PVH Corp. Reports 2025 Second Quarter Reported Revenue and Earnings Above Guidance and Reaffirms Full Year Non-GAAP Earnings Outlook

• 
  Second quarter

  • 
    Revenue: Increased 4% to $2.167 billion compared to the prior year period and exceeded guidance of a low single digit increase. Increased 1% on a constant currency basis in line with guidance of flat to increase slightly on a constant currency basis.
    
  • 
    EPS:

    • 
      GAAP basis: $4.63. Results include $45 million of pre-tax restructuring costs and other tax related impacts, which have been excluded from the Company’s results on a non-GAAP basis.
      
    • 
      Non-GAAP basis: $2.52 exceeded guidance of $1.85 to $2.00.
      

    
    

  
  

• 
  Full year outlook

  • 
    Revenue: Raising outlook to increase slightly to up low single-digits compared to flat to increase slightly previously. Reaffirms outlook of flat to increase slightly on a constant currency basis.
    
  • 
    Operating margin: Reaffirms outlook of approximately 8.5% on a non-GAAP basis inclusive of the impact of recently announced increases in tariffs compared to prior guidance.
    
  • 
    EPS: Reaffirms outlook of a range of $10.75 to $11.00 on a non-GAAP basis. Outlook includes:

    • 
      an estimated net negative impact related to the tariffs currently in place for goods coming into the U.S., including an unmitigated impact of approximately $1.15 per share compared to approximately $1.05 previously and a partially offsetting impact of planned mitigation actions
      
    • 
      an estimated positive impact of approximately $0.45 per share related to foreign currency translation compared to approximately $0.10 previously
      

    
    

  
  

NEW YORK–(BUSINESS WIRE)–Aug. 26, 2025–
PVH Corp. [NYSE: PVH] today reported its 2025 second quarter results and 2025 outlook.

Stefan Larsson, Chief Executive Officer, commented, “In the second quarter, through our disciplined execution of our PVH+ Plan, we continued to lean further into Calvin Klein and Tommy Hilfiger’s iconic brand strength and we grew revenue 4% with better-than-expected non-GAAP EBIT margins. For both brands, our stepped-up actions during the quarter to strengthen our brand-building flywheel across product, marketing and marketplace execution gained traction. Calvin Klein showed continued growth in underwear and fashion denim which was driven by the biggest product innovation so far, amplified by mega talent like Bad Bunny. Tommy Hilfiger’s summer season was successfully amplified by the strong campaign around the summer’s biggest blockbuster film: F1® The Movie, and the partnership with the US SailGP racing team.”

Larsson continued, “Looking ahead, coming into the important fall season, both brands are geared up with a strong category focus, more innovation in key product franchises, and cut-through full funnel campaigns with a strong line-up of globally relevant talent. We are again stepping up the momentum we drove in the second quarter as we remain relentlessly focused on the multi-year journey to build Calvin Klein and TOMMY HILFIGER into the most desirable brands in the world. We continue to expect 2025 to mark our return to growth, and we are raising our reported revenue guidance and reaffirming our non-GAAP earnings outlook for the full year, reflecting our confidence in our ability to execute with impact despite the uncertain global macroenvironment.”

Zac Coughlin, Chief Financial Officer, said, “For the second quarter, we delivered on our plan through our focus on next level execution of the PVH+ Plan. We delivered revenue growth and earnings per share above our guidance through both better gross margin performance and our actions to drive operating efficiencies. We are reaffirming our full year non-GAAP earnings guidance despite ongoing macroeconomic uncertainty, including the evolving global trade landscape, while also increasing our investment in brand building initiatives.”

Non-GAAP Amounts:

Amounts stated to be on a non-GAAP basis exclude the items that are defined or described in greater detail near the end of this release under the heading “Non-GAAP Exclusions.” Amounts stated on a constant currency basis also are deemed to be on a non-GAAP basis. Reconciliations of amounts on a GAAP basis to amounts on a non-GAAP basis are presented after the Non-GAAP Exclusions section and identify and quantify all excluded items.

Second Quarter Review:

• 
  Revenue of $2.167 billion increased 4% compared to $2.074 billion in the prior year period (increased 1% on a constant currency basis).

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

  • 
    EMEA revenue increased 3% compared to the prior year period (decreased 3% on a constant currency basis). Growth in the direct-to-consumer business was more than offset by a decline on a constant currency basis in the wholesale business, primarily due to the impact of a shift in the timing of wholesale shipments from the second quarter into the first quarter of this year.
  • 
    Americas revenue increased 11% compared to the prior year period driven by growth in the wholesale business, with flat revenue in the direct-to-consumer business. The increase in wholesale revenue included the transition of previously licensed women’s product categories in-house and the impact of a shift in the timing of wholesale shipments from the second half into the first half of this year.
  • 
    APAC revenue decreased 1% compared to the prior year period (decreased 3% on a constant currency basis) driven by a decrease in the wholesale business. Revenue in the direct-to-consumer business was flat on a constant currency basis despite a challenging consumer environment in the region, particularly in China.
  • 
    Licensing revenue decreased 3% compared to the prior year period due to the transition of certain previously licensed women’s product categories in-house.

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

  • 
    Tommy Hilfiger revenue increased 4% compared to the prior year period (was flat on a constant currency basis).
  • 
    Calvin Klein revenue increased 5% compared to the prior year period (increased 3% on a constant currency basis).

