PVH Corp., owner of Calvin Klein and Tommy Hilfiger, said fourth-quarter revenue was flat year-on-year through 2025, on a constant basis, at $2.5 billion. Full-year revenue was up slightly, rising less than 1% to $9 billion. Q4 results beat expectations for a slight decline, while full-year earnings were in line with expectations.
“I want to thank our teams around the world for delivering a strong fourth quarter and finishing the year, [as we continue] on our multi-year journey to build Calvin Klein and Tommy Hilfiger to their full potential, and make PVH one of the most effective brand groups in our sector,” CEO Stefan Larsson told investors on Wednesday. sell.”
Call it Love story effect. “We can’t talk about Calvin Klein today without talking about him Love story TV show,” Larsson said: “When the show started, we saw an increase in demand for Calvin Klein, e-commerce traffic, and direct-to-consumer. [DTC] it is good.” He noted that PVH spends a lot of money on influence in the right ways for the brand: using its products of the brand of the ’90s, with a method of organizing the network that drives above average social relations and clicks; dressing talent from the show; and hosting an event at its SoHo store, which resulted in its highest daily sales and visitors to date. However, the impact of the results will not happen until the 2026 financial year.
For the fourth quarter, Calvin Klein revenue fell 1% sequentially to $1 billion, while full-year earnings rose less than 1% to $4 billion. Tommy Hilfiger’s revenue increased 1% to $1.4 billion in Q4, and full-year revenue increased less than 1% to $4.8 billion.
By region, revenue in EMEA (Europe, Middle East, and Africa) fell 3% year-on-year to $1.2 billion in the fourth quarter, as a result of what the CEO called an uneven customer base. Americas revenues rose 4% to $765 million, while Asia-Pacific revenues fell 2% to $437 million, in part due to the Chinese New Year falling outside Q4, as well as a decline in DTC and general business. For the full year, EMEA revenue was down 1% to $4.3 billion, the Americas was up 6% to $2.7 billion, and Asia-Pacific revenue was down 4% to $1.5 billion.
PVH expects 2026 revenue to remain flat or increase slightly compared to 2025, as it takes the full impact of US tariffs, interim CFO Melissa Stone told investors. “Our proposal assumes a 15% tariff rate on goods coming into the United States, which began on February 24, with receipts of goods before then at the existing tariff rates,” he said, adding that the guidance does not take into account the return of tariffs. He also noted that the current guidance does not include the potential consequences of a longer or more intense conflict in the Middle East.
“Looking ahead, even with the economic conditions still unstable, we started 2026 with high speed and high sales trends for both products and in all three regions,” said Larsson. “This year, we will increase our marketing spend and invest more in digital stores and retail concepts. […] While retailers remain cautious and the consumer environment continues to be volatile, our 2026 European order books are positive. ”
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