1Q26 Earnings Review

研报英文原文证据摘录

1Q26 Earnings Review

June 4, 2026 PVH Corp.

(PVH, Buy, $100 PT)

Robert Drbul

1Q26 Earnings Review (332) 400-5186 rdrbul@btig.comCONSUMER Jake Katsikas WHAT YOU SHOULD KNOW: (212) 738-6162 jkatsikas@btig.com

■ 1Q26 Earnings... PVH reported 1Q26 revenue of $2.0B, up 2% y/y (vs. BTIGe $1.9B), Company Data

with adjusted EPS of $2.01 (vs. BTIGe $1.80). Adjusted operating margin was 6.5%,

Closing Price $75.48RETAIL in-line with our estimate, down 160bps y/y, while gross margin was flat at 58.6% (vs.

BTIGe 58.5%). Inventory declined 5% y/y to $1.5B, reflecting improved inventory Price Target $100.00

productivity and cleaner levels entering the quarter. Top-line performance was Market Cap (M) 3,502.27

supported by DTC growth of 6% (+3% cc), driven by strength in both stores and Enterprise Value (M) $6,526.00

digital, partially offset by weaker wholesale trends, which declined in constant Shares Out (M) 46.40EQUITY

currency due to shipment timing shifts and more cautious partner ordering. EBIT Avg Daily Vol-3 Months (M) 1.16

declined to $131M on an adjusted basis, driven by increased marketing and

brand investments alongside ongoing tariff pressures, partially offset by mitigation Dividend / Yield $0.15 / 0.2%

actions and favorable mix. Revisions

Previous Current ■ By segment, EMEA revenue increased 2% reported (down 5% cc), reflecting

Rating Buy BuyRESEARCH declines across both DTC and wholesale amid softer consumer demand and macro

pressure tied to the Middle East conflict. Americas revenue declined 1% (down 2% Price Target $100.00 $100.00

cc), as DTC growth was offset by wholesale headwinds driven by timing shifts and FY26E REV 9,057.20 8,946.55

partner caution. APAC was the strongest region, with revenue up 10% reported FY27E REV 9,270.60 9,277.70