PVH Corp. reported a 2% drop in first-quarter revenues and revised its full-year forecast downward due to ongoing challenges in Europe, the Middle East, and Africa.
PVH Corp., the owner of Calvin Klein and Tommy Hilfiger, said revenues for the first quarter of fiscal 2026 fell 2% year-on-year on a constant currency basis to $2 billion. The results matched company expectations, yet shares dropped 23% in after-hours trading after the announcement on Wednesday evening. Chief executive Stefan Larsson said the company met its commitments despite a difficult consumer environment in EMEA linked to the prolonged Middle East conflict. Tommy Hilfiger revenues declined 2% to $1.07 billion, while Calvin Klein revenues fell 3% to $895.2 million. Direct-to-consumer sales rose 3% overall, supported by growth in the Americas and Asia-Pacific. The company now expects full-year revenues to decrease slightly, amending earlier guidance that had projected flat to slightly higher results. Larsson noted that the original outlook did not account for the extended effects of the Middle East situation, which are now expected to persist through the rest of the year.