Financial Data and Key Metrics Changes - Revenue increased by 2% above guidance, with non-GAAP EPS also exceeding expectations [5][32] - Total direct-to-consumer revenue decreased by approximately 3%, while e-commerce grew by 3% [5][36] - Wholesale revenue grew in the mid-single digits, benefiting from earlier shipments and the relaunch of Calvin Klein women's sportswear and jeans [5][6] Business Line Data and Key Metrics Changes - Calvin Klein's underwear and jeans categories saw a 25% increase in sales due to innovative product launches [8] - Fashion denim for Calvin Klein grew by 14% in Q1, indicating strong performance in innovative offerings [9] - Tommy Hilfiger also experienced growth through new seasonal collections and strategic marketing campaigns [10][11] Market Data and Key Metrics Changes - EMEA revenue increased mid-single digits, with direct-to-consumer growth turning positive [12][34] - Americas revenue rose by 7%, driven by high teens growth in wholesale [34] - Asia Pacific revenues declined low teens due to weaker consumer confidence and earlier Lunar New Year timing [16][35] Company Strategy and Development Direction - The company is focused on executing the PVH Plus plan to strengthen brand performance and consumer engagement [5][7] - Strategic initiatives include product innovation, enhanced marketing campaigns, and a focus on core strengths in Calvin Klein and Tommy Hilfiger [10][29] - The company is navigating a challenging macro environment while aiming to improve operational efficiencies and reduce costs [21][49] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a tough macro environment but emphasized control over internal actions to drive performance [7][21] - The company is facing increased promotional levels and tariff impacts, particularly in the U.S. market [21][41] - Despite challenges, management remains optimistic about long-term growth and brand strength, particularly in key markets [22][46] Other Important Information - The company returned over $550 million to shareholders through share repurchases [32] - Inventory levels increased by 19% compared to the previous year, primarily due to strategic investments in core product categories [39] - A non-cash goodwill impairment charge of $480 million was recorded, reflecting increased discount rates [39] Q&A Session Summary Question: What gives confidence that Calvin and Tommy still have good momentum with consumers? - Management highlighted strong product innovation and marketing efforts that have driven significant growth in key categories despite macro challenges [56][57] Question: Can you elaborate on the cost-out efforts and their impact? - Management discussed ongoing operational improvements and cost-saving initiatives aimed at enhancing efficiency and profitability [65][70] Question: How are tariffs impacting the business and what mitigation strategies are in place? - Management outlined the expected $65 million impact from tariffs and discussed leveraging global sourcing relationships to mitigate costs [78][81]

Financial Data and Key Metrics Changes - The first quarter revenue was $37.7 million, representing a year-over-year growth of 14.4% and a sequential increase of 0.9% [19] - Adjusted EBITDA increased by 27.6% compared to the prior year period, with an adjusted EBITDA margin expansion of 80 basis points year-over-year [24] - The net loss for the quarter was $400,000, compared to a net income of $1.2 million in the prior year period [24] Business Line Data and Key Metrics Changes - Product identification revenue grew by 13.8% year-over-year, driven by $1.4 million in incremental Emtek sales and higher demand for tabletop and direct-to-package printers [20] - Aerospace revenue increased by 16.8% year-over-year, primarily due to increased printer shipments to a major OEM and carryover shipments to a defense contractor [20] - Operating income for product identification was $2.8 million, or 10.6% of sales, while aerospace operating income was $2.8 million, or 24.2% of sales [22][23] Market Data and Key Metrics Changes - First quarter orders totaled $34.9 million, up 5.4% year-over-year, driven by higher demand for new and existing product identification hardware and supplies [13] - Backlog for the quarter declined by $2.8 million year-over-year to $25.5 million, primarily due to clearing previously delayed shipments [15] - The company secured a three-year label supply contract with a multinational beauty company, marking a new account [14] Company Strategy and Development Direction - The company aims to drive long-term revenue growth and improve profitability through three strategic drivers: advancing the aerospace segment, launching next-generation product identification solutions, and streamlining operations [5][6] - The transition to ToughRider printers is expected to deepen relationships with leading aerospace customers and improve cash generation and margins [6] - The company plans to complete a $3 million annualized cost reduction plan by the second quarter [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term shareholder value through focused execution of its strategy [29] - The company expects to deliver full-year revenue in the range of $160 million to $165 million, representing a 7% year-over-year increase at the midpoint [29] - Management noted that the impacts of tariffs have been negligible so far, with protective measures in place for aerospace shipments [16][18] Other Important Information - The company ended the quarter with $12.6 million in total liquidity, including $5.4 million in cash [25] - Cash provided by operations in the first quarter was $4.4 million, down from $6.9 million in the prior year period, primarily due to timing related to bulk replenishment [26] - Capital