevaluate performance and investors to make decisions based on the ongoing\noperations of the Company, and (ii) assists investors in evaluating the\neffectiveness of the Company’s operations and underlying business trends in\na manner that is consistent with management’s evaluation of business\nperformance. The Company believes that investors often look at ongoing\noperations of an enterprise as a measure of assessing performance. The Company\nuses its results excluding these amounts to evaluate its operating performance\nand to discuss its business with investment institutions, the Company’s\nBoard of Directors and others. The Company’s results excluding the items\ndescribed above are also the basis for certain incentive compensation\ncalculations. The non-GAAP measures should be viewed in addition to, and not\nin lieu of or superior to, the Company’s operating performance measures\ncalculated in accordance with GAAP. The information presented on a non-GAAP\nbasis may not be comparable to similarly titled measures reported by other\ncompanies.\n\nThe following table presents the non-GAAP measures that are discussed in this\nrelease. Please see Tables 1 through 7 for the reconciliations of the GAAP\namounts to amounts on a non-GAAP basis.\n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Non-GAAP Measures                         \n Selling, general and administrative expenses ((1))   $ 1,102.6   $ 1,083.9       $ 2,170.1   $ 2,094.6     \n Goodwill and other intangible asset impairments ((2))     —             —     —     \n Other gain ((3))     —             —         \n Earnings before interest and taxes ((4))     232.6     178.2         363.8     338.7     \n Income tax expense ((5))     49.0     34.0         71.0     58.5     \n Net income ((6))     171.9     122.2         265.3     240.8     \n Diluted net income per common share ((7))   $ 3.70   $ 2.52       $ 5.71   $ 4.82     \n Depreciation and amortization expense ((8))   $ 56.1   $ 66.4       $ 117.5   $ 134.1     \n                     \n\n ((1)) Please see Table 3 for the reconciliations of GAAP selling, general and \n administrative (“SG&A”) expenses to SG&A expenses on a non-GAAP \n basis. \n ((2)) Please see Table 4 for the reconciliations of GAAP goodwill and other \n intangible asset impairments to goodwill and other intangible asset \n impairments on a non-GAAP basis. \n ((3)) Please see Table 5 for the reconciliations of GAAP other gain to other gain on \n a non-GAAP basis. \n ((4)) Please see Table 2 for the reconciliations of GAAP (loss) earnings before \n interest and taxes to earnings before interest and taxes on a non-GAAP basis. \n GAAP operating margin is defined as GAAP (loss) earnings before interest and \n taxes divided by revenue. Operating margin on a non-GAAP basis is defined as \n earnings before interest and taxes on a non-GAAP basis divided by revenue. \n ((5)) Please see Table 6 for the reconciliations of GAAP income tax (benefit) to \n income tax expense on a non-GAAP basis and an explanation of the calculation \n of the tax effects associated with the pre-tax items identified as non-GAAP \n exclusions. \n ((6)) Please see Table 1 for the reconciliations of GAAP net (loss) income to net \n income on a non-GAAP basis. \n ((7)) Please see Note A in Notes to Consolidated GAAP Statements of Operations for \n the reconciliations of GAAP diluted net (loss) income per common share to \n diluted net income per common share on a non-GAAP basis. \n ((8)) Please see Table 7 for the reconciliation of GAAP depreciation and \n amortization expense to depreciation and amortization expense on a non-GAAP \n basis. \n\n   \n PVH CORP. \n \n \n \nReconciliations of GAAP to Non-GAAP Amounts \n \n \n \n(In millions, except per share data) \n   \n Table 1 - Reconciliations of GAAP net (loss) income to net income on a                 \n non-GAAP basis \n                           \n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Net (loss) income   $ (102.9 )   $ 224.2         $ (14.9 )   $ 179.4       \n                           \n Diluted net (loss) income per common share ((1))   $ (2.23 )   $ 4.63         $ (0.32 )   $ 3.59       \n                           \n Pre-tax items excluded:                         \n                           \n SG&A expenses associated with the Growth Driver 5 Actions     9.9       45.0           16.8       58.2       \n                           \n Goodwill and other intangible asset impairments     439.0               439.0       479.5       \n                           \n Gain in connection with the Growth Driver 5 Actions (recorded in other gain)     (25.4 )             (25.4 )         \n                           \n Tax effect of the pre-tax