Overview
- PVH lowered its full‑year revenue outlook to roughly flat on a reported basis and slightly down in constant currency, and shares fell about 19–23% after the company delivered the update on Thursday.
- The first quarter ended May 3 produced a beat on earnings with revenue of about $2.03 billion, net income of $88 million, and direct‑to‑consumer growth even as constant‑currency sales fell 2 percent.
- CEO Stefan Larsson told investors the Iran conflict is hitting EMEA in three ways: sharply lower wholesale demand in the Middle East, knock‑on declines in Turkey from weaker tourism and macro conditions, and reduced European store traffic from higher fuel costs.
- PVH reaffirmed adjusted EPS guidance of $11.80–$12.10, saying an estimated $100 million in tariff refunds and a roughly 15 percent assumed blended U.S. import tariff rate partly offset the EMEA weakness.
- Management pointed to mitigants including DTC momentum, category strength in Calvin Klein underwear/denim and Tommy Hilfiger sweaters/outerwear, more in‑house women’s wholesale and marketing investments, and warned that continued conflict could further pressure EMEA and quarterly wholesale orders.