PVH Corp., owner of Calvin Klein and Tommy Hilfiger, said second-quarter fiscal 2026 revenues fell 3% year-on-year, on a constant currency basis, to $2.1 billion. The results exceeded company expectations and analyst expectations, despite the former reaffirming its full-year guidance after lowering it from a slight increase to a slight decrease last quarter.
“During the quarter, we built momentum while navigating a dynamic environment, achieving our revenue guidance, and beating on profitability. We are relentless in delivering on our PVH Plus plan, and we continue to build momentum while navigating a dynamic business environment,” CEO Stefan Larsson said on Thursday’s earnings call. “We continued to sharpen our consumer focus, deliver stronger products, and engage our consumers with 360 marketing, all while improving the marketplace experience in both direct-to-consumer [DTC] and wholesale. In both brands, we are seeing early momentum for the new fall season in product and marketing.”
Tommy Hilfiger revenues were flat year-on-year to $1.1 billion in Q2, while Calvin Klein revenues decreased 7% to $913.3 million. DTC revenues were also flat, with growth in the Americas and Asia-Pacific partially offset by EMEA (Europe, the Middle East and Africa) performance, which nonetheless improved on a constant currency basis compared to the first quarter. Wholesale revenues fell 7%.
By region, EMEA revenues fell 6% to $986.3 million, as wholesale remained under pressure and the conflict in the Middle East continued to impact local consumer spending. Americas revenues decreased 1% to $680.1 million, with e-commerce growth bolstering resilience. Asia-Pacific increased 1% to $343.7 million, reflecting growth in the region’s DTC business, led by physical stores but partially offset by a wholesale decline.
The company’s decision to increase its marketing spend in the first half of the year has paid off, Larsson said. “This investment, together with a sharper focus on our target consumer segments, delivered low-single-digit e-commerce growth across both Calvin Klein and Tommy Hilfiger, with improvements in share of online search,” he told investors.
Calvin Klein’s most successful campaign in Q2 was BTS’s Jungkook; Larsson said it was the brand’s “most successful product collaboration in the history of the brand”. By linking the campaign’s product, marketing, and immersive retail activations globally, the CEO said the campaign drove $5 billion in social media reach, triple-digit growth in e-commerce traffic compared to the spring campaign, and over 90% global sell-through. Larsson promised to continue this momentum with the “strongest line-up of Calvin talent yet” in the fall.
Looking ahead, the group is still expecting a slight decline for the full year, and expects a low-single-digit decrease in the third quarter. “We continue to expect growth in both the Americas and Asia-Pacific for the full year, with continued strength in e-commerce across all our three regions. And in EMEA, we expect continued momentum in e-commerce offset by wholesale,” Larsson said, adding that the fall season is off to a positive start across both brands and all regions. Next week, Alexis Rollier will officially join PVH as CFO, as announced in July.
Also next week, both Calvin Klein and Tommy Hilfiger will show at New York Fashion Week. “It’s another powerful expression of how each brand is bringing its iconic DNA to life in ways that are highly relevant to today’s global consumer and culture,” Larsson said.
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