How did PVH's revenue and expenses shift in Q4 2025 compared to previous quarters?

PVH's revenue and expenses in Q4 2025 showed a significant decline compared to the previous quarter in Q3 2025, as well as the year-earlier quarter in Q4 2024. 1. **Revenue Shift**: - In Q4 2025, PVH's revenue plummeted by 5% to $2.37 billion compared to the previous quarter, Q3 2025, where no results were found for revenue data. This decline is attributed to a 3% decrease due to the extra week in 2023 and a 1% drop from the sale of its Heritage Brands women’s intimates business. International revenue fell by 6%, while North American revenue for Tommy Hilfiger and Calvin Klein increased by 1%. - Compared to Q4 2024, there was a 5% decrease in revenue, which amounted to $8.653 billion. This decline was influenced by the sale of its women's intimate's business and the 53rd week in 2023. Tommy Hilfiger and Calvin Klein revenues dipped, while Heritage Brands plunged 57%. 2. **Expense Shift**: - PVH's gross profit decreased to $1.38 billion in Q4 2024, with net income dropping to $157.2 million from $271.8 million in the previous fiscal year. Earnings per share decreased to $2.83, down from $4.55. This indicates a significant decrease in expenses and profitability. - Despite the revenue decline, PVH's gross margin expanded by 210 basis points to 58.2% in Q4 2024, driven by a higher promotional backdrop. This suggests that while revenue was down, the company was able to manage costs effectively to maintain margin stability. 3. **Comparative Analysis**: - PVH's Q4 2025 performance was better than expected, with adjusted earnings per share (EPS) of $3.27, surpassing analyst estimates of $3.24. Revenue also exceeded expectations, coming in at $2.37 billion, above the estimated $2.34 billion. - The company's full-year 2025 outlook is positive, with projections of flat to slightly higher revenue compared to 2024. Earnings per share (EPS) for 2025 are forecasted to be between $12.40 and $12.75, indicating a strong potential for profitability. In conclusion, PVH experienced a notable decline in revenue and expenses in Q4 2025 compared to the immediate previous quarter and the year before, with Q4 2024 showing a more severe decline. However, the company's performance in Q4 2025 exceeded expectations, and the full-year 2025 outlook is optimistic, with projections of improved profitability.