items above ((2))     (148.7 )     (147.0 )         (150.2 )     (476.3 )     \n                           \n                           \n Net income on a non-GAAP basis   $ 171.9     $ 122.2         $ 265.3     $ 240.8       \n                           \n Diluted net income per common share on a non-GAAP basis ((1))   $ 3.70     $ 2.52         $ 5.71     $ 4.82       \n                           \n\n ((1)) Please see Note A in Notes to the Consolidated GAAP Statements of Operations \n for the reconciliations of GAAP diluted net (loss) income per common share to \n diluted net income per common share on a non-GAAP basis. \n ((2)) Please see Table 6 for an explanation of the calculation of the tax effects of \n the above pre-tax items. \n\n Table 2 - Reconciliations of GAAP (loss) earnings before interest and taxes to earnings before interest and taxes on a non-GAAP basis     \n                           \n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n (Loss) earnings before interest and taxes   $ (190.9 )   $ 133.2       $ (66.6 )   $ (199.0 )     \n                           \n Items excluded:                         \n                           \n SG&A expenses associated with the Growth Driver 5 Actions     9.9       45.0         16.8       58.2       \n                           \n Goodwill and other intangible asset impairments     439.0               439.0       479.5       \n                           \n Gain in connection with the Growth Driver 5 Actions (recorded in other gain)     (25.4 )             (25.4 )         \n                           \n Earnings before interest and taxes on a non-GAAP basis   $ 232.6     $ 178.2       $ 363.8     $ 338.7       \n                           \n\n Table 3 - Reconciliations of GAAP SG&A expenses to SG&A expenses on a   \n non-GAAP basis \n                           \n     Quarter Ended       Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n SG&A expenses   $ 1,112.5     $ 1,128.9         $ 2,186.9     $ 2,152.8       \n                           \n Item excluded:                         \n                           \n Expenses associated with the Growth Driver 5 Actions     (9.9 )     (45.0 )         (16.8 )     (58.2 )     \n                           \n SG&A expenses on a non-GAAP basis   $ 1,102.6     $ 1,083.9         $ 2,170.1     $ 2,094.6       \n                           \n\n   \n PVH CORP. \n \n \n \nReconciliations of GAAP to Non-GAAP Amounts (continued) \n \n \n \n(In millions, except per share data) \n   \n Table 4 - Reconciliations of GAAP goodwill and other intangible asset       \n impairments to goodwill and other intangible asset impairments on a non-GAAP \n basis \n                       \n     Quarter Ended       Six Months Ended     \n     8/2/26       8/2/26   8/3/25     \n                       \n Goodwill and other intangible asset impairments   $ 439.0         $ 439.0     $ 479.5       \n                       \n Item excluded:                     \n                       \n Goodwill and other intangible asset impairments     (439.0 )         (439.0 )     (479.5 )     \n                       \n Goodwill and other intangible asset impairments on a non-GAAP basis   $ —         $ —     $ —       \n                       \n\n Table 5 - Reconciliations of GAAP other gain to other gain on a non-GAAP basis     \n                   \n     Quarter Ended       Six Months Ended     \n     8/2/26       8/2/26     \n                   \n Other gain   $ 25.4         $ 25.4       \n                   \n Item excluded:                 \n                   \n Gain in connection with the Growth Driver 5 Actions     (25.4 )         (25.4 )     \n                   \n Other gain on a non-GAAP basis   $ —         $ —       \n                   \n\n Table 6 - Reconciliations of GAAP income tax (benefit) to income tax expense   \n on a non-GAAP basis \n                           \n     Quarter Ended       Six Months Ended   \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Income tax (benefit)   $ (99.7 )   $ (113.0 )       $ (79.2 )   $ (417.8 )     \n                           \n Item excluded:                         \n                           \n Tax effect of pre-tax items identified as non-GAAP exclusions ((1))     148.7       147.0           150.2       476.3       \n                           \n Income tax expense on a non-GAAP basis   $ 49.0     $ 34.0         $ 71.0     $ 58.5       \n   \n\n ((1)) The estimated tax effects associated with the Company’s exclusions on a \n non-GAAP basis are based on the Company’s assessment of deductibility. In \n making this assessment, the Company evaluates each pre-tax item that it has \n identified as a non-GAAP exclusion to