PVH Corp. Reports Mixed Q2 2026 Results, Reaffirms Full-Year Outlook — PVH Corp.

Event summary

PVH Corp. reported a 3% year-over-year revenue decline to $2.097 billion in Q2 2026, in line with guidance.
Non-GAAP operating margin exceeded expectations at 11.1%, benefiting from tariff refunds and cost actions.
Inventory decreased by 3% year-over-year to $1.738 billion, reflecting disciplined inventory management.
The company reaffirmed its full-year 2026 outlook for flat revenue and non-GAAP operating margin of approximately 8.8%.
Alexis Rollier joined as the new Chief Financial Officer, bringing extensive financial and operational experience from Sephora.

The big picture

PVH Corp.'s Q2 2026 results reflect a strategic focus on disciplined execution of the PVH+ Plan across its iconic brands, Calvin Klein and Tommy Hilfiger. The company's ability to navigate regional economic challenges, particularly in EMEA, and sustain momentum in direct-to-consumer (DTC) channels will be pivotal. The appointment of Alexis Rollier as CFO underscores a commitment to financial discipline and operational efficiency, which will be essential in driving long-term shareholder value in a competitive retail landscape.

What we're watching

Brand Momentum: The early momentum for the new fall season in product and marketing, with positive consumer response to campaigns featuring Tate McRae for Calvin Klein and Travis Kelce for Tommy Hilfiger, will be a key indicator of sustained brand strength.
Cost Actions: The effectiveness of PVH's stepped-up cost actions and their impact on long-term profitability will be crucial to monitor, especially as the company continues to invest in strategic priorities and brands.
Regional Performance: The continued soft consumer demand in EMEA due to the prolonged effects from the conflict in the Middle East and its broader macroeconomic impacts will be a critical factor in PVH's ability to maintain its full-year outlook.