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

  • 
    Direct-to-consumer revenue increased 4% compared to the prior year period (was flat on a constant currency basis).

    • 
      Owned and operated store revenue increased 4% compared to the prior year period (was flat on a constant currency basis). On a constant currency basis, growth in EMEA was offset by declines in Americas and APAC primarily due to the challenging consumer environment in those regions.
      
    • 
      Owned and operated digital commerce revenue increased 3% compared to the prior year period (was flat on a constant currency basis). On a constant currency basis, growth in Americas and APAC was offset by a decline in EMEA.

    
    

  • 
    Wholesale revenue increased 6% compared to the prior year period (increased 2% on a constant currency basis) primarily driven by the increase in Americas partially offset by the decrease in EMEA as discussed above.

  
  

• 
  Gross margin was 57.7% compared to 60.1% in the prior year period. The decrease reflects the impacts of (i) an increased promotional environment, (ii) the gross margin differential due to the transition of previously licensed women’s product categories to an in-house wholesale business, (iii) an unfavorable shift in channel mix, (iv) increased tariffs on goods coming into the U.S. and (v) higher freight costs and incremental discounts provided to customers to address the impact of Calvin Klein product delivery delays.
• 
  Inventory increased 13% compared to the prior year period reflecting an improvement as compared to the 19% increase in the first quarter of 2025. The increase was primarily due to (i) a purposeful investment in core product inventory to improve overall availability, (ii) an increase in inventory to support the projected sales growth in the third quarter, and (iii) a 1% impact of increased tariffs.
• 
  Earnings before interest and taxes (“EBIT”) on a GAAP basis was $133 million, inclusive of an $8 million positive impact attributable to foreign currency translation, compared to $174 million in the prior year period. EBIT on a GAAP basis included costs of $45 million in the second quarter and costs of $15 million in the prior year period described under the heading “Non-GAAP Exclusions” later in this release. EBIT on a non-GAAP basis for these periods excluded these amounts.

  EBIT on a non-GAAP basis was $178 million, inclusive of the $8 million positive impact attributable to foreign currency translation, compared to $189 million in the prior year period. The decrease was more than explained by the gross margin decline discussed above. The Company continues to take a disciplined approach to managing expenses, driving cost efficiencies while making targeted investments to drive its strategic initiatives.

• 
  Earnings per share (“EPS”)
  

  • 
    GAAP basis: $4.63 compared to $2.80 in the prior year period.
  • 
    Non-GAAP basis: $2.52 compared to $3.01 in the prior year period. Previous guidance was $1.85 to $2.00.

    EPS on both a GAAP and a non-GAAP basis in the prior year period included a tax benefit of approximately $0.55 per share related to the favorable settlement of a multi-year audit in an international jurisdiction.

    EPS on both a GAAP and a non-GAAP basis for the second quarter of 2025 includes the positive impact of $0.16 per share related to foreign currency translation.

    EPS on a GAAP basis for these periods also includes the amounts for the applicable period described under the heading “Non-GAAP Exclusions” later in this release. EPS on a non-GAAP basis for these periods excluded these amounts.

  
  

• 
  Interest expense increased to $22 million from $19 million in the prior year period.
• 
  Effective tax rate was (101.6)% on a GAAP basis compared to (2.1)% in the prior year period. The effective tax rate was 21.8% on a non-GAAP basis compared to (0.1)% in the prior year period.

  • 
    The effective tax rate on a GAAP basis for the second quarter of 2025 included the impact of the $480 million pre-tax noncash goodwill and other intangible asset impairment charges that were recorded in the first quarter of 2025, which are non-deductible for tax purposes and factored into the Company’s annualized effective tax rate. The effective tax rate on a non-GAAP basis for the second quarter of 2025 excludes this impact.
    
  • 
    The effective tax rate on a GAAP and non-GAAP basis for the prior year period included a tax benefit related to the favorable settlement of a multi-year audit in an international jurisdiction.
    

  
  

Stock Repurchase Program:

Delivering on its commitment under the PVH+ Plan to return excess cash to stockholders, the Company made $561 million of purchases in the first quarter through accelerated share repurchase (“ASR”) agreements and open market purchases. The Company did not make during the second quarter of 2025, and currently does not expect to make during the remainder of 2025, any payments to repurchase its common stock. The number of shares of common stock repurchased for the full year 2025 is subject to the final settlement under the ASR agreements, which is expected to occur during the third quarter of 2025.

2025 Outlook:

The Company’s 2025 outlook reflects an estimated net negative impact related to the tariffs currently in place for goods coming into the U.S., including an approximately $70 million unmitigated impact to full year 2025 EBIT, or approximately $1.15 per share, and a partially offsetting impact of planned mitigation actions which will primarily take effect in the second half of 2025.

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

Full Year 2025 Guidance

• 
  Revenue: Projected to increase slightly to low single-digits compared to flat to increase slightly previously. Reaffirming outlook of flat to increase slightly on a constant currency basis.
  

• 
  Operating margin: Reaffirming outlook of approximately 8.5% on a non-GAAP basis compared to 8.9% on a GAAP basis and 10.0% on a non-GAAP basis in 2024.
  

• 
  Interest expense is projected to increase to approximately $80 million compared to $67 million in 2024, primarily due to the impact of funding the accelerated share repurchase agreements discussed above. Previous guidance was approximately $85 million.
  

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

Third Quarter 2025 Guidance

• 
  Revenue: Projected to be flat to increase slightly compared to the third quarter of 2024 (decrease slightly on a constant currency basis).
  

