PVH Corp. ( $PVH) Stock: Q2 Earnings Beat with Revenue Growth, Outlook Raised

TLDR

• PVH Q2 2025 EPS rose to $4.63 (GAAP), $2.52 (non-GAAP), beating forecasts.
• Revenue grew 4% YoY to $2.167 billion, led by Calvin Klein and Tommy Hilfiger.
• Gross margin slipped to 57.7% vs. 60.1% last year.
• FY25 EPS outlook reaffirmed at $10.75–$11, revenue guidance raised slightly.
• PVH stock trades at $81.20, down 1.56% during Q2 results release.

PVH Corp. (NYSE: PVH) reported its second-quarter fiscal 2025 earnings on August 27, 2025, with shares trading at $81.20, down 1.56% intraday.

PVH Corp. (PVH)

The apparel giant behind Calvin Klein and Tommy Hilfiger delivered stronger-than-expected earnings and raised its revenue outlook for the year. Net income surged to $224.2 million, or $4.63 per share, compared with $158 million, or $2.80 per share, in the prior year. On an adjusted basis, earnings came in at $2.52 per share, topping guidance of $1.85–$2.00.

Revenue for the quarter rose 4.5% to $2.167 billion, supported by strength in the Americas wholesale channel and steady momentum across its flagship brands.

Brand and Regional Performance

Calvin Klein posted a 5% revenue increase, supported by growth in underwear and denim categories, with added visibility from campaigns featuring Bad Bunny. Tommy Hilfiger’s revenue rose 4%, boosted by marketing tie-ins with the summer blockbuster F1 The Movie and sponsorship of the US Sail GP team.

By region, the Americas led with 11% revenue growth, largely from wholesale. EMEA sales increased 3% year-over-year, while APAC saw a 1% decline due to wholesale softness and muted consumer spending in China. Direct-to-consumer sales were flat on a constant currency basis but still recorded 4% reported growth.

Margins and Challenges

Despite revenue gains, profitability pressures persisted. Gross margin declined to 57.7% from 60.1% a year ago, weighed down by tariffs, higher freight costs, and increased promotional activity. Non-GAAP EBIT slipped slightly to $178 million compared with $189 million last year. Inventory levels rose 13% as the company built product availability ahead of Q3 demand.

Guidance and Strategic Outlook

For fiscal 2025, PVH reaffirmed its EPS outlook of $10.75–$11 while raising its revenue forecast to low single-digit growth. The company expects Q3 EPS in the range of $2.35–$2.50 on flat-to-slightly higher revenue. Management also reiterated its focus on strengthening brand desirability, investing in product innovation, and global marketing execution.

CEO Stefan Larsson emphasized that 2025 remains a return-to-growth year, with PVH leveraging its Calvin Klein and Tommy Hilfiger brand power to navigate macroeconomic uncertainty. While stock buybacks are paused after $561 million repurchases earlier this year, the company continues to prioritize long-term growth initiatives.

Performance Overview

Despite operational improvements, PVH shares have underperformed in 2025. Year-to-date, the stock is down 23.14%, versus a 10.08% gain for the S&P 500. Over a one-year horizon, PVH has lost 22.13% compared with a 15.09% rise in the benchmark. However, its longer-term trajectory shows resilience, with a 48.52% five-year return.

Key Points

PVH delivered a solid Q2 earnings beat, powered by Calvin Klein and Tommy Hilfiger, while managing through margin pressures. With a raised revenue outlook, reaffirmed EPS guidance, and continued brand strength, the company is positioned for gradual recovery despite near-term stock weakness.

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