PVH Corp (PVH) Q2 Earnings Beat Amid Geopolitical Pressure

PVH Corp. (NYSE: PVH) Posts Adjusted Earnings Beat Despite Geopolitical Pressures

PVH Corp. shares increased 10.5% over the past six months, outperforming the textile-apparel industry’s 8.8% decline.
The company reported a second-quarter GAAP net loss of $102.9 million, primarily reflecting a $439 million noncash goodwill impairment charge. However, adjusted earnings of $3.70 per share exceeded expectations.
Management reaffirmed its full-year 2026 non-GAAP EPS outlook of $11.80 to $12.10, along with approximately flat reported revenue.

PVH Corp. (NYSE: PVH) is a global apparel company that owns brands including Calvin Klein and Tommy Hilfiger. Over the past six months, PVH shares increased 10.5%, outperforming the textile-apparel industry’s 8.8% decline during the same period.
On September 4, 2026, Telsey Advisory analyst Dana Telsey lowered the firm’s price target for PVH to $79 from $84, while maintaining a Market Perform rating. Based on a share price of $75.01, the revised target implied potential upside of approximately 5.32%.
The price-target reduction followed PVH’s mixed second-quarter results. Revenue declined 3% year over year to $2.10 billion, broadly matching expectations. Revenue in Europe, the Middle East, and Africa fell 6%, partly because of weak consumer demand associated with the prolonged effects of the Middle East conflict and its broader economic impact.
PVH reported a GAAP net loss of $102.9 million, or $2.23 per share, compared with net income of $224.2 million, or $4.63 per share, in the prior-year quarter. The loss primarily reflected a $439 million pre-tax noncash goodwill impairment charge related to changes in valuation assumptions associated with geopolitical and macroeconomic factors.
On an adjusted basis, PVH earned $3.70 per share, exceeding its guidance of $3.00 to $3.10 and the analyst consensus estimate of approximately $3.08. The result included an approximately $1.80-per-share benefit from $107 million in tariff refunds.
Owned and operated digital-commerce revenue increased 4%, or 3% on a constant-currency basis. However, total direct-to-consumer revenue was approximately flat because digital growth was offset by a decline in store revenue.
Looking ahead, management reaffirmed its full-year 2026 outlook. PVH expects reported revenue to remain approximately flat, with a slight decline on a constant-currency basis. The company continues to project a non-GAAP operating margin of approximately 8.8% and non-GAAP EPS of $11.80 to $12.10.
Nevertheless, near-term pressures remain. For the third quarter, PVH expects revenue to decline by a low-single-digit percentage and projects non-GAAP EPS of $2.50 to $2.65, reflecting continued uncertainty in its major international markets.