PVH Q2 revenue falls on wholesale weakness

PVH

02/09/2026 21:26

Overview
U.S. apparel maker's Q2 revenue fell 3% but slightly beat analyst expectations
Adjusted EPS for Q2 beat analyst expectations, aided by tariff refunds and cost discipline
Company reaffirmed full-year revenue, operating margin and EPS outlook

Outlook
PVH Corp reaffirms full-year 2026 revenue outlook of approximately flat
Company expects full-year 2026 non-GAAP EPS of $11.80 to $12.10
PVH projects third-quarter 2026 revenue to decrease low single-digits

Result Drivers
TARIFF REFUNDS - Q2 gross margin and non-GAAP operating margin benefited from $107 mln in tariff refunds, contributing about 510 basis points to margin and $1.80 per share to EPS
WHOLESALE WEAKNESS - Revenue declined in EMEA and Americas due to soft consumer demand and a drop in wholesale business, with EMEA impacted by macroeconomic and geopolitical factors
DTC AND E-COMMERCE GROWTH - Direct-to-consumer and e-commerce revenues grew in the Americas and APAC, partially offsetting declines in wholesale

Company press release: ID:nBw4K7K9Wa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Slight Beat*
$2.10 bln
$2.09 bln (12 Analysts)
Q2 Adjusted EPS
Beat
$3.70
$3.08 (12 Analysts)
Q2 Loss Per Share
 
$2.23
 
Q2 Net Loss
 
$102.90 mln
 
Q2 EBIT
 
-$190.90 mln
 
Q2 Gross Profit
 
$1.32 bln
 
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 5 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the apparel & accessories peer group is "buy"
Wall Street's median 12-month price target for PVH Corp. is $87.00, about 19.4% above its September 1 closing price of $72.87
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago

Reuters Recommended Reads
Sept 2 - G-III Apparel Q2 profit beats estimates on margin expansion
Sept 1 - France targets Shein and Temu with fast fashion fees
Sept 2 - Five Below Q2 sales beat estimates on strong comparable growth; raises annual outlook

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)