• 
  Interest expense is projected to increase to approximately $22 million compared to $16 million in the third quarter of 2024 primarily due to the impact of funding the accelerated share repurchase agreements discussed above.
  

• 
  Effective tax rate is projected to be approximately 25% on a non-GAAP basis.
  

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

Please see the section entitled “Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts” at the end of this release for further detail and reconciliations of GAAP to non-GAAP amounts discussed in this section.

Non-GAAP Exclusions:

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

• 
  Pre-tax restructuring costs totaling $58 million incurred in 2025 consisting principally of severance in connection with the Company’s multi-year initiative announced in 2024 to simplify its operating model by centralizing processes and improving systems and automation to drive more efficient, cost-effective ways of working across the organization (the “Growth Driver 5 Actions”), of which $13 million was incurred in the first quarter and $45 million was incurred in the second quarter.
  
• 
  Pre-tax noncash goodwill and other intangible asset impairment charges of $480 million recorded in the first quarter of 2025, which were primarily due to a significant increase in discount rates.
  
• 
  Pre-tax loss of $28 million recorded in the fourth quarter of 2024 related to the recognized actuarial loss on retirement plans.
  
• 
  Pre-tax net restructuring costs totaling $24 million incurred in 2024 consisting principally of severance and the gain on the sale of a warehouse and distribution center in the third quarter in connection with the Growth Driver 5 Actions, of which $15 million was incurred in the second quarter, $3 million was incurred in the third quarter, and $6 million was incurred in the fourth quarter.
  
• 
  Pre-tax costs of $51 million incurred in the third quarter of 2024 in connection with an amendment to Mr. Tommy Hilfiger’s employment agreement pursuant to which the Company made a cash buyout of a portion of future payments to Mr. Hilfiger.
  
• 
  Pre-tax gain of $10 million recorded in the first quarter of 2024 in connection with the Company’s sale of the Heritage Brands women’s intimates business.
  
• 
  Estimated tax effects associated with the above pre-tax items, which are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated each item that it had identified above as a non-GAAP exclusion to determine if such item was (i) taxable or tax deductible, in which case the tax effect was taken at the applicable income tax rate in the local jurisdiction, or (ii) non-taxable or non-deductible, in which case the Company assumed no tax effect.
  

The Company presents constant currency revenue information, which is a non-GAAP financial measure, because it is a global company that transacts business in multiple currencies and reports financial information in U.S. dollars. Foreign currency exchange rate fluctuations affect the amounts reported by the Company in U.S. dollars with respect to its foreign revenues and can have a significant impact on the Company’s reported revenues. The Company calculates constant currency revenue information by translating its foreign revenues for the relevant period into U.S. dollars at the average exchange rates in effect during the comparable prior year period (rather than at the actual exchange rates in effect during the relevant period).

The Company presents non-GAAP financial measures, including constant currency revenue information, as a supplement to its GAAP results. The Company believes presenting non-GAAP financial measures provides useful information to investors, as it provides information to assess how its businesses performed excluding the effects of non-recurring and non-operational amounts and the effects of changes in foreign currency exchange rates, as applicable, and (i) facilitates comparing the results being reported against past and future results by eliminating amounts that it believes are not comparable between periods and (ii) assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. The Company believes that investors often look at ongoing operations of an enterprise as a measure of assessing performance. The Company uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company’s Board of Directors and others. The Company’s results excluding non-recurring and non-operational amounts are also the basis for certain incentive compensation calculations. Non-GAAP financial measures should be viewed in addition to, and not in lieu of or as superior to, the Company’s operating performance calculated in accordance with GAAP. The non-GAAP financial measures presented may not be comparable to similarly described measures reported by other companies.

Please see tables 1 through 7 and the sections entitled “Reconciliations of Constant Currency Revenue” and “Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts” later in this release for reconciliations of GAAP to non-GAAP amounts.

Conference Call Information:

The Company will host a conference call to discuss its second quarter earnings release on Wednesday, August 27, 2025 at 9:00 a.m. EDT. Please log on to the Company’s website at www.PVH.com and go to the Events page in the Investors section to listen to the live webcast of the conference call. The webcast will be available for replay for one year after it is held. Please log on to www.PVH.com as described above to listen to the replay. The conference call and webcast consist of copyrighted material. They may not be re-recorded, reproduced, re-transmitted, rebroadcast or otherwise used without the Company’s express written permission. Your participation represents your consent to these terms and conditions, which are governed by New York law.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements in this press release and made during the conference call/webcast, including, without limitation, statements relating to the Company’s future revenue, earnings, plans, strategies, objectives, expectations and intentions are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, (i) the Company’s plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the Company’s ability to realize anticipated benefits and savings from divestitures, restructurings and similar plans, such as the actions taken in recent years to focus on its Calvin Klein and Tommy Hilfiger businesses and its current multi-year initiative to simplify its operating model and achieve cost savings; (iii) the ability to realize the intended benefits from the acquisition of licensees or the reversion of licensed rights (such as the announced, in-process plan to bring in house a significant portion of the product categories that are or had been licensed to G-III Apparel Group, Ltd. upon the expirations over time of the underlying license agreements) and avoid any disruptions in the businesses during the transition from operation by the licensee to the direct operation by us; (iv) the Company has significant levels of outstanding debt, as well as significant additional borrowing capacity, and uses a significant portion of its cash flows to service its indebtedness, as a result of which the Company might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past; (v) the levels of sales of the Company’s apparel, footwear and related products, both to its wholesale customers and in its direct-to-consumer retail store and digital commerce operations, the levels of sales of the Company’s licensees at wholesale and retail, and the extent of discounts and promotional pricing in which the Company and its licensees and other business partners are required to engage, all of which can be affected by weather conditions, changes in the economy (including inflationary pressures like those currently being experienced globally), fuel prices, reductions in travel, fashion trends, consolidations, repositionings and bankruptcies in the retail industries, consumer sentiment and other factors; (vi) the Company’s ability to manage its growth and inventory; (vii) restrictions, including quotas and the imposition of new or increased duties or tariffs on goods from the countries where the Company or its licensees produce goods under its trademarks, any of which, among other things, could limit the ability to produce products in cost-effective countries, or in countries that have the labor and technical expertise needed, or require the Company to absorb costs or try to pass costs onto consumers, which could materially impact the Company’s revenue and profitability; (viii) the availability and cost of raw materials; (ix) the Company’s ability to adjust timely to changes in trade regulations and the migration and development of manufacturers (which can affect where the Company’s products can best be produced); (x) the regulation or prohibition of the transaction of business with specific individuals or entities and their affiliates or goods manufactured in (or containing raw materials or components from) certain regions, such as the listing of a person or entity as a Specially Designated National or Blocked Person by the U.S. Department of the Treasury’s Office of Foreign Assets Control and the issuance of Withhold Release Orders by the U.S. Customs and Border Protection; (xi) changes in available factory and shipping capacity, wage and shipping cost escalation, and store closures in any of the countries where the Company’s or its licensees’ or wholesale customers’ or other business partners’ stores are located or products are sold or produced or are planned to be sold or produced, as a result of civil conflict, war or terrorist acts, the threat of any of the foregoing, or political or labor instability, such as the current war in Ukraine that led to the Company’s exit from its retail business in Russia and the cessation of its wholesale operations in Russia and Belarus, and the temporary cessation of business by many of its business partners in Ukraine; (xii) disease epidemics and health-related concerns, such as the recent COVID-19 pandemic, which could result in (and, in the case of the COVID-19 pandemic, did result in some of the following) supply-chain disruptions due to closed factories, reduced workforces and production capacity, shipping delays, container and trucker shortages, port congestion and other logistics problems, closed stores, and reduced consumer traffic and purchasing, or governments implement mandatory business closures, travel restrictions or the like, and market or other changes that could result in shortages of inventory available to be delivered to the Company’s stores and customers, order cancellations and lost sales, as well as in noncash impairments of the Company’s goodwill and other intangible assets, operating lease right-of-use assets, and property, plant and equipment; (xiii) actions taken towards sustainability and social and environmental responsibility as part of the Company’s sustainability and social and environmental strategy may not be achieved or may be perceived to be falsely claimed, which could diminish consumer trust in the Company’s brands and the Company’s brands’ values, as well as the potential for adverse consumer response to any sustainability, social or environmental actions taken by the Company; (xiv) the failure of the Company’s licensees to market successfully licensed products or to preserve the value of the Company’s brands, or their misuse of the Company’s brands; (xv) significant fluctuations of the U.S. dollar against foreign currencies in which the Company transacts significant levels of business; (xvi) the Company’s retirement plan expenses recorded throughout the year are calculated using actuarial valuations that incorporate assumptions and estimates about financial market, economic and demographic conditions, and differences between estimated and actual results give rise to gains and losses, which can be significant, that are recorded immediately in earnings, generally in the fourth quarter of the year; (xvii) the impact of new and revised tax legislation and regulations; (xviii) the impacts of the decision by China’s Ministry of Commerce to place the Company on the List of Unreliable Entities, including the impact of any fines imposed, or restrictions or prohibitions on the Company that have the effect of limiting or prohibiting its ability to do business in China; and (xix) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”).

This press release includes, and the conference call/webcast will include, certain non-GAAP financial measures, as defined under SEC rules. Reconciliations of these measures are included in the financial information following this Safe Harbor Statement, as well as in the Company’s Current Report on Form 8-K furnished to the SEC in connection with this earnings release, which is available on the Company’s website at www.PVH.com and on the SEC’s website at www.sec.gov.

The Company does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenue or earnings, whether as a result of the receipt of new information, future events or otherwise.

PVH CORP. Consolidated GAAP Statements of Operations (In millions, except per share data)
		Quarter Ended										Six Months Ended
		8/3/25				8/4/24						8/3/25				8/4/24
Revenue		$	2,167.2			$	2,074.3					$	4,150.8			$	4,026.2
Gross profit			1,250.8				1,245.9						2,412.5				2,444.6
Selling, general and administrative expenses			1,128.9				1,083.3						2,152.8				2,100.6
Goodwill and other intangible asset impairments			—				—						479.5				—
Non-service related pension and postretirement (cost) income			(0.9	)			0.4						(1.9	)			0.9
Other gain			—				—						—				10.0
Equity in net income of unconsolidated affiliates			12.2				10.9						22.7				24.1
Earnings (loss) before interest and taxes			133.2				173.9						(199.0	)			379.0
Interest expense, net			22.0				19.1						39.4				36.8
Pre-tax income (loss)			111.2				154.8						(238.4	)			342.2
Income tax (benefit) expense			(113.0	)			(3.2	)					(417.8	)			32.8
Net income		$	224.2			$	158.0					$	179.4			$	309.4
Diluted net income per common share (1)		$	4.63			$	2.80					$	3.59			$	5.39
		Quarter Ended										Six Months Ended
		8/3/25				8/4/24						8/3/25				8/4/24
Depreciation and amortization expense		$	68.7			$	69.8					$	136.4			$	141.9

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

(1)	Please see Note A in Notes to Consolidated GAAP Statements of Operations for the reconciliations of GAAP diluted net income per common share to diluted net income per common share on a non-GAAP basis.