determine if such item is (i) taxable or \n tax deductible, in which case the tax effect is taken at the applicable income \n tax rate in the local jurisdiction, or (ii) non-taxable or non-deductible, in \n which case the Company assumes no tax effect. The income tax (benefit) for the \n quarter and six months ended August 2, 2026 included the impact of the $439 \n million pre-tax noncash goodwill impairment charge that was recorded in the \n second quarter of 2026. The income tax (benefit) for the quarter and six \n months ended August 3, 2025 included the impact of the $480 million pre-tax \n noncash goodwill and other intangible asset impairment charges that were \n recorded in the first quarter of 2025. These impairments were non-deductible \n for tax purposes and factored into the Company’s annualized effective tax \n rate in each year. The income tax expense on a non-GAAP basis in each year \n excluded these impacts as well as the tax effect of the other pre-tax items \n identified as non-GAAP exclusions. \n\n PVH CORP. \n \nReconciliations of GAAP to Non-GAAP Amounts (continued) \n \n \n \n(In millions, except per share data) \n   \n Table 7 - Reconciliations of GAAP depreciation and amortization expense to     \n depreciation and amortization expense on a non-GAAP basis \n                           \n     Quarter Ended     Six Months Ended     \n     8/2/26   8/3/25       8/2/26   8/3/25     \n                           \n Depreciation and amortization expense   $ 57.3     $ 68.7         $ 119.9     $ 136.4       \n                           \n Item excluded:                         \n                           \n Accelerated depreciation associated with the Growth Driver 5 Actions     (1.2 )     (2.3 )         (2.4 )     (2.3 )     \n                           \n Depreciation and amortization expense on a non-GAAP basis   $ 56.1     $ 66.4         $ 117.5     $ 134.1       \n                           \n\n   \n PVH CORP. \n \n \n \nNotes to Consolidated GAAP Statements of Operations \n \n \n \n(In millions, except per share data) \n \n \n \n  \n \n \n \nA. The Company computed its diluted net (loss) income per common share as \n follows: \n   \n     Quarter Ended       Quarter Ended \n     8/2/26       8/3/25 \n     GAAP   Adjustments ((1))   Non-GAAP       GAAP   Adjustments ((2))   Non-GAAP   \n \nResults \nResults \nResults \nResults \n                                 \n Net (loss) income   $ (102.9 )   $ 274.8   $ 171.9       $ 224.2   $ (102.0 )   $ 122.2   \n                                 \n Weighted average common shares     46.1           46.1         48.1         48.1   \n Weighted average dilutive securities     —       0.4     0.4         0.4         0.4   \n Total shares     46.1           46.5         48.5         48.5   \n                                 \n Diluted net (loss) income per common share   $ (2.23 )       $ 3.70       $ 4.63       $ 2.52   \n                                 \n\n     Six Months Ended       Six Months Ended \n     8/2/26       8/3/25 \n     GAAP   Adjustments ((1))   Non-GAAP       GAAP   Adjustments ((2))   Non-GAAP   \n \nResults \nResults \nResults \nResults \n                                 \n Net (loss) income   $ (14.9 )   $ 280.2   $ 265.3       $ 179.4   $ 61.4   $ 240.8   \n                                 \n Weighted average common shares     46.0           46.0         49.6         49.6   \n Weighted average dilutive securities     —       0.4     0.4         0.4         0.4   \n Total shares     46.0           46.4         50.0         50.0   \n                                 \n Diluted net (loss) income per common share   $ (0.32 )       $ 5.71       $ 3.59       $ 4.82   \n                                 \n\n ((1)) Represents the impact on net (loss) income in the applicable periods ended \n August 2, 2026 from the elimination of (i) the net gain related to the Growth \n Driver 5 Actions, (ii) the pre-tax noncash goodwill impairment charge, \n primarily due to changes in valuation assumptions associated with geopolitical \n and macroeconomic factors; and (iii) the tax effect associated with the \n foregoing pre-tax items. Please see Table 1 for the reconciliations of GAAP \n net (loss) income to net income on a non-GAAP basis. Adjustments to weighted \n average dilutive securities for the quarter and six months ended August 2, \n 2026 represent the dilutive impact of securities included in the non-GAAP \n diluted net income per share calculations. The GAAP diluted net loss per share \n calculation for the quarter and six months ended August 2, 2026 excluded these \n potentially dilutive securities because there was a GAAP net loss for the \n period, and, as such, the inclusion of these