Sep 3, 2026 earnings call — PVH reaffirms full-year outlook; marketing drives momentum
Q2 revenue decreased 3% and operating margin was 11.1%, with tariff refunds of $107 million boosting results.
Revenue $2.1B (est $2.1B) · EPS $3.70 (est $3.08)
Key quotes
"We are relentless in delivering on our PVH plus plan."
"By linking the campaign's product, marketing, and immersive retail activations globally, our teams created a true cultural moment that drove 5 billion in social media reach triple digit growth in e-commerce traffic compared to the Spring brand campaign, and over 90% global sell through."
"Through these efforts, we are reducing cost across nearly a dozen categories and have already confirmed annualized run rate savings of approximately $45 million with a portion of these savings in 2026 and a full realization in 2027."
Analyst Q&A 5
Marketing ROI and Travis Kelce dog
Q (Bob Durbel · BTIG): Analyst asked about marketing ROI from high-profile campaigns and whether they paid Travis Kelce for his dog in a Tommy video.
A: Management said marketing is driving strong traffic and D2C growth, and gave campaign engagement examples. They noted specific product revenue lifts in Q2 tied to the campaigns and praised the team's fall lineup.
"In Q2, you saw how this started to drive return in sweaters up double-digit in revenue, shirts and polos up mid-single-digit." — Stefan Larsson (CEO)
Trends and orders in Europe
Q (Jay Sole · UBS): Analyst asked about underlying brand trends in Europe and whether Europe can grow overall through this year into next year, given plans to help wholesale fulfill on-time.
A: Management said Europe performed as expected after earlier disruption from the Middle East war and that e-commerce and D2C improved in Q2 versus Q1. They described working closely with key wholesale accounts on granular planning, newness, and in-season replenishment to drive growth.
"But within that, we see ecommerce growth increasing, and it is very much driven to what Bob asked about the marketing effectiveness." — Stefan Larsson (CEO)
Licensing transition and product strategy
Q (Dana Telsey · Telsey Advisory Group): Analyst asked how the licensing transition is progressing, what they see for brands and categories, and about hero versus new products going forward.
A: Management said the North America women's licensing transition is on plan and will finish by year-end. They also said they are growing brand-building licensing (over $300 million revenue) and focusing product strategy on iconic hero items made current, like denim and sweaters.
"The transition of our women's licensing in North America is on plan and going to be done by end of this year." — Stefan Larsson (CEO)
New CFO priorities and US consumer
Q (Jefferies): Analyst asked the new CFO's key priorities and how the US consumer and pricing elasticity are affecting the business amid higher gas prices.
A: Management said the new CFO, Alexei, brings experience from Sephora and will help drive focused cost improvements alongside consumer-facing investments. They said the US consumer is resilient, responding well to relevant product and pricing, and they see pricing power when product relevance and price align.
"And 1 of the key priorities here is driving and leading together with me and the leadership team, the increased cost focus because it is both." — Stefan Larsson (CEO)
D2C in Europe, tariffs, and margin outlook
Q (Michael Binetti · Evercore): Analyst asked how to drive D2C growth given weaker wholesale spring orders, whether retailers will use tariff refunds to cut prices and if that is in guidance, and how operating margins should trend into 2027.
A: Management said D2C and e-commerce grew despite European disruption and they will work closely with wholesale, emphasizing in-season replenishment and key franchises. On gross margin, they reaffirmed full-year guidance, noted Q2 beat, expect Q3 expansion, and said Q4 may be lower due to channel mix, potential promotional support, and tariff uncertainty.
"We have not changed our overall gross margin guidance for the year." — Melissa Stone (CFO)