expenditures were $60,000 in the quarter, with expectations to remain below $2 million for the full fiscal year [26] Q&A Session Summary Question: What are the expectations for the upcoming quarters? - Management indicated that they expect improvements throughout fiscal 2026, particularly with the rollout of new products and the transition to ToughRider printers [19][28] Question: How is the company managing tariff impacts? - Management stated that the impacts have been negligible, with contracts in place to hedge exposure and price increases implemented to combat tariffs [16][18] Question: What is the outlook for cash flow and debt management? - The company is focused on improving inventory turns and has successfully paid down $3.9 million in debt, maintaining compliance with lending covenants [25][26]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 increased by 2% above guidance, with non-GAAP EPS also exceeding expectations [6][35] - Total direct-to-consumer revenue declined approximately 3%, while e-commerce revenue grew by 3% [6][39] - Gross margin decreased to 58.6%, down 280 basis points compared to the previous year [40][41] - EBIT for the quarter was $160 million, with an operating margin of 8.1% [41] Business Line Data and Key Metrics Changes - Calvin Klein's underwear and jeans categories saw a 25% increase in sales due to innovative product launches [9][60] - Tommy Hilfiger experienced a 3% revenue increase, driven by growth in EMEA and Americas [39] - Wholesale revenue increased by mid-single digits, benefiting from earlier shipments and the relaunch of Calvin Klein women's sportswear [6][15] Market Data and Key Metrics Changes - EMEA revenue grew by 4% in constant currency, with mid-single digit growth in wholesale [37] - Americas revenue increased by 7%, driven by high teens growth in wholesale [37] - Asia Pacific revenues declined by low teens on a reported basis, attributed to weaker consumer confidence [17][38] Company Strategy and Development Direction - The company is focused on executing the PVH Plus plan to strengthen brand performance and consumer engagement [6][33] - Plans to enhance product innovation and marketing efforts, particularly in Calvin Klein's underwear and denim categories [28][29] - The company is taking back licenses for Calvin Klein sportswear and jeans to improve brand control and execution [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment, with weakened consumer sentiment and increased promotional levels [22][47] - The company remains committed to long-term growth in China despite current challenges [23] - Full-year revenue guidance is reaffirmed as flat to slightly up, but EPS guidance has been adjusted down due to macro pressures [27][49] Other Important Information - The company returned over $550 million to shareholders through share repurchases [36] - Inventory levels increased by 19% compared to the previous year, primarily due to strategic investments in core product categories [42] Q&A Session Summary Question: What gives confidence that both brands still have good momentum with consumers? - Management highlighted strong product innovation and marketing efforts that have driven significant growth in key categories despite macro challenges [58][60] Question: Can you provide details on the cost-out efforts and their timing? - Management discussed ongoing operational improvements and cost-saving initiatives that are expected to deliver significant benefits in the second half of the year [66][75] Question: How are tariffs impacting the business and what mitigation strategies are in place? - The company identified a $65 million unmitigated impact from tariffs and is working on optimizing sourcing and production costs to mitigate this effect [78][81]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $261 million, a decrease of 9% year-over-year, and a 4% decrease when excluding the impact of transitioning kids and footwear inventory to licensees [19][20] - Adjusted EBITDA was $10 million, aligning with guidance, while gross profit decreased by 5% year-over-year [20][23] - The company reported a net loss of $8.3 million or $0.27 per share, with an adjusted net loss of $5.4 million or $0.18 per share, both within guidance [23] Business Line Data and Key Metrics Changes - The asset-light B2C licensing business saw revenues increase over 60% year-over-year, indicating strong growth in this segment [12][22] - The U.S. e-commerce business experienced flat sales and gross profit compared to Q1 2024, driven by strong outerwear performance but a slow start to swim assortments [21] - Sales from the Lands' End Outfitters increased by 1% year-over-year, while the Business Uniform channel saw slight growth and the School Uniform channel experienced a slight decline [21] Market Data and Key Metrics Changes - European e-commerce sales decreased by 28% year-over-year as new leadership repositioned the brand as more premium [22] - The third-party marketplace business saw gross profit dollars decrease by 11% year-over-year, primarily due to challenges in one marketplace, although overall marketplaces improved in April [21][22] Company Strategy and Development Direction - The company is focusing on building its brand through customer-centric strategies, including innovative marketing campaigns and a diverse sourcing network to mitigate tariff impacts [6][9] - The strategic exploration of alternatives, including potential sale or merger, is ongoing to maximize shareholder value [27] - The company aims to enhance its presence in international markets, particularly Europe, by leveraging local trends and customer preferences [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in mitigating tariff impacts through strategic sourcing and operational