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- **Revenue Resilience**: Q3 revenue held steady at $2.3B, with APAC DTC growth and Americas digital outperformance offsetting European challenges.
- **Margin Pressure**: Gross margin down 210 bps YoY due to tariffs, but SG&A efficiency improved 40 bps.
- **Strategic Momentum**: Calvin's underwear franchise up 20%, Tommy's sweaters franchise up 20%, signaling brand strength.
- **Tariff Mitigation**: 2025 EBIT impact of $65M, with plans to fully offset over time.
- **2026 Vision**: Focus on expanding product innovation and improving margins through operational efficiency.

**【CEO Summary Section】**
- **Q3 Revenue**: $2.3 billion, down less than 1% in constant currency, driven by DTC growth in APAC and digital channels in the Americas.
- **Regional Performance**: 
  - **Europe**: Down low single digits in constant currency due to consumer backdrop and supply chain delays, but on-plan for holiday start.
  - **Americas**: 2% growth, with DTC down low single digits but digital up double digits.
  - **APAC**: Flat in constant currency, with DTC growth in China and Japan.
- **Product Innovations**: Calvin Klein's Icon Cotton Modal franchise (women's underwear) and Tommy Hilfiger's sweaters franchise drove double-digit growth.
- **Challenges**: Tariffs in North America and transitory Calvin supply chain issues.

**【CFO Financial Commentary】**
- **Q3 Results**: GAAP net income $202 million, EPS $2.83. Gross margin 56.3%, down 210 bps YoY due to tariffs and promotions.
- **Tariff Impact**: $0.37 per share in Q3, with $65 million EBIT impact for 2025.
- **Guidance**: 
  - **Q4**: Revenue up slightly to low single digits, operating margin ~9%.
  - **Full Year**: Constant currency revenue flat to down slightly, EPS narrowed to $10.85-$11.
  - **2026**: Focus on margin recapture from Calvin product capabilities and tariff mitigation.

**【Q&A Key Highlights】**
- **Marketing ROI**: Calvin's campaigns with Rosalia and Jung Kook drove 20% growth in underwear; Tommy's APAC digital growth up high single digits.
- **Inventory Management**: Q3 inventory up 3% YoY (2% due to tariffs), well-positioned for holiday.
- **2026 Outlook**: CEO emphasizes expanding product innovation into new categories; CFO expects sequential margin improvement post-tariff mitigation.

PVH Corp. (PVH) Q3 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PVH

PVH fundamentals

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