securities would have been \n anti-dilutive. \n ((2)) Represents the impact on net income in the applicable periods ended August 3, \n 2025 from the elimination of (i) the restructuring costs related to the Growth \n Driver 5 Actions; (ii) the pre-tax noncash goodwill and other intangible asset \n impairment charges, which were primarily due to a significant increase in \n discount rates; and (iii) the tax effects associated with the foregoing \n pre-tax items. Please see Table 1 for the reconciliations of GAAP net income \n to net income on a non-GAAP basis. \n   \n\n PVH CORP. \n \n \n \nConsolidated Balance Sheets \n \n \n \n(In millions) \n   \n   8/2/26   8/3/25   \n ASSETS         \n Current Assets:         \n Cash and Cash Equivalents $ 965.9   $ 248.8   \n Receivables   941.6     919.2   \n Inventories   1,738.2     1,791.0   \n Other Assets   337.0     323.6   \n Assets Held For Sale   —     16.7 ((1)) \n Total Current Assets   3,982.7     3,299.3   \n Property, Plant and Equipment   620.2     695.1   \n Operating Lease Right-of-Use Assets   1,784.4     1,888.0   \n Goodwill and Other Intangible Assets   4,615.3     5,056.1   \n Other Assets   414.1     689.1   \n TOTAL ASSETS $ 11,416.7   $ 11,627.6   \n           \n LIABILITIES AND STOCKHOLDERS’ EQUITY   \n Accounts Payable and Accrued Expenses $ 2,055.2   $ 2,067.9   \n Current Portion of Operating Lease Liabilities   349.3     329.6   \n Short-Term Borrowings   —     —   \n Current Portion of Long-Term Debt   11.5     12.8   \n Other Liabilities   406.8     407.1   \n Long-Term Portion of Operating Lease Liabilities   1,565.4     1,687.6   \n Long-Term Debt   2,236.5     2,256.0   \n Stockholders’ Equity   4,792.0     4,866.6   \n TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 11,416.7   $ 11,627.6   \n\n Note: Year over year balances are impacted by changes in foreign currency exchange rates. \n   \n ((1)) Assets held for sale included a building and other assets related to a \n Company-owned warehouse and distribution center. The Company completed the \n sale of the building and related assets during the second quarter of 2026. \n   \n\n PVH CORP.                 \n Segment Data                 \n (In millions)                 \n                   \n REVENUE BY SEGMENT                 \n     Quarter Ended   Six Months Ended \n     8/2/26   8/3/25   8/2/26   8/3/25 \n Europe, the Middle East and Africa (“EMEA”)   $ 986.3   $ 1,048.5   $ 1,932.4   $ 1,976.2 \n                   \n Americas     680.1     684.0     1,283.0     1,292.4 \n                   \n Asia-Pacific (“APAC”)     343.7     335.2     730.7     686.9 \n                   \n Licensing     86.9     99.5     176.0     195.3 \n                   \n Total Revenue   $ 2,097.0   $ 2,167.2   $ 4,122.1   $ 4,150.8 \n                   \n\n REVENUE BY BRAND                 \n     Quarter Ended   Six Months Ended \n     8/2/26   8/3/25   8/2/26   8/3/25 \n Tommy Hilfiger   $ 1,131.8   $ 1,135.9   $ 2,209.1   $ 2,184.0 \n                   \n Calvin Klein     913.3     980.0     1,808.5     1,866.1 \n                   \n Heritage Brands     51.9     51.3     104.5     100.7 \n                   \n Total Revenue   $ 2,097.0   $ 2,167.2   $ 4,122.1   $ 4,150.8 \n                   \n\n EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT \n     Quarter Ended   Quarter Ended \n \n \n \n \n8/2/26 \n8/3/25 \n     Results under GAAP   Adjustments ((1))   Non-GAAP Results   Results under GAAP   Adjustments ((2))   Non-GAAP Results \n EMEA   $ 159.0         $ 159.0     $ 178.5         $ 178.5   \n                           \n Americas ((3))     195.0           195.0       73.5           73.5   \n                           \n APAC     47.6           47.6       51.3           51.3   \n                           \n Licensing     73.6           73.6       84.8           84.8   \n                           \n Corporate and other ((4))     (242.6 )         (242.6 )     (209.9 )         (209.9 ) \n                           \n Restructuring and other items     (423.5 )   $ 423.5     —       (45.0 )   $ 45.0     —   \n                           \n (Loss) earnings before interest and taxes ((3))   $ (190.9 )   $ 423.5   $ 232.6     $ 133.2     $ 45.0   $ 178.2   \n\n ((1)) Restructuring and other items for the quarter ended August 2, 2026 consists of \n (i) the net gain related to the Growth Driver 5 Actions; and (ii) the pre-tax \n noncash goodwill impairment charge. Restructuring and other items on a \n non-GAAP basis excludes these amounts. \n ((2)) Restructuring and other items for the quarter ended August 3, 2025 consists of \n the restructuring costs related to the Growth Driver 5 Actions. Restructuring \n and other items on a