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PVH (NYSE:PVH) Q3 2025 Earnings Call December 04, 2025 09:00 AM ET Company ParticipantsSheryl Freeman - SVP of Investor RelationsZac Coughlin - CFOJay Sole - Managing DirectorStefan Larsson - CEODana Telsey - CEO and Chief Research OfficerConference Call ParticipantsMatthew Boss - Equity Research AnalystBob Drbul - Managing Director and Consumer Retail AnalystMichael Binetti - Senior Managing Director and Fundamental Research AnalystOperatorGood morning, everyone, and welcome to today's PVH Q3 2025 earnings ...

Financial Data and Key Metrics Changes - Total revenue for the company was $2.3 billion, down less than 1% in constant currency, and in line with expectations [4] - EPS was $2.83, reflecting a negative impact of $0.37 related to tariffs and a positive impact of $0.14 related to exchange [34] - Gross margin was 56.3%, a decrease of 210 basis points compared to last year, primarily due to tariffs and product shipment delays [31][32] Business Line Data and Key Metrics Changes - Direct-to-consumer revenue was down 1% in constant currency, partially offset by 1% growth in wholesale revenue [4] - Calvin Klein saw strong growth in underwear and denim, with double-digit growth in new product launches [9][10] - Tommy Hilfiger launched successful campaigns, driving double-digit growth in key categories like transitional outerwear and sweaters [19][13] Market Data and Key Metrics Changes - In Europe, revenues declined low single digits in constant currency, with D2C down mid-single digits [6][14] - The Americas grew overall revenue by 2%, driven by wholesale growth, while D2C declined low single digits [17][28] - Asia Pacific delivered flat revenue in constant currency, with notable improvements in D2C performance, particularly in China [18][30] Company Strategy and Development Direction - The company is focused on building Calvin Klein and Tommy Hilfiger into desirable lifestyle brands through innovation and marketing [5][23] - The PVH Plus Plan aims to enhance brand strength and operational efficiency, with a focus on key growth categories [5][7] - The company is investing in marketing and expanding its retail presence, including flagship stores in key locations [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uneven global consumer backdrop but expressed confidence in brand execution and growth potential [5][25] - The company reaffirmed its full-year constant currency revenue and operating margin guidance, narrowing reported revenue and EPS outlook to the high end of previous ranges [25][37] - Management highlighted the importance of upcoming holiday sales and the positive consumer response during Black Friday [60] Other Important Information - The company is undergoing leadership changes, with a new Chief Supply Chain Officer appointed and the CFO departing for a new opportunity [21][22] - Inventory levels were up 3% compared to last year, reflecting improved management despite tariff impacts [25][34] Q&A Session Summary Question: Can you unpack the geographic performance dynamics across the Americas, Europe, and APAC? - Management noted that Europe faced a muted consumer backdrop in September, while the Americas saw e-commerce growth and a strong Black Friday performance. APAC exceeded expectations with notable improvements in China, Japan, and Australia [42][43] Question: What impact is the increased marketing spending having? - The company is disciplined in marketing investments, focusing on key growth categories, which has resulted in double-digit growth in underwear and denim [45][46] Question: How is the Calvin Klein product design consolidation process progressing? - Management confirmed that they are on track with product delivery and margin recapture, with positive feedback from wholesale partners [51][52] Question: Is the improving weather in Europe helping with outerwear sales? - Yes, improved weather conditions are expected to boost sales of cold-weather categories, although the consumer is increasingly leaning towards transitional outerwear [58]

Core Viewpoint - PVH Corp has experienced a significant decline in share value, losing approximately 20% this year due to various challenges including tariff costs, weakness in the Asian market, and a generally subdued consumer spending environment for apparel [1] Company Performance - The company's shares have underperformed in the market, reflecting broader issues within the apparel sector [1] - Specific factors contributing to the decline include increased tariff costs and a lack of consumer spending, particularly in Asia [1] Market Environment - The overall consumer spending environment for apparel is described as muted, indicating potential challenges for companies in this sector [1] - The weakness in Asia is highlighted as a significant concern for PVH Corp, suggesting regional economic factors may be impacting performance [1]

Core Insights - PVH Corporation reported an earnings per share (EPS) of $2.83, exceeding the estimated $2.56, despite a decrease from last year's $3.03 per share, representing a positive earnings surprise of 10.55% [1][4] - The company's revenue for the quarter ending October 2025 was approximately $2.29 billion, slightly above the forecasted $2.28 billion, marking a 1.16% increase over the Zacks Consensus Estimate and a slight rise from $2.26 billion reported in the same period last year [1][2] Financial Performance - PVH has consistently surpassed consensus revenue estimates over the past four quarters, indicating strong performance in the Textile - Apparel industry [2] - The company reported adjusted earnings of $2.83 per share and quarterly revenue of $2.29 billion, both slightly exceeding analyst expectations [2][4] Market Valuation - PVH has a price-to-earnings (P/E) ratio of approximately 8.99, indicating favorable market valuation of its earnings [3] - The price-to-sales ratio is about 0.48, suggesting a relatively low market valuation compared to its revenue [3] - The enterprise value to sales ratio is approximately 0.94, reflecting the company's total valuation in relation to its sales [3] Financial Health - The enterprise value to operating cash flow ratio is around 12.56, indicating efficient cash flow management [3] - An earnings yield of 11.13% offers a substantial return on earnings relative to the share price [3] - PVH maintains a balanced debt-to-equity ratio of approximately 0.88 and a current ratio of 1.37, suggesting a healthy level of liquidity to cover short-term liabilities [3]