PVH CORP.

Non-GAAP Measures

(In millions, except per share data)

The Company believes it is useful to investors to present its results for the periods ended August 3, 2025 and August 4, 2024 on a non-GAAP basis by excluding (i) the restructuring costs incurred in the first and second quarters of 2025 and the second quarter of 2024 related to the Company’s multi-year initiative to simplify its operating model by centralizing processes and improving systems and automation to drive more efficient, cost-effective ways of working across the organization (the “Growth Driver 5 Actions”), consisting principally of severance; (ii) the noncash goodwill and other intangible asset impairment charges recorded in the first quarter of 2025, which were primarily due to a significant increase in discount rates, (iii) the pre-tax gain recorded in the first quarter of 2024 in connection with the sale in the fourth quarter of 2023 of the Company’s Heritage Brands women’s intimates business (the “Heritage Brands intimates transaction”) and (iv) the tax effects associated with the foregoing pre-tax items. The Company excludes these amounts because it deems them to be non-recurring or non-operational and believes that their exclusion (i) facilitates comparing the results being reported against past and future results by eliminating amounts that it believes are not comparable between periods, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company, and (ii) assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. The Company believes that investors often look at ongoing operations of an enterprise as a measure of assessing performance. The Company uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company’s Board of Directors and others. The Company’s results excluding the items described above are also the basis for certain incentive compensation calculations. The non-GAAP measures should be viewed in addition to, and not in lieu of or superior to, the Company’s operating performance measures calculated in accordance with GAAP. The information presented on a non-GAAP basis may not be comparable to similarly titled measures reported by other companies.

The following table presents the non-GAAP measures that are discussed in this release. Please see Tables 1 through 7 for the reconciliations of the GAAP amounts to amounts on a non-GAAP basis.

		Quarter Ended									Six Months Ended
		8/3/25			8/4/24						8/3/25			8/4/24
Non-GAAP Measures
Selling, general and administrative expenses (1)		$	1,083.9		$	1,068.0					$	2,094.6		$	2,085.3
Goodwill and other intangible asset impairments (2)												—
Other gain (3)															—
Earnings before interest and taxes (4)			178.2			189.2						338.7			384.3
Income tax expense (benefit) (5)			34.0			(0.1	)					58.5			34.4
Net income (6)			122.2			170.2						240.8			313.1
Diluted net income per common share (7)		$	2.52		$	3.01					$	4.82		$	5.45
Depreciation and amortization expense (8)		$	66.4								$	134.1

(1)	Please see Table 3 for the reconciliations of GAAP selling, general and administrative (“SG&A”) expenses to SG&A expenses on a non-GAAP basis.
(2)	Please see Table 4 for the reconciliation of GAAP goodwill and other intangible asset impairments to goodwill and other intangible asset impairments on a non-GAAP basis.
(3)	Please see Table 5 for the reconciliation of GAAP other gain to other gain on a non-GAAP basis.
(4)	Please see Table 2 for the reconciliations of GAAP earnings (loss) before interest and taxes to earnings before interest and taxes on a non-GAAP basis.
(5)	Please see Table 6 for the reconciliations of GAAP income tax (benefit) expense to income tax expense (benefit) on a non-GAAP basis and an explanation of the calculation of the tax effects associated with the pre-tax items identified as non-GAAP exclusions.
(6)	Please see Table 1 for the reconciliations of GAAP net income to net income on a non-GAAP basis.
(7)	Please see Note A in Notes to Consolidated GAAP Statements of Operations for the reconciliations of GAAP diluted net income per common share to diluted net income per common share on a non-GAAP basis.
(8)	Please see Table 7 for the reconciliations of GAAP depreciation and amortization expense to depreciation and amortization expense on a non-GAAP basis.

PVH CORP. Reconciliations of GAAP to Non-GAAP Amounts (In millions, except per share data)
Table 1 – Reconciliations of GAAP net income to net income on a non-GAAP basis
		Quarter Ended										Six Months Ended
		8/3/25				8/4/24						8/3/25				8/4/24
Net income		$	224.2			$	158.0					$	179.4			$	309.4
Diluted net income per common share (1)		$	4.63			$	2.80					$	3.59			$	5.39
Pre-tax items excluded:
SG&A expenses associated with the Growth Driver 5 Actions			45.0				15.3						58.2				15.3
Goodwill and other intangible asset impairments													479.5
Gain in connection with the Heritage Brands intimates transaction (recorded in other gain)																	(10.0	)
Tax effect of the pre-tax items above (2)			(147.0	)			(3.1	)					(476.3	)			(1.6	)
Net income on a non-GAAP basis		$	122.2			$	170.2					$	240.8			$	313.1
Diluted net income per common share on a non-GAAP basis (1)		$	2.52			$	3.01					$	4.82			$	5.45

(1)	Please see Note A in Notes to the Consolidated GAAP Statements of Operations for the reconciliations of GAAP diluted net income per common share to diluted net income per common share on a non-GAAP basis.
(2)	Please see Table 6 for an explanation of the calculation of the tax effects of the above items.