non-GAAP basis excludes this amount. \n ((3)) Earnings before interest and taxes included a benefit of $106.7 million \n related to tariff refunds received during the second quarter of 2026 which was \n included in the Americas segment. \n ((4)) Corporate and other includes costs that are not specific to any particular \n segment, primarily consisting of (i) global brand costs, which include \n centrally managed marketing, design, and merchandising costs; (ii) corporate \n expenses, which include centrally managed information technology costs, \n including network, infrastructure and global systems; expenses for senior \n corporate management; and expenses for corporate support functions including \n finance, human resources, legal and information security; and (iii) intangible \n asset amortization. \n\n   \n PVH CORP. \n \nSegment Data (continued) \n \n(In millions) \n   \n EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT \n   \n     Six Months Ended   Six Months Ended \n \n \n \n \n8/2/26 \n8/3/25 \n     Results under GAAP   Adjustments ((1))   Non-GAAP Results   Results under GAAP   Adjustments ((2))   Non-GAAP Results \n EMEA   $ 311.4         $ 311.4     $ 327.9         $ 327.9   \n                           \n Americas ((3))     245.9           245.9       134.3           134.3   \n                           \n APAC     137.0           137.0       130.3           130.3   \n                           \n Licensing     148.5           148.5       165.5           165.5   \n                           \n Corporate and other ((4))     (479.0 )         (479.0 )     (419.3 )         (419.3 ) \n                           \n Restructuring and other items     (430.4 )   $ 430.4     —       (537.7 )   $ 537.7     —   \n                           \n (Loss) earnings before interest and taxes ((3))   $ (66.6 )   $ 430.4   $ 363.8     $ (199.0 )   $ 537.7   $ 338.7   \n\n ((1)) Restructuring and other items for the six months ended August 2, 2026 consists \n of (i) the net gain related to the Growth Driver 5 Actions; and (ii) the \n pre-tax noncash goodwill impairment charge. Restructuring and other items on a \n non-GAAP basis excludes these amounts. \n ((2)) Restructuring and other items for the six months ended August 3, 2025 consists \n of (i) the restructuring costs related to the Growth Driver 5 Actions; and \n (ii) the pre-tax noncash goodwill and other intangible asset impairment \n charges. Restructuring and other items on a non-GAAP basis excludes these \n amounts. \n ((3)) Earnings before interest and taxes included a benefit of $106.7 million \n related to tariff refunds received during the second quarter of 2026 which was \n included in the Americas segment. \n ((4)) Corporate and other includes costs that are not specific to any particular \n segment, primarily consisting of (i) global brand costs, which include \n centrally managed marketing, design, and merchandising costs; (ii) corporate \n expenses, which include centrally managed information technology costs, \n including network, infrastructure and global systems; expenses for senior \n corporate management; and expenses for corporate support functions including \n finance, human resources, legal and information security; and (iii) intangible \n asset amortization. \n\n\nPVH CORP.\n\nReconciliations of Constant Currency Revenue\n\n(In millions)\n\nAs a supplement to the Company’s reported operating results, the Company\npresents constant currency revenue information, which is a non-GAAP financial\nmeasure. The Company presents results in this manner because it is a global\ncompany that transacts business in multiple currencies and reports financial\ninformation in U.S. dollars. Foreign currency exchange rate fluctuations\naffect the amounts reported by the Company in U.S. dollars with respect to its\nforeign revenues. Exchange rate fluctuations can have a significant impact on\nreported revenues. The Company believes presenting constant currency revenue\ninformation provides useful information to investors, as it provides\ninformation to assess how its businesses performed excluding the effects of\nchanges in foreign currency exchange rates and assists investors in evaluating\nthe effectiveness of the Company’s operations and underlying business trends\nin a manner that is consistent with management’s evaluation of business\nperformance.\n\nThe Company calculates constant currency revenue information by translating\nits foreign revenues for the relevant period into U.S. dollars at the average\nexchange rates in effect during the comparable prior year period (rather than\nat the actual exchange rates in effect during the relevant period).