PVH’s first quarter was shaped by diverging trends across its key markets. While the company delivered revenue and adjusted profit above Wall Street expectations, the market responded negatively due to management’s cautious assessment of persistent headwinds. CEO Stefan Larsson highlighted robust direct-to-consumer momentum—especially in e-commerce for Calvin Klein and Tommy Hilfiger—alongside increased marketing investment and targeted category growth, but acknowledged the significant drag from the ongoing Middle East conflict, which impacted consumer demand and wholesale activity in the EMEA region.
Is now the time to buy PVH? Find out in our full research report (it’s free for active Edge members).
PVH (PVH) Q1 CY2026 Highlights:
- Revenue: $2.03 billion vs analyst estimates of $1.99 billion (2.1% year-on-year growth, 1.5% beat)
- Adjusted EPS: $2.01 vs analyst estimates of $1.82 (10.5% beat)
- Adjusted EPS guidance for the full year is $11.95 at the midpoint, missing analyst estimates by 1.3%
- Operating Margin: 6.1%, up from -16.7% in the same quarter last year
- Constant Currency Revenue fell 2.3% year on year (2% in the same quarter last year)
- Market Capitalization: $3.68 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From PVH’s Q1 Earnings Call
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Jay Sole (UBS): Asked about the progress of the PVH+ Plan and inventory risk in EMEA. CEO Stefan Larsson explained the plan’s focus on Gen Z and millennial consumers, noting strong e-commerce momentum and disciplined inventory management that reduced markdown risk.
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Brooke Roach (Goldman Sachs): Inquired about the specific effects of the Middle East conflict on different regions. Larsson said about half of the headwind is direct (Middle East and Turkey) and half indirect (broader Europe), with continued focus on inventory, marketing, and e-commerce to mitigate impacts.
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Jay Catsicas (BTIG): Sought clarification on EMEA brand performance and May D2C improvement. Larsson confirmed positive e-commerce and brand momentum across both Calvin Klein and Tommy Hilfiger, but stressed that macro pressures required a cautious outlook for the rest of the year.
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Michael Binetti (Evercore): Asked about operating margin recovery and use of tariff refunds. CFO Melissa Stone detailed the timing of margin improvement, with refunds offsetting Q2 deleverage, and confirmed ongoing investment in digital, stores, and share repurchases.
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Dana Telsey (Telsey Group): Queried marketing effectiveness and licensing progress. Larsson highlighted successful collaborations and campaigns, especially in Calvin Klein, and noted that most North America women’s wholesale license take-backs were complete, with strong initial results at Macy’s.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be monitoring (1) the pace and sustainability of e-commerce and D2C growth in the Americas and Asia-Pacific, (2) stabilization or further deterioration in EMEA consumer demand amid ongoing geopolitical conflict, and (3) the tangible impact of increased marketing and digital investments on category momentum and brand engagement. Progress on licensing transitions and efficiency in inventory management will also be key signposts.
PVH currently trades at $79.92, down from $98 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).
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