Tommy Hilfiger owner raises revenue forecast after Q2 tops guidance

PVH Corp, the parent company of Calvin Klein and Tommy Hilfiger, has revealed that its second-quarter results beat expectations, prompting the company to raise its full-year outlook.

For the quarter ending 28 July 2025, revenue rose 4% year-on-year to $2.17 billion (£1.69 billion).

Both of PVH’s flagship brands delivered growth during the quarter. Tommy Hilfiger revenue increased by 4%, while Calvin Klein revenue rose by 5%.

From a regional perspective, the Americas revenue led with an 11% increase, driven by wholesale growth and the transition of certain women’s product categories in-house. EMEA revenue was up 3%. APAC revenue slipped by1%, with China remaining a challenging market.

Direct-to-consumer sales grew 4%, supported by both physical stores and digital commerce, while wholesale revenue climbed 6%.

PVH’s gross margin fell to 57.7% from 60.1% a year earlier, pressured by increased promotions, channel mix shifts, higher tariffs on US imports, and freight costs.

Looking ahead, PVH now expects full-year 2025 revenue to rise slightly to low single digits, an upgrade from its previous forecast of flat to slightly up. On a constant currency basis, revenue is expected to remain flat to slightly higher.

CEO Stefan Larsson said the company’s execution of its "PVH+ Plan" was driving momentum across its two core brands.

Larsson said: "In the second quarter, through our disciplined execution of our PVH+ Plan, we continued to lean further into Calvin Klein and Tommy Hilfiger’s iconic brand strength and we grew revenue 4% with better-than-expected non-GAAP EBIT margins.

"Looking ahead to fall, both brands are geared up with a strong category focus, more innovation in key product franchises, and cut-through campaigns with globally relevant talent."

Zac Coughlin, Chief Financial Officer, added: "For the second quarter, we delivered on our plan through our focus on next level execution of the PVH+ Plan. We delivered revenue growth and earnings per share above our guidance through both better gross margin performance and our actions to drive operating efficiencies.

"We are reaffirming our full year non-GAAP earnings guidance despite ongoing macroeconomic uncertainty, including the evolving global trade landscape, while also increasing our investment in brand building initiatives."

For Q3, PVH expects revenue to be flat to slightly up year-on-year, with non-GAAP EPS in the range of $2.35 to $2.50 (£1.83–£1.95).