PVH Corp. (PVH) Earnings Live: If Stars Align, Stock Could Reverse Dampened Sentiment

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Consensus Snapshot

2:30 pm
by Joel South

• Q1 EPS Estimate: $2.23 
• Q1 Revenue Estimate: $1.94 billion 
• YoY EPS Decline: -9% 
• YoY Revenue Decline: -0.8% 
• Segment Estimates: 
  • Tommy Hilfiger: $1.02B (+0.5%) 
  • Calvin Klein: $876M (-1.2%) 
  • Heritage Brands: $41M (-16.5%)

Wall Street expects a modest decline in both EPS and revenue. The $2.23 EPS estimate marks a ~9% drop YoY, as PVH laps stronger Q1 2025 margins and higher ASPs. Revenue is projected to come in flat, with Tommy Hilfiger expected to offset weakness in Calvin Klein and Heritage Brands.

Analysts will be watching segment commentary closely. In recent quarters, Tommy has outperformed — driven by strength in international DTC — while Calvin has lagged on macro softness and SKU complexity. Investors want evidence that the company is simplifying assortments and investing in brand storytelling without sacrificing pricing power.

The company guided Q1 revenue to decline low single digits, which consensus matches. EPS guidance was wide enough to include current expectations, so the bar isn’t high — but it’s not trivial either. Execution will determine the multiple reaction.

PVH Corp. (NYSE: PVH) heads into its Q1 FY2026 earnings with modest tailwinds and cautious optimism. The stock has rebounded 15% in the past month — outperforming peers like Ralph Lauren and Tapestry — but still trades well below its 52-week high and remains down 23.5% year-to-date. Despite consistently beating EPS estimates for four consecutive quarters, PVH’s valuation has contracted, reflecting investor concerns around wholesale volatility, FX drag, and regional softness in Asia and Europe.

The company’s two flagship brands, Tommy Hilfiger and Calvin Klein, have held up relatively well, aided by DTC expansion and disciplined inventory management. However, wholesale partners continue to cut orders, and macro softness in Europe — especially Germany and the UK — remains a drag. On the last call, management guided cautiously, bracketing consensus and citing continued FX and channel pressure.

This quarter is crucial to confirming whether consumer trends have stabilized and if PVH’s inventory positioning allows for cleaner sell-through. With short interest above 10%, a clean beat and raised guide could catalyze a squeeze and spark a reversal in sentiment.

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