PVH Corp
(BSP:P1VH34)
R$
185.42
(0%)
Market Cap: 17.11 Bil
Enterprise Value: 33.50 Bil
PE Ratio: 0
PB Ratio: 0.72
GF Score: 72/100 
Q2 2026 PVH Corp. Earnings Call Transcript
Sep 03, 2026 / 01:00PM GMT
Release Date Price:
R$185.42
(-5.99%)
Key Points
Positve
- PVH Corp (PVH) beat its profitability guidance for Q2 2026, with gross margins expanding year-over-year excluding tariff refunds and EPS of $3.70 exceeding expectations.
- The company is seeing strong momentum in its direct-to-consumer (D2C) and e-commerce channels, with e-commerce traffic up double digits for Calvin Klein and high single digits for Tommy Hilfiger, and e-commerce revenue growing 4%.
- PVH Corp (PVH) is successfully driving growth in key product categories, such as Calvin Klein Denim (double-digit growth) and Tommy Hilfiger sweaters (double-digit growth), with strong AUR expansion and consumer response to new campaigns.
- The company has identified and is executing on cost-saving initiatives, confirming annualized run-rate savings of approximately $45 million, which will contribute to profitability in 2026 and 2027.
- PVH Corp (PVH) is making progress on its licensing transition, with the go-forward licensing portfolio growing low single digits and expected to return to overall growth by 2027, supported by strategic partnerships.
- Inventory levels are well managed, down 3% year-over-year, with improved stock freshness, positioning the company well for the fall and holiday seasons.
- The company is investing in high-impact marketing campaigns with top talent (e.g., Travis Kelce, Tate McRae), which are driving strong consumer engagement, social media reach, and early positive responses, indicating a strong ROI.
- PVH Corp (PVH) reaffirmed its full-year guidance, demonstrating confidence in its strategic plan despite a dynamic macro environment, with expectations for growth in the Americas and APAC.
- The company is seeing strong performance in APAC, with D2C growth led by stores and better-than-expected gross margin performance, indicating resilience in that region.
- PVH Corp (PVH) is upgrading its marketplace experience with over 120 store refurbishments and 130 new store openings year-to-date, enhancing the consumer shopping experience.
Negative
- PVH Corp (PVH) experienced a 3% decline in total revenue for Q2 2026, with revenue in EMEA down 6% due to a challenging macro environment and the impact of the Middle East conflict.
- The wholesale channel remains under pressure, particularly in Europe, with the Spring '27 order book down mid-single digits as wholesalers remain cautious.
- The company's operating margin, excluding tariff refunds, was only 6% in Q2, down from 8.2% in the prior year, indicating underlying profitability challenges.
- PVH Corp (PVH) recorded a non-cash goodwill impairment charge of $439 million in Q2, reflecting changes in valuation assumptions due to geopolitical and macroeconomic factors.
- The company faces ongoing uncertainty from tariff rates, which could impact future margins, and it has embedded support for volatility in its guidance.
- SG&A expenses increased 240 basis points to 51.9% of revenue, driven by higher marketing investments and deleverage on lower revenue, which pressures profitability.
- The licensing business revenue declined 13% in Q2 due to the North America license transitions, which are expected to continue impacting results through the end of 2026.
- In EMEA, D2C revenue declined low single digits in constant currency, and the company expects continued revenue declines in the region for Q3, with wholesale also down.
- The company's full-year revenue is expected to be approximately flat on a reported basis and down slightly on a constant currency basis, indicating limited top-line growth.
- Q4 gross margin is expected to be lower due to channel mix effects, potential promotional activity, and tariff uncertainty, which could weigh on profitability.
Operator
Good morning, everyone, and welcome to today's PVH Corp., second-quarter 2026 earnings conference call. (Operator Instructions) Please note this call may be recorded and that I will be standing by should you need any assistance.
It is now my pleasure to turn today's program over to Cait Howard, Senior Director of Investor Relations.
Caitlin Howard
PVH Corp. - Senior Director, Investor Relations
Thank you, operator. Good morning, everyone, and welcome to the PVH Corp., second-quarter 2026 earnings conference call. Leading the call today will be Stefan Larsson, Chief Executive Officer; and Melissa Stone, Interim Chief Financial Officer and Executive Vice President, Global Financial Planning and Analysis. Alexis Rollier, our incoming Chief Financial Officer, has joined, and we look forward to having him lead our third-quarter 2026 earnings conference call along with Stefan.
This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material. It may not be recorded, rebroadcast, or otherwise transmitted
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