On August 26, New York–based PVH Corp., the parent company of Calvin Klein and Tommy Hilfiger, announced its financial results for the second quarter of fiscal year 2025. Revenue rose 4% year-on-year to $2.167 billion, beating market forecasts, while adjusted earnings per share (non-GAAP) came in at $2.52, exceeding guidance of $1.85 to $2.00.
Calvin Klein delivered strong results in underwear and denim, with sales up 5% year-on-year. The global momentum was fueled in particular by the success of its “Cotton Stretch” line, boosted by a high-profile campaign featuring Bad Bunny.
Tommy Hilfiger, meanwhile, posted a 4% sales increase, supported by a tie-in with the upcoming film F1 starring Brad Pitt and Damson Idris, along with sports partnerships that amplified brand visibility.
By region, the Americas saw an 11% revenue increase, driven by wholesale expansion. The Asia-Pacific region declined 1% due to softer consumer demand in China, while Europe, the Middle East, and Africa posted 3% growth, though revenue fell 3% on a constant currency basis.
Chief Executive Officer Stefan Larsson stated: “In the second quarter, through our disciplined execution of our PVH+ Plan, we continued to lean further into Calvin Klein and Tommy Hilfiger’s iconic brand strength and we grew revenue 4% with better-than-expected non-GAAP EBIT margins.”
Chief Financial Officer Zac Coughlin added: “For the second quarter, we delivered on our plan through our focus on next level execution of the PVH+ Plan. We delivered revenue growth and earnings per share above our guidance through both better gross margin performance and our actions to drive operating efficiencies. We are reaffirming our full year non-GAAP earnings guidance despite ongoing macroeconomic uncertainty, including the evolving global trade landscape, while also increasing our investment in brand building initiatives.”
For fiscal 2025, PVH raised its revenue outlook from “flat to slightly up” to “slightly up to low single digits.” The company reaffirmed its non-GAAP operating margin guidance at approximately 8.5%, and maintained its EPS forecast at $10.75–$11.00.
While the company expects a negative impact of roughly $1.15 per share from U.S. import tariffs, this will be partially offset by a positive foreign currency translation impact of $0.45 per share, revised upward from the previous estimate of $0.10.
PVH is gearing up for major campaigns this fall and has defined 2025 as its “year of return to growth.” Looking ahead to the critical fall season, both Calvin Klein and Tommy Hilfiger are preparing with a strong category focus, further innovation across key product franchises, and cut-through full-funnel campaigns featuring globally influential talent. While challenges remain—most notably the sluggish consumer environment in China and continued tariff pressures—the company has expressed strong confidence in its long-term brand-led strategy.
Larsson emphasized that PVH is “again stepping up the momentum we drove in the second quarter as we remain relentlessly focused on the multi-year journey to build Calvin Klein and Tommy Hilfiger into the most desirable brands in the world,” reaffirming the company’s confidence in delivering growth in 2025 despite global macroeconomic uncertainty.
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