PVH Corp. Exceeds First Quarter Revenue Guidance for 2025 and Adjusts Full Year Outlook

PVH Corp. recently released its first-quarter results for 2025, reporting revenue that exceeded expectations and providing an update on its full-year outlook. In the first quarter of 2025, the company saw a 2% increase in revenue to $1.984 billion compared to the same period the previous year. This increase was also noted on a constant currency basis, surpassing guidance which had projected flat to a decrease of 2%.

On a GAAP basis, PVH Corp. reported earnings per share of $(0.88), which included $480 million of pre-tax noncash goodwill and other intangible asset impairment charges. However, on a non-GAAP basis, earnings per share stood at $2.30, surpassing the guidance range of $2.10 to $2.25.

Looking ahead, PVH Corp. reaffirmed its full-year revenue outlook, expecting it to remain flat or slightly increase compared to the previous year. The operating margin is projected to be approximately 8.5% on a non-GAAP basis. This contrasts with the previous outlook which predicted it to be flat or slightly increasing compared to 10.0% in 2024 on a non-GAAP basis. Additionally, earnings per share for the full year are expected to fall within a range of $10.75 to $11.00 on a non-GAAP basis, with an adjusted outlook reflecting both positive and negative impacts related to tariffs and foreign currency translation.

In April 2025, PVH Corp. entered into $500 million accelerated share repurchase agreements, resulting in the delivery of around 4.6 million shares during the first quarter. This move is part of the company’s efforts to optimize its capital structure and enhance shareholder value.

CEO Stefan Larsson expressed positivity regarding the company’s performance in the first quarter, highlighting the successful launches of Calvin Klein’s Icon Cotton Stretch franchise and TOMMY HILFIGER’s lifestyle-driven product campaigns. Despite challenges posed by an uncertain consumer and macroeconomic climate, Larsson emphasized the importance of focusing on controllable factors like product quality and marketing strategies to drive continued growth.

CFO Zac Coughlin echoed Larsson’s sentiments, detailing PVH Corp.’s proactive measures to mitigate the current challenging economic conditions and improve profitability. The company remains committed to implementing cost-saving initiatives and investing in impactful marketing campaigns to drive growth in the second half of the year.

PVH Corp. also made changes to its reportable segments, transitioning to a region-focused structure to align with its evolving business model. The company now operates under four segments: EMEA, Americas, APAC, and Licensing. These changes aim to optimize the company’s organizational efficiency and enhance financial reporting accuracy.

In the first quarter, revenue growth was driven by various factors across different regions. EMEA saw a 5% increase in revenue, while the Americas reported a 7% increase in wholesale business offset by a decline in direct-to-consumer sales. APAC experienced a 13% decrease in revenue, largely influenced by timing issues and challenging market conditions in China. Licensing revenue also saw a 2% decrease due to product category transitions.

Overall, PVH Corp.’s first-quarter results showcase resilience in the face of economic uncertainties, with a strategic focus on strengthening brand positioning and operational effectiveness to drive continued growth and success in the future.