PVH Corp. posted first-quarter fiscal 2026 results that highlighted direct-to-consumer momentum and steady margins, even as tariff uncertainty and softness in Europe, the Middle East and Africa weigh on its outlook. Direct-to-consumer revenues rose 6% on a reported basis, with owned and operated digital commerce up 11%, while wholesale revenues were flat reported but down 6% in constant currency. Gross margin held at 58.6% despite higher U.S. tariffs, and inventory fell 5% to $1.510 billion. The company reaffirmed its full-year non-GAAP operating margin target of approximately 8.8% but now expects fiscal 2026 revenues to be roughly flat on a reported basis and to decline slightly in constant currency, with a blended tariff rate of about 15% on U.S.-bound goods creating an estimated $195 million gross EBIT impact.
PVH CorpPVH faces $195M gross EBIT impact from ~15% tariff on U.S.-bound goods, weighing on outlook.
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