Table 2 – Reconciliations of GAAP earnings (loss) before interest and taxes to earnings before interest and taxes on a non-GAAP basis
		Quarter Ended								Six Months Ended
		8/3/25			8/4/24					8/3/25				8/4/24
Earnings (loss) before interest and taxes		$	133.2		$	173.9				$	(199.0	)		$	379.0
Items excluded:
SG&A expenses associated with the Growth Driver 5 Actions			45.0			15.3					58.2				15.3
Goodwill and other intangible asset impairments											479.5
Gain in connection with the Heritage Brands intimates transaction (recorded in other gain)															(10.0	)
Earnings before interest and taxes on a non-GAAP basis		$	178.2		$	189.2				$	338.7			$	384.3

Table 3 – Reconciliation of GAAP SG&A expenses to SG&A expenses on a non-GAAP basis
		Quarter Ended										Six Months Ended
		8/3/25				8/4/24						8/3/25				8/4/24
SG&A expenses		$	1,128.9			$	1,083.3					$	2,152.8			$	2,100.6
Item excluded:
Expenses associated with the Growth Driver 5 Actions			(45.0	)			(15.3	)					(58.2	)			(15.3	)
SG&A expenses on a non-GAAP basis		$	1,083.9			$	1,068.0					$	2,094.6			$	2,085.3

PVH CORP. Reconciliations of GAAP to Non-GAAP Amounts (continued) (In millions, except per share data)
Table 4 – Reconciliation of GAAP goodwill and other intangible asset impairments to goodwill and other intangible asset impairments on a non-GAAP basis
		Six Months Ended
		8/3/25
Goodwill and other intangible asset impairments		$	479.5
Item excluded:
Goodwill and other intangible asset impairments			(479.5	)
Goodwill and other intangible asset impairments on a non-GAAP basis		$	—

Table 5 – Reconciliation of GAAP other gain to other gain on a non-GAAP basis
		Six Months Ended
		8/4/24
Other gain		$	10.0
Item excluded:
Gain in connection with the Heritage Brands intimates transaction			(10.0	)
Other gain on a non-GAAP basis		$	—

Table 6 – Reconciliations of GAAP income tax (benefit) expense to income tax expense (benefit) on a non-GAAP basis
		Quarter Ended										Six Months Ended
		8/3/25				8/4/24						8/3/25				8/4/24
Income tax (benefit) expense		$	(113.0	)		$	(3.2	)				$	(417.8	)		$	32.8
Item excluded:
Tax effect of pre-tax items identified as non-GAAP exclusions (1)			147.0				3.1						476.3				1.6
Income tax expense (benefit) on a non-GAAP basis		$	34.0			$	(0.1	)				$	58.5			$	34.4

(1)

The estimated tax effects associated with the Company’s exclusions on a non-GAAP basis are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluates each pre-tax item that it has identified as a non-GAAP exclusion to determine if such item is (i) taxable or tax deductible, in which case the tax effect is taken at the applicable income tax rate in the local jurisdiction, or (ii) non-taxable or non-deductible, in which case the Company assumes no tax effect. The income tax benefit for the quarter and six months ended August 3, 2025 included the impact of the $480 million pre-tax noncash goodwill and other intangible asset impairment charges that were recorded in the first quarter of 2025, which are non-deductible for tax purposes and factored into the Company’s annualized effective tax rate. The effective tax rate on a non-GAAP basis excludes this impact as well as other pre-tax items identified as non-GAAP exclusions.

Table 7 – Reconciliations of GAAP depreciation and amortization expense to depreciation and amortization expense on a non-GAAP basis
		Quarter Ended						Six Months Ended
		8/3/25						8/3/25
Depreciation and amortization expense		$	68.7					$	136.4
Item excluded:
Accelerated depreciation associated with the Growth Driver 5 Actions			(2.3	)					(2.3	)
Depreciation and amortization expense on a non-GAAP basis		$	66.4					$	134.1

PVH CORP. Notes to Consolidated GAAP Statements of Operations (In millions, except per share data)   A. The Company computed its diluted net income per common share as follows:
		Quarter Ended											Quarter Ended
		8/3/25											8/4/24
		GAAP Results			Adjustments (1)			Non-GAAP Results					GAAP Results			Adjustments (2)				Non-GAAP Results
Net income		$	224.2		$	102.0		$	122.2				$	158.0		$	(12.2	)		$	170.2
Weighted average common shares			48.1						48.1					55.9							55.9
Weighted average dilutive securities			0.4						0.4					0.6							0.6
Total shares			48.5						48.5					56.5							56.5
Diluted net income per common share		$	4.63					$	2.52				$	2.80						$	3.01

		Six Months Ended												Six Months Ended
		8/3/25												8/4/24
		GAAP Results			Adjustments (1)				Non-GAAP Results					GAAP Results			Adjustments (2)				Non-GAAP Results
Net income		$	179.4		$	(61.4	)		$	240.8				$	309.4		$	(3.7	)		$	313.1
Weighted average common shares			49.6							49.6					56.7							56.7
Weighted average dilutive securities			0.4							0.4					0.7							0.7
Total shares			50.0							50.0					57.4							57.4
Diluted net income per common share		$	3.59						$	4.82				$	5.39						$	5.45

(1)

Represents the impact on net income in the applicable periods ended August 3, 2025 from the elimination of the (i) the restructuring costs related to the Growth Driver 5 Actions, (ii) the noncash goodwill and other intangible asset impairment charges, which were primarily due to a significant increase in discount rates, and (iii) the tax effects associated with the foregoing pre-tax items. Please see Table 1 for the reconciliation of GAAP net income to net income on a non-GAAP basis.