adjustments [30][31] - The company anticipates continued growth in the licensing business and sees significant opportunities in the European market [22][39] - Management highlighted the importance of customer experience and personalization in driving brand loyalty and new customer acquisition [10][11] Other Important Information - The company repurchased $3 million worth of shares under its $25 million share repurchase authorization, with $11 million remaining [24][25] - The guidance for the full year remains unchanged, with expected net revenue between $1.33 billion and $1.45 billion [25] Q&A Session Summary Question: Upcoming quarter guidance and tariff impacts - Management provided annual guidance based on current tariff rates, emphasizing mitigation efforts against tariff impacts [30][31] Question: Delta agreement and marketplace performance - The Delta agreement is a continuation of a previous contract, and management expressed optimism about marketplace growth, particularly in Nordstrom and Amazon [33][35] Question: Licensing strategy and new categories - Licensing is expected to add incremental revenue through new categories, with strong performance in kids' products and a focus on expanding into new markets [58][62] Question: Back to school and school uniforms - The company anticipates strong performance in the back-to-school season, driven by new customer growth from competitors exiting the market [70][71] Question: Swim product performance and weather impact - Management noted that improved swim product performance is due to product enhancements rather than just weather conditions [72][74]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $1,130,000,000, at the high end of guidance, reflecting strong demand across customer segments and geographic regions [6][16] - Adjusted gross margin was 41%, consistent with guidance, impacted by product mix and tariffs [16][17] - Adjusted operating margin was 8.2%, with adjusted net income of $61,000,000 and adjusted EPS of $0.42 [18] - Cash from operations was $157,000,000, with approximately $1,350,000,000 in cash and investments at the end of the quarter [18] Business Line Data and Key Metrics Changes - Revenue from cloud providers reached over $400,000,000, accounting for 38% of total revenue, growing 85% year over year [6][7] - The optical business performed well, with 24 new WaveLogic six Extreme customers added, totaling 49 customers [19] - Blue Planet achieved record quarterly revenue of just under $30,000,000, reflecting successful transformation efforts [15] Market Data and Key Metrics Changes - Orders in Q2 were significantly greater than revenue, with cloud provider orders expected to double in fiscal 2025 compared to the previous year [8][9] - Service provider investments in high-speed infrastructure are becoming more durable, with growth seen across core optical transport, routing, and switching [13] - MOFIN activity reached an all-time record in the first half of fiscal 2025, indicating strong support for the nexus between service providers and cloud providers [14] Company Strategy and Development Direction - The company is focused on expanding its market opportunity within data centers, emphasizing high-speed connectivity as critical [15][16] - The strategy includes deploying a full portfolio of products to address growing demand, particularly in AI infrastructure [9][10] - The company aims to maintain a competitive advantage through its WaveLogic technology, which is expected to lead the market for 18 to 24 months [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth driven by strong demand dynamics and favorable market conditions [15][24] - The company anticipates a revenue growth of approximately 14% for fiscal 2025, with adjusted gross margins expected at the lower end of the previously assumed range [24][22] - Management acknowledged the dynamic tariff environment but expects the net effect on the bottom line to be immaterial going forward [22][104] Other Important Information - The company repurchased approximately 1,200,000 shares for $84,000,000 during the quarter, with plans to repurchase approximately $330,000,000 in total for the fiscal year [18] - The upcoming retirement of CFO Jim Moylan was acknowledged, marking the end of his 18-year tenure with the company [26] Q&A Session Summary Question: Can you discuss the linearity of orders with cloud customers this quarter? - Management noted strong order flows in Q1 that continued and accelerated in Q2, with both service providers and cloud players showing sustained momentum [30][31] Question: What are the assumptions for growth in cloud versus telco for the year? - Management indicated that scaling demand would likely lead to increased backlog entering fiscal 2026, with strong visibility into future orders [56][58] Question: Can you provide details on the contributions from top customers? - The largest customer was a cloud provider at approximately 13.4% of revenue, with the second being AT&T at 10.4% [46][52] Question: How do you view the sustainability of cloud growth beyond fiscal 2025? - Management expressed confidence in the sustainability of cloud growth, citing a broadening application base and increasing engagement from various cloud providers [49][50] Question: What is the outlook for gross margins given the product mix? - Management acknowledged that product mix impacts gross margins, but they remain confident in achieving mid-40s percentage gross margins in the long term [34][86] Question: Can you elaborate on the MOFIN opportunities and pipeline? - Management reported strong MOFIN activity globally, indicating significant traction in North America and Europe, alongside ongoing projects in India [88][90]

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