\n\nConstant currency performance should be viewed in addition to, and not in lieu\nof or as superior to, the Company’s operating performance calculated in\naccordance with GAAP. The constant currency revenue information presented may\nnot be comparable to similarly described measures reported by other companies.\n     GAAP Revenue   % Change \n     Quarter Ended   GAAP   Positive (Negative) Impact of Foreign Exchange   Constant Currency \n     8/2/26   8/3/25       \n Total Revenue   $ 2,097.0   $ 2,167.2   (3.2 )%   0.2 %   (3.4 )% \n                       \n EMEA   $ 986.3   $ 1,048.5   (5.9 )%   (0.1 )%   (5.8 )% \n Americas     680.1     684.0   (0.6 )%   — %   (0.6 )% \n APAC     343.7     335.2   2.5 %   1.5 %   1.0 % \n                       \n Tommy Hilfiger   $ 1,131.8   $ 1,135.9   (0.4 )%   — %   (0.4 )% \n Calvin Klein     913.3     980.0   (6.8 )%   0.3 %   (7.1 )% \n                       \n Owned and Operated Stores   $ 862.0   $ 868.0   (0.7 )%   (0.1 )%   (0.6 )% \n Owned and Operated Digital Commerce     194.1     186.6   4.0 %   0.8 %   3.2 % \n Total Direct-to-Consumer   $ 1,056.1   $ 1,054.6   0.1 %   0.1 %   — % \n                       \n Wholesale   $ 954.0   $ 1,013.1   (5.7 )%   0.3 %   (6.0 )% \n\n   \n PVH CORP. \n \n \n \nFull Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts \n   \n Reconciliations of (i) GAAP Operating Margin to Operating Margin on a Non-GAAP \n basis and (ii) GAAP Diluted Net Income Per Common Share to Diluted Net Income \n Per Common Share on a Non-GAAP Basis \n                           \n     Full Year 2025   Third Quarter 2025 \n     (Actual)   (Actual) \n (In millions, except per share data)   Results Under GAAP   Adjustments ((1))   Non-GAAP Results   Results Under GAAP   Adjustments ((2))   Non-GAAP Results \n                           \n Operating margin                         \n Revenue   $8,950.2       $8,950.2   $2,294.3       $2,294.3 \n Earnings before interest and taxes   230.6   $ 559.9   790.5   180.8   $ 21.5   202.3 \n Operating margin ((3))   2.6%       8.8%   7.9%       8.8% \n                           \n Net income per common share                         \n Net income   $25.3   $ 527.9   $553.2   $4.2   $ 131.2   $135.4 \n Total weighted average shares   48.5       48.5   47.9       47.9 \n                           \n Diluted net income per common share   $0.52       $11.40   $0.09       $2.83 \n\n ((1)) Represents the impact on net income in the year ended February 1, 2026 from \n the elimination of (i) the $13 million pre-tax recognized actuarial gain on \n retirement plans; (ii) the $93 million pre-tax restructuring costs related to \n the Growth Driver 5 Actions; (iii) the $480 million pre-tax noncash goodwill \n and other intangible asset impairment charges; and (iv) a $32 million tax \n benefit associated with the foregoing pre-tax items. \n ((2)) Represents the impact on net income in the quarter ended November 2, 2025 from \n the elimination of (i) the $22 million pre-tax restructuring costs related to \n the Growth Driver 5 Actions; and (ii) a $110 million tax expense associated \n with (a) the foregoing pre-tax item and (b) the pre-tax noncash goodwill and \n other intangible asset impairment charges that were recorded in the first \n quarter of 2025 and factored into the Company’s annualized effective tax \n rate. \n ((3)) GAAP operating margin is defined as GAAP earnings before interest and taxes \n divided by revenue. Operating margin on a non-GAAP basis is defined as \n earnings before interest and taxes on a non-GAAP basis divided by revenue. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260902215862/en/\n(https://www.businesswire.com/news/home/20260902215862/en/)\n\nInvestor Contact: \n\ninvestorrelations@pvh.com \n(mailto:investorrelations@pvh.com) \n\n\nMedia Contact: \n\ncommunications@pvh.com (mailto:communications@pvh.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-02T20:15:00.866368286Z","server_sent_at_ms":1788380100866},"received_at":"2026-09-02T20:15:00.961Z","source_url":"https://www.businesswire.com/news/home/20260902215862/en/"},"analysis":{"id":"123310","press_release_id":"134418","analysis_json":{"industry":{"label":"Textiles, Apparel & Luxury Goods","sector":"Consumer Discretionary"},"redFlags":["Q2 non-GAAP EPS beat inflated by ~$1.80/share of one-time tariff refunds ($107M); ex-refund EPS of ~$1.90 would have fallen well short of the $3.00-$3.10 guidance range","GAAP loss of $(2.23) per share driven by a $439 million noncash goodwill impairment tied to geopolitical and macroeconomic valuation assumptions","Revenue declined 3% YoY with wholesale down 6% and EMEA down 6% on prolonged soft consumer demand from the Middle East conflict's macro effects","Q3 guidance implies YoY declines: non-GAAP EPS $2.50-$2.65 vs $2.83 and non-GAAP operating margin ~7.5% vs 8.8%","No share repurchases executed in H1 2026 despite the buyback program; at least $300M full-year target still outstanding","Licensing revenue down 13% on planned North America license transitions (G-III categories moving in-house), creating execution risk through end of 2026"],"eventType":"earnings","narrative":"PVH delivered Q2 2026 revenue of $2.097 billion, down 3% year-over-year and in line with guidance, while non-GAAP EPS of $3.70 came in far above the $3.00-$3.10 guidance range and non-GAAP operating margin of 11.1% beat the ~9.5% guide.