PVH Corp., the parent company of Calvin Klein and Tommy Hilfiger, reported first-quarter sales of $1.984 billion, marking a 2% year-over-year increase — a result that beat Wall Street expectations, driven primarily by continued strength at Tommy Hilfiger.
Brand Performance: Tommy Outpaces Calvin
While Calvin Klein sales remained flat, Tommy Hilfiger posted a 3% uptick, fueled by solid growth in both EMEA and the Americas. CEO Stefan Larsson credited the momentum to storytelling campaigns and lifestyle-focused assortments, including a seasonal refresh of “Tommy Classics” and a major brand tie-in with ‘F1: The Movie’.
On the Calvin side, Larsson highlighted the Icon Cotton Stretch launch — bolstered by a viral campaign featuring Bad Bunny — as one of the brand’s strongest product moments in years.
Regional Sales Breakdown
- Americas: +7%, led by wholesale growth. However, the direct-to-consumer segment experienced a mid single-digit decline.
- EMEA: +5%, with balanced growth across wholesale and retail channels.
- APAC: -13%, largely due to Lunar New Year timing shifts and continued softness in Chinese consumer sentiment.
In licensing, revenue dropped 2% following PVH’s decision to internalize previously licensed women’s categories.
Net Income & Outlook
PVH swung to a net loss of $44.8 million in Q1 2025, compared to a $151.4 million profit during the same period last year. Loss per share came in at $0.88, contrasting sharply with $2.59 EPS in Q1 2024.
Despite these headwinds, Larsson remains focused on PVH’s long-term brand elevation strategy, noting that the group is still in the midst of its PVH+ transformation plan.
“We’re focused on what we can control — scaling great product, launching breakthrough campaigns, and tightening marketplace execution. This will strengthen both the second half and our long-term ambition to make Calvin Klein and Tommy Hilfiger the most desirable lifestyle brands in the world,” he said.
Revised Full-Year Profit Forecast
While PVH reaffirmed its flat-to-slightly-up full-year revenue outlook, it lowered its profit forecast, citing pressure from tariffs on U.S. imports. Adjusted EPS guidance was cut to $10.75–$11.00, down from a previous range of $12.40–$12.75.