(2)

Represents the impact on net income in the applicable periods ended August 4, 2024 from the elimination of (i) the restructuring costs related to the Growth Driver 5 Actions; (ii) the pre-tax gain recorded in connection with the Heritage Brands intimates transaction; and (iii) the tax effects associated with the foregoing pre-tax items. Please see Table 1 for the reconciliation of GAAP net income to net income on a non-GAAP basis.

PVH CORP. Consolidated Balance Sheets (In millions)
	8/3/25			8/4/24
ASSETS
Current Assets:
Cash and Cash Equivalents	$	248.8		$	610.0
Receivables		919.2			906.9
Inventories		1,791.0			1,582.8
Other Assets		323.6			314.7
Assets Held For Sale (1)		16.7			—
Total Current Assets		3,299.3			3,414.4
Property, Plant and Equipment		695.1			806.9
Operating Lease Right-of-Use Assets		1,888.0			1,224.0
Goodwill and Other Intangible Assets		5,056.1			5,424.5
Other Assets		689.1			367.9
TOTAL ASSETS	$	11,627.6		$	11,237.7
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts Payable and Accrued Expenses	$	2,067.9		$	1,938.1
Current Portion of Operating Lease Liabilities		329.6			302.8
Short-Term Borrowings		—			8.4
Current Portion of Long-Term Debt		12.8			510.8
Other Liabilities		407.1			548.5
Long-Term Portion of Operating Lease Liabilities		1,687.6			1,069.1
Long-Term Debt		2,256.0			1,668.2
Stockholders’ Equity		4,866.6			5,191.8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	11,627.6		$	11,237.7

Note: Year over year balances are impacted by changes in foreign currency exchange rates.
(1)	Assets held for sale include a building and other assets related to a Company-owned warehouse and distribution center.

PVH CORP.
Segment Data
(In millions)
REVENUE BY SEGMENT
		Quarter Ended						Six Months Ended
		8/3/25			8/4/24			8/3/25			8/4/24
Europe, the Middle East and Africa (“EMEA”)		$	1,048.5		$	1,014.2		$	1,976.2		$	1,897.1
Americas			684.0			617.5			1,292.4			1,186.7
Asia-Pacific (“APAC”)			335.2			339.8			686.9			742.3
Licensing			99.5			102.8			195.3			200.1
Total Revenue		$	2,167.2		$	2,074.3		$	4,150.8		$	4,026.2

REVENUE BY BRAND
		Quarter Ended						Six Months Ended
		8/3/25			8/4/24			8/3/25			8/4/24
Tommy Hilfiger		$	1,135.9		$	1,093.4		$	2,184.0		$	2,106.7
Calvin Klein			980.0			930.3			1,866.1			1,817.1
Heritage Brands			51.3			50.6			100.7			102.4
Total Revenue		$	2,167.2		$	2,074.3		$	4,150.8		$	4,026.2

EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT
		Quarter Ended 8/3/25											Quarter Ended 8/4/24
		Results under GAAP				Adjustments			Non-GAAP Results				Results under GAAP				Adjustments			Non-GAAP Results
EMEA		$	178.5						$	178.5			$	181.0						$	181.0
Americas			73.5							73.5				80.0							80.0
APAC			51.3							51.3				61.4							61.4
Licensing			84.8							84.8				86.0							86.0
Corporate and other (1)			(209.9	)						(209.9	)			(219.2	)						(219.2	)
Restructuring and other costs (2)			(45.0	)			45.0			—				(15.3	)			15.3			—
Earnings before interest and taxes		$	133.2			$	45.0		$	178.2			$	173.9			$	15.3		$	189.2

(1)

Corporate and other includes costs that are not specific to any particular segment, primarily consisting of (i) global brand costs, which include centrally managed marketing, design, and merchandising costs; and (ii) corporate expenses, which include centrally managed information technology costs, including network, infrastructure and global systems; expenses for senior corporate management; and expenses for corporate support functions including finance, human resources, legal and information security; and intangible asset amortization.

(2)

Restructuring and other costs for the quarters ended August 3, 2025 and August 4, 2024 includes the restructuring costs related to the Growth Driver 5 Actions. Restructuring and other costs on a non-GAAP basis excludes these amounts.

PVH CORP.
Segment Data (continued)
(In millions)
EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT
		Six Months Ended 8/3/25											Six Months Ended 8/4/24
		Results under GAAP				Adjustments			Non-GAAP Results				Results under GAAP				Adjustments			Non-GAAP Results
EMEA		$	327.9						$	327.9			$	330.5						$	330.5
Americas			134.3							134.3				146.8							146.8
APAC			130.3							130.3				163.3							163.3
Licensing			165.5							165.5				165.5							165.5
Corporate and other (1)			(419.3	)						(419.3	)			(421.8	)						(421.8	)
Restructuring and other net costs (2)(3)			(537.7	)			537.7			—				(5.3	)			5.3			—
Earnings (loss) before interest and taxes		$	(199.0	)		$	—		$	338.7			$	379.0			$	5.3		$	384.3