\n\nThe beat was flattered by one-time items: $107 million of tariff refunds added ~$1.80 per share (implying ~$1.90 ex-refunds, well below guidance), and GAAP results showed a $(2.23) loss per share due to a $439 million noncash goodwill impairment tied to geopolitical and macroeconomic valuation assumptions.\n\nManagement reaffirmed the full-year outlook — approximately flat revenue, ~8.8% non-GAAP operating margin, and $11.80-$12.10 non-GAAP EPS — and expects to repurchase at least $300 million of stock in 2026 after no H1 buybacks; Q3 guidance implies YoY declines.\n\nThe company also welcomed Alexis Rollier, previously global CFO and COO of Sephora for over 8 years, as its new Chief Financial Officer, succeeding interim CFO Melissa Stone.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Headline EPS blowout is tariff-refund flattery — underlying quarter softer with a $439M impairment, but reaffirmed FY guide and a Sephora-hired CFO keep the PVH+ story intact."},"keyFigures":{"eps":3.7,"revenue":2097000000,"guidance":"FY26 reaffirmed: revenue approximately flat on a reported basis (slight decrease constant currency), non-GAAP operating margin ~8.8%, non-GAAP EPS $11.80-$12.10; Q3: revenue down low single digits, non-GAAP operating margin ~7.5%, non-GAAP EPS $2.50-$2.65","revenueYoy":"-3%","customDimensions":{"inventory":1738000000,"gross_margin":"63.0%","non_gaap_ebit":232600000,"ecommerce_growth":"4%","goodwill_impairment":439000000,"operating_margin_gaap":"(9.1)%","tariff_refund_benefit":107000000,"expected_fy26_buybacks":"at least $300 million","non_gaap_ebit_prior_year":178200000,"operating_margin_non_gaap":"11.1%","tariff_refund_eps_benefit":"$1.80 per share"}},"quotedText":"Looking forward, we are reaffirming our top and bottom\nline outlook for the full year.","namedEntities":{"people":[{"name":"Stefan Larsson","role":"CEO"},{"name":"Melissa Stone","role":"Interim Chief Financial Officer"},{"name":"Alexis Rollier","role":"incoming Chief Financial Officer; previously global CFO and COO at Sephora"},{"name":"Tate McRae","role":"Calvin Klein campaign talent"},{"name":"Travis Kelce","role":"TOMMY HILFIGER campaign talent"},{"name":"Jung Kook","role":"Calvin Klein global campaign talent"},{"name":"Raphinha","role":"Calvin Klein global campaign talent"}],"products":["Calvin Klein","TOMMY HILFIGER","Heritage Brands"],"companies":[{"name":"PVH Corp.","ticker":"PVH","relationship":"filer"},{"name":"G-III Apparel Group, Ltd.","relationship":"licensing partner whose product categories PVH is transitioning in-house"},{"name":"Sephora","relationship":"incoming CFO's prior employer"},{"name":"Liverpool Football Club","relationship":"TOMMY HILFIGER brand partnership"},{"name":"Cadillac Formula 1 Team","relationship":"TOMMY HILFIGER brand partnership"}],"dollarAmounts":[{"amount":"$2.097 billion","context":"Q2 2026 revenue"},{"amount":"$2.167 billion","context":"prior-year Q2 revenue"},{"amount":"$439 million","context":"pre-tax noncash goodwill impairment charge"},{"amount":"$107 million","context":"tariff refunds received, boosting Q2 operating margin ~510 bps and EPS ~$1.80/share"},{"amount":"$1.738 billion","context":"Q2 2026 inventory, down 3% YoY"},{"amount":"$300 million","context":"minimum expected full-year 2026 share repurchases"},{"amount":"$11.80 to $12.10","context":"reaffirmed FY2026 non-GAAP EPS outlook"},{"amount":"$3.00 to $3.10","context":"prior Q2 non-GAAP EPS guidance, exceeded by reported $3.70"}]},"materialImpact":{"score":4,"reasoning":"Large-cap consumer earnings release: non-GAAP EPS of $3.70 far exceeded the $3.00-$3.10 guidance range and non-GAAP operating margin of 11.1% beat ~9.5% guidance, but ~$1.80/share of the EPS came from one-time $107M tariff refunds and GAAP results showed a $(2.23) loss on a $439M goodwill impairment. Full-year outlook reaffirmed, softening the underlying read."