PVH Corp. (PVH), the parent company of Calvin Klein and Tommy Hilfiger, on Wednesday reported a swing to profit in the first quarter. Looking forward, the company cuts its revenue outlook for the full year.
Net income for the quarter was $88.0 million, or $1.90 per share, compared with a net loss of $44.8 million, or $0.88 per share, in the prior-year quarter.
The year-ago period included non-cash goodwill and intangible asset impairment charges of $479.5 million. Adjusted earnings were $2.01 per share, down from $2.30 per share a year earlier.
Revenue rose 2% to $2.03 billion from $1.98 billion last year, topping the company's expectation for a slight increase. First-quarter revenue growth was driven by a 6% increase in direct-to-consumer sales, including an 11% rise in owned-and-operated digital commerce revenue.
Regionally, APAC revenue increased 10%, EMEA revenue rose 2%, and Americas revenue declined 1%. On a constant-currency basis, total revenue decreased 2%.
For fiscal 2026, PVH now expects revenue to be approximately flat year-over-year, compared with its previous forecast for a slight increase. On a constant-currency basis, revenue is now expected to decline slightly, versus prior guidance of flat to slight growth. The company reaffirmed its adjusted earnings guidance of $11.80 to $12.10 per share.
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