Fashion Files Vol 159: Industry Readthroughs, PVH Exec Changes, EPS Updates

Research evidence excerpt

Fashion Files Vol 159: Industry Readthroughs, PVH Exec Changes, EPS Updates

USA | Consumer EquityMayResearch24, 2026

Exhibit 1 - Coverage Stock Moves Since StartFashion Files Vol 159: Industry Readthroughs,

of US-Iran Conflict

40%PVH Exec Changes, EPS Updates 30% 28%

20% Change

%For this week in our fashion coverage, we focus on 1) industry readthroughs 10% 9% 7% 5% 5%

Price 0% -1%

-10% -5%from CYQ1 EPS reports suggest consumer demand resilient despite macro Stock -9% -11% -11% -14% -20%

-21%

-30% -26%vol, though regional divergence, tariff uncertainty, & input cost headwinds KSS LUXE PVH SP50 KTB RL M LEVI XRT CPRI TPR DECK VFC

2/28 - 5/22remain key watchpoints, 2) PVH announces leadership changes, 3) KTB enters .

agreement to sell Lee to Authentic Brands Group, 4) CPRI preview, and 5) EPS Source: Factset, Jefferies

recaps. Exhibit 2 - Fashion Brands P/E Valuation

35.0x

30.0x

Industry Reads from Earnings So Far: Most results suggest demand remained relatively resilient 25.0x

through March, w/ some variability into April & May. We note some regional divergence as EMEA 20.0x15.0x

sees pressure tied to the Middle East conflict, along with modest pockets of potential price 10.0x

resistance. The Middle East conflict has specifically pressured tourism and traffic in Europe, in 5.0x0.0x

addition to driving cost inflation (freight, fuel, and supply chain disruption), though impacts to CPRI DECKFY2 P/EKTBRange LEVICurrentPVH 10YrRLAvg TPR VFC

date appear manageable. Most cos signaled that freight and product input risks are more of a .Source: Factset, Jefferies

CY27 consideration vs. CY26. Tariffs remain a key swing factor, particularly in the 2H, where both

tariff rates and the accounting treatment of refunds vary across cos.