},"tickerRelevance":{"others":[],"primary":"PVH"},"globalImportance":52,"audienceRelevance":55,"eventTypeSecondary":["guidance_update","executive_change","buyback"],"importanceComponents":{"tickerTier":"large-cap household consumer brand","eventGravity":"earnings beat vs guidance driven by one-time tariff refunds, $439M goodwill impairment, CFO appointment, reaffirmed FY outlook","sectorWeight":"consumer discretionary / apparel","householdBrandBoost":true,"retailFavoriteBoost":"moderate — Calvin Klein/Tommy Hilfiger consumer brands and Travis Kelce campaign angle","oneTimeItemAdjustment":"ex-tariff-refund EPS ~$1.90 vs $3.00-$3.10 guidance implies an underlying miss, tempering the headline beat"}},"event_type":"earnings","event_type_secondary":["guidance_update","executive_change","buyback"],"sentiment":"mixed","material_impact_score":4,"narrative":"PVH delivered Q2 2026 revenue of $2.097 billion, down 3% year-over-year and in line with guidance, while non-GAAP EPS of $3.70 came in far above the $3.00-$3.10 guidance range and non-GAAP operating margin of 11.1% beat the ~9.5% guide.\n\nThe beat was flattered by one-time items: $107 million of tariff refunds added ~$1.80 per share (implying ~$1.90 ex-refunds, well below guidance), and GAAP results showed a $(2.23) loss per share due to a $439 million noncash goodwill impairment tied to geopolitical and macroeconomic valuation assumptions.\n\nManagement reaffirmed the full-year outlook — approximately flat revenue, ~8.8% non-GAAP operating margin, and $11.80-$12.10 non-GAAP EPS — and expects to repurchase at least $300 million of stock in 2026 after no H1 buybacks; Q3 guidance implies YoY declines.\n\nThe company also welcomed Alexis Rollier, previously global CFO and COO of Sephora for over 8 years, as its new Chief Financial Officer, succeeding interim CFO Melissa Stone.","key_figures":{"eps":3.7,"revenue":2097000000,"guidance":"FY26 reaffirmed: revenue approximately flat on a reported basis (slight decrease constant currency), non-GAAP operating margin ~8.8%, non-GAAP EPS $11.80-$12.10; Q3: revenue down low single digits, non-GAAP operating margin ~7.5%, non-GAAP EPS $2.50-$2.65","revenueYoy":"-3%","customDimensions":{"inventory":1738000000,"gross_margin":"63.0%","non_gaap_ebit":232600000,"ecommerce_growth":"4%","goodwill_impairment":439000000,"operating_margin_gaap":"(9.1)%","tariff_refund_benefit":107000000,"expected_fy26_buybacks":"at least $300 million","non_gaap_ebit_prior_year":178200000,"operating_margin_non_gaap":"11.1%","tariff_refund_eps_benefit":"$1.80 per share"}},"named_entities":{"people":[{"name":"Stefan Larsson","role":"CEO"},{"name":"Melissa Stone","role":"Interim Chief Financial Officer"},{"name":"Alexis Rollier","role":"incoming Chief Financial Officer; previously global CFO and COO at Sephora"},{"name":"Tate McRae","role":"Calvin Klein campaign talent"},{"name":"Travis Kelce","role":"TOMMY HILFIGER campaign talent"},{"name":"Jung Kook","role":"Calvin Klein global campaign talent"},{"name":"Raphinha","role":"Calvin Klein global campaign talent"}],"products":["Calvin Klein","TOMMY HILFIGER","Heritage Brands"],"companies":[{"name":"PVH Corp.","ticker":"PVH","relationship":"filer"},{"name":"G-III Apparel Group, Ltd.","relationship":"licensing partner whose product categories PVH is transitioning in-house"},{"name":"Sephora","relationship":"incoming CFO's prior employer"},{"name":"Liverpool Football Club","relationship":"TOMMY HILFIGER brand partnership"},{"name":"Cadillac Formula 1 Team","relationship":"TOMMY HILFIGER brand partnership"}],"dollarAmounts":[{"amount":"$2.097 billion","context":"Q2 2026 revenue"},{"amount":"$2.167 billion","context":"prior-year Q2 revenue"},{"amount":"$439 million","context":"pre-tax noncash goodwill impairment charge"},{"amount":"$107 million","context":"tariff refunds received, boosting Q2 operating margin ~510 bps and EPS ~$1.80/share"},{"amount":"$1.738 billion","context":"Q2 2026 inventory, down 3% YoY"},{"amount":"$300 million","context":"minimum expected full-year 2026 share repurchases"},{"amount":"$11.80 to $12.10","context":"reaffirmed FY2026 non-GAAP EPS outlook"},{"amount":"$3.00 to $3.10","context":"prior Q2 non-GAAP EPS guidance, exceeded by reported $3.70"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-02T20:48:10.864Z","global_importance":52,"audience_relevance":55,"importance_components":{"tickerTier":"large-cap household consumer brand","eventGravity":"earnings beat vs guidance driven by one-time tariff refunds, $439M goodwill impairment, CFO appointment, reaffirmed FY outlook","sectorWeight":"consumer discretionary / apparel","householdBrandBoost":true,"retailFavoriteBoost":"moderate — Calvin Klein/Tommy Hilfiger consumer brands and Travis Kelce campaign angle","oneTimeItemAdjustment":"ex-tariff-refund EPS ~$1.90 vs $3.00-$3.10 guidance implies an underlying miss, tempering the headline beat"}},"durationMs":180761,"modelName":"glm-4.7"}}