(1)	Corporate and other includes costs that are not specific to any particular segment, primarily consisting of (i) global brand costs, which include centrally managed marketing, design, and merchandising costs; and (ii) corporate expenses, which include centrally managed information technology costs, including network, infrastructure and global systems; expenses for senior corporate management; and expenses for corporate support functions including finance, human resources, legal and information security; and intangible asset amortization.
(2)	Restructuring and other costs for the six months ended August 3, 2025 includes (i) the restructuring costs related to the Growth Driver 5 Actions and (ii) the noncash goodwill and other intangible asset impairment charges, which were primarily due to a significant increase in discount rates. Restructuring and other costs on a non-GAAP basis excludes these amounts.
(3)	Restructuring and other net costs for the six months ended August 4, 2024 includes (i) the restructuring costs related to the Growth Driver 5 Actions and (ii) the gain recorded in connection with the Heritage Brands intimates transaction. Restructuring and other net costs on a non-GAAP basis excludes these amounts.

PVH CORP.

Reconciliations of Constant Currency Revenue

(In millions)

As a supplement to the Company’s reported operating results, the Company presents constant currency revenue information, which is a non-GAAP financial measure. The Company presents results in this manner because it is a global company that transacts business in multiple currencies and reports financial information in U.S. dollars. Foreign currency exchange rate fluctuations affect the amounts reported by the Company in U.S. dollars with respect to its foreign revenues. Exchange rate fluctuations can have a significant impact on reported revenues. The Company believes presenting constant currency revenue information provides useful information to investors, as it provides information to assess how its businesses performed excluding the effects of changes in foreign currency exchange rates and assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance.

The Company calculates constant currency revenue information by translating its foreign revenues for the relevant period into U.S. dollars at the average exchange rates in effect during the comparable prior year period (rather than at the actual exchange rates in effect during the relevant period).

Constant currency performance should be viewed in addition to, and not in lieu of or as superior to, the Company’s operating performance calculated in accordance with GAAP. The constant currency revenue information presented may not be comparable to similarly described measures reported by other companies.

Reconciliation of Q2 2025 Constant Currency Revenue
		GAAP Revenue						% Change
		Quarter Ended						GAAP			Positive Impact of Foreign Exchange			Constant Currency
		8/3/25			8/4/24
Total Revenue		$	2,167.2		$	2,074.3		4.5	%		3.3	%		1.2	%
EMEA		$	1,048.5		$	1,014.2		3.4	%		6.4	%		(3.0	)%
APAC			335.2			339.8		(1.4	)%		1.5	%		(2.9	)%
Tommy Hilfiger		$	1,135.9		$	1,093.4		3.9	%		3.9	%		—	%
Calvin Klein		$	980.0		$	930.3		5.3	%		2.7	%		2.6	%
Owned and Operated Retail Stores		$	868.0		$	836.4		3.8	%		3.3	%		0.5	%
Owned and Operated Digital Commerce			186.6			180.7		3.3	%		3.3	%		—	%
Total Direct-to-Consumer		$	1,054.6		$	1,017.1		3.7	%		3.3	%		0.4	%
Wholesale		$	1,013.1		$	954.4		6.2	%		3.8	%		2.4	%

PVH CORP.

Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts

Reconciliations of (i) GAAP Operating Margin to Operating Margin on a Non-GAAP Basis and (ii) GAAP Diluted Net Income Per Common Share to Diluted Net Income Per Common Share on a Non-GAAP Basis
		Full Year 2024												Third Quarter 2024
		(Actual)												(Actual)
(In millions, except per share data)		Results Under GAAP				Adjustments (1)				Non-GAAP Results				Results Under GAAP			Adjustments (2)				Non-GAAP Results
Operating margin
Revenue		$	8,652.9							$	8,652.9
Earnings before interest and taxes			772.3			$	(92.9	)			865.2
Operating Margin (3)			8.9	%							10.0	%
Net Income per Common Share
Net income		$	598.5			$	(66.5	)		$	665.0			$	131.9		$	(38.6	)		$	170.5
Total weighted average shares			56.7								56.7				56.3							56.3
Diluted net income per common share		$	10.56							$	11.74			$	2.34						$	3.03

(1)	Represents the impact on earnings before interest and taxes and net income in the year ended February 2, 2025 from the elimination of (i) a recognized actuarial loss on retirement plans of $28 million; (ii) the $24 million net restructuring costs related to the Growth Driver 5 Actions; (iii) the $51 million costs incurred in connection with an amendment to Mr. Tommy Hilfiger’s employment agreement pursuant to which the Company made a cash buyout of a portion of future payments to Mr. Hilfiger (the “Mr. Hilfiger agreement”; and (iv) the $10 million gain recorded in connection with the Heritage Brands intimates transaction. The impact on net income also reflects a $26 million tax benefit associated with the foregoing pre-tax items.
(2)	Represents the impact on net income in the quarter ended November 3, 2024 from the elimination of (i) $3 million of net restructuring costs related to the Growth Driver 5 Actions; (ii) $51 million of costs in connection with the Mr. Hilfiger agreement; and (iii) a $15 million tax benefit associated with the foregoing pre-tax items.
(3)	GAAP operating margin is defined as GAAP earnings before interest and taxes divided by revenue. Operating margin on a non-GAAP basis is defined as earnings before interest and taxes on a non-GAAP basis divided by revenue.

 

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Investor Contact:

Sheryl Freeman

investorrelations@pvh.com

Media Contact:

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Source: PVH Corp.