Q3 2025 PVH Corp Earnings Call Transcript
Key Points
- PVH Corp (PVH) exceeded guidance across reported revenue, operating profit, and EPS for the third quarter.
- The company reaffirmed its full-year constant currency revenue and operating margin outlook, narrowing its reported revenue and non-GAAP EPS outlook to the high end of previous ranges.
- Strong performance in the Asia Pacific region, particularly in China, Japan, and Australia, with notable improvements in direct-to-consumer (D2C) channels.
- Successful marketing campaigns featuring global talents like Bad Bunny, Rosalia, and Jungkook drove significant growth in key product categories such as underwear and denim.
- PVH Corp (PVH) achieved over 200 basis points in SG&A efficiencies over the past 18 months, reflecting disciplined cost management.
- Revenue in Europe declined low single digits in constant currency, impacted by a tougher consumer backdrop and operational challenges.
- The company faced delays related to the Calvin Klein global product challenges, affecting shipments and full-price selling opportunities.
- Gross margin decreased by 210 basis points compared to last year, primarily due to higher tariffs and licensing transitions.
- Licensing revenues were lower versus last year, reflecting the transition of certain women's North America wholesale categories.
- The Americas region experienced a choppy macro backdrop, with direct-to-consumer revenue declining low single digits.
Good morning, everyone, and welcome to today's PVH third quarter 2025 earnings conference call. (Operator Instructions) Please note, this call may be recorded. (Operator Instructions)
It is now my pleasure to turn today's program over to Sheryl Freeman, Senior Vice President of Investor Relations.
Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. third quarter 2025 earnings conference call. Leading the call today will be Stefan Larsson, Chief Executive Officer; and Zac Coughlin, Chief Financial Officer. 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 without PVH's written permission. Your participation constitutes your consent to having anything you say appear on any transcript or replay of this call.
The information to be discussed includes forward-looking statements that reflect PVH's view as of December 3, 2025 of future
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