Core Insights - PVH reported revenue of $2.29 billion for the quarter ended October 2025, a year-over-year increase of 1.7% and exceeding the Zacks Consensus Estimate of $2.27 billion by 1.16% [1] - The company's EPS for the same period was $2.83, down from $3.03 a year ago, but it surpassed the consensus EPS estimate of $2.56 by 10.55% [1] Revenue Performance - Revenue by Segment: - Americas: $682.8 million, exceeding the estimated $676.19 million [4] - Asia-Pacific (APAC): $391.9 million, surpassing the estimated $382.82 million [4] - Europe, the Middle East and Africa (EMEA): $1.11 billion, above the estimated $1.09 billion [4] - Licensing: $105.7 million, below the estimated $117.48 million [4] - Revenue by Brand: - Heritage Brands: $58.4 million, below the estimated $71.33 million, representing a year-over-year decline of 3.2% [4] - Calvin Klein: $1.02 billion, exceeding the estimated $981.18 million, with a year-over-year increase of 2.4% [4] - Tommy Hilfiger: $1.22 billion, matching the estimated $1.22 billion, reflecting a year-over-year change of 1.4% [4] Stock Performance - PVH shares have returned +12.9% over the past month, contrasting with the Zacks S&P 500 composite's -0.1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

分组1 - PVH reported quarterly earnings of $2.83 per share, exceeding the Zacks Consensus Estimate of $2.56 per share, but down from $3.03 per share a year ago, representing an earnings surprise of +10.55% [1] - The company achieved revenues of $2.29 billion for the quarter ended October 2025, surpassing the Zacks Consensus Estimate by 1.16% and showing a slight increase from $2.26 billion year-over-year [2] - PVH has consistently surpassed consensus EPS and revenue estimates over the last four quarters [2] 分组2 - The stock has underperformed, losing about 19.9% since the beginning of the year compared to the S&P 500's gain of 16.1% [3] - The current consensus EPS estimate for the upcoming quarter is $3.67 on revenues of $2.4 billion, and for the current fiscal year, it is $10.83 on revenues of $8.82 billion [7] - The Zacks Industry Rank for Textile - Apparel is in the top 26% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

PVH Corp.’s third-quarter profits slipped, but topped expectations as Stefan Larsson continued on the next leg of his journey, resetting Calvin Klein and Tommy Hilfiger while transforming the company from a key fashion consolidator into a more nimble brand builder. “It’s a multiyear journey that we are in the middle of,” Larsson, who’s been chief executive officer since 2021, said in an interview Wednesday. “It’s all about leaning into the core strengths of these beloved iconic brands. More from WWD “The ...

Core Points - bettermoo(d) Food Corporation will consolidate its issued and outstanding common shares at a ratio of four pre-consolidated shares to one post-consolidated share [1][2] - The consolidation will take effect on or about December 4, 2025, resulting in approximately 3,146,108 shares outstanding post-consolidation [2] - Registered shareholders will receive instructions on exchanging their existing shares for post-consolidation shares [3] Management Changes - Jonathan Woelk has been appointed to the Board of Directors, bringing a decade of experience in financial technology, AI-driven automation, and capital markets [4][5] - Mr. Woelk has expertise in financial operations, AI-powered workflow automation, and enterprise go-to-market strategy [5] - Joel Shacker has departed from the Board of Directors, and the company expresses gratitude for his contributions [6] Company Overview - bettermoo(d) Food Corporation is focused on delivering high-quality beverage products through online and in-store retail platforms [7] - The company utilizes social media for educational experiences and showcases pioneering beverage technologies [7]

Core Insights - PVH Corp. reported third-quarter earnings that exceeded analyst expectations for adjusted earnings per share (EPS) and revenue, but provided fourth-quarter EPS guidance below analyst estimates [2][3][4] Financial Performance - Adjusted EPS for the third quarter was $2.83, surpassing the analyst estimate of $2.56 [2] - Quarterly revenue reached $2.29 billion, slightly above the analyst consensus estimate of $2.28 billion [2] Management Commentary - CEO Stefan Larsson highlighted that the company exceeded guidance in revenue, operating margin, and EPS, attributing success to the execution of the PVH+ Plan and the strength of its brands, Calvin Klein and Tommy Hilfiger [3] - Growth was driven by Calvin Klein in categories like underwear and fashion denim, while Tommy Hilfiger saw growth in core lifestyle categories through campaigns like the Hilfiger Racing Club [4] Future Outlook - For the fourth quarter, PVH expects adjusted EPS to be in the range of $3.20 to $3.35, which is below the analyst estimate of $3.61 [4] - Following the earnings report, PVH stock fell by 2.06% to $85.75 in extended trading [4]