PVH CORP. /DE/
For the period ended Nov 2, 2025. Filed Dec 8, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 2, 2025 · Filed Dec 8, 2025
PVH$89.95-2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-08-03; filed 2025-09-05.
0000078239-25-000072
Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-11-02; filed 2025-12-08.
0000078239-25-000090
Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 192 previous paragraphs and 198 current paragraphs.
100 unchanged; 78 reworded; 15 added; 11 removed; 3 previous and 5 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
•Licensing –Revenue decreased $13 million, or 11%, compared to the prior year period, primarily due to the transition to in-house of certain previously licensed women’s product categories.
Current report
We recorded a gain of $10 million related to the sale of a warehouse and distribution center in the third quarter of 2024 in connection with the Growth Driver 5 Actions. Please see Note 15, “Exit Activity Costs,” in the Notes to the Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.
Current report
•Americas –Income before interest and taxes in thethird quarter of 2025 was $45 million, or 6.6% of total revenue, compared to $88 million, or 13.2% of total revenue in the third quarter of the prior year. The 660 basis point decrease was primarily driven by a gross margin decline, inclusive of the negative impact of the recently enacted tariffs that are currently in place for goods coming into the United States.
Current report
•Licensing –Income before interest and taxes in thethird quarter of 2025 was $87 million, an 8% decrease compared to $95 million in the prior year period, primarily due to the transition to in-house of certain previously licensed women’s product categories.
Current report
•Restructuring and other items included $22 million of restructuring costs in thethird quarter of 2025 in connection with the Growth Driver 5 Actions. Restructuring and other items in the third quarter of 2024 included (i) $51 million of costs incurred in connection with the Mr. Hilfiger amendment and (ii) $3 million of net expenses in connection with the Growth Driver 5 Actions.
Current report
The effective income tax rate for thethird quarter of 2025 was 97.4% compared to 21.0% in the third quarter of the prior year.
Current report
Thirty-Nine Weeks Ended November 2, 2025 Compared With Thirty-Nine Weeks Ended November 3, 2024
Current report
•Licensing –Revenue decreased $17 million, or 5%, compared to the thirty-nine week period of the prior year, primarily due to the transition to in-house of certain previously licensed women’s product categories.
Current report
Other Gain
Current report
We recorded a gain of $10 million related to the sale of a warehouse and distribution center in the third quarter of 2024 in connection with the Growth Driver 5 Actions. Please see Note 15, “Exit Activity Costs,” in the Notes to the Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.
Current report
•Americas –Income before interest and taxes in the thirty-nine weeks ended November 2, 2025 was $180 million, or 9.1% of total revenue, compared to $235 million, or 12.7% of total revenuein the thirty-nine week period of the prior year. The 360 basis point decrease was driven by a gross margin decline inclusive of the negative impact of the recently enacted tariffs that are currently in place for goods coming into the United States, partially offset by a decrease in SG&A expenses as a percentage of revenue due to (i) savings primarily resulting from the Growth Driver 5 Actions and (ii) the leveraging of expenses resulting from the increase in revenue.
Current report
•Corporate and other costs were $634 million in the thirty-nine weeks ended November 2, 2025, a decrease of $6 million compared to $640 million in the thirty-nine week period of the prior year, primarily due to a decrease in corporate costs which includes savings resulting from the Growth Driver 5 Actions along with other efficiencies. This decrease was partially offset by an increase in global brands costs.
Current report
Interest expense, net for the fourth quarter and full year 2025 are currently expected to be approximately $20 million and approximately $80 million, respectively, an increase compared to $14 million and $67 million, respectively in 2024, primarily due to the impact of the ASR agreements.
Current report
The effective income tax rate for the thirty-nine weeks ended November 2, 2025 was 335.1% compared to 13.3% in the thirty-nine week period of the prior year.
Current report
Sale of Warehouse and Distribution Center
Removed paragraphs (11)
Previous report
•Licensing –Revenue decreased $3 million, or 3%, compared to the prior year period, more than explained by the transition of certain previously licensed women’s product categories in house.
Previous report
•Americas –Income before interest and taxes in thesecond quarter of 2025 was $73 million, or 10.7% of total revenue, compared to $80 million, or 13.0% of total revenue in the second quarter of the prior year. The 230 basis point decrease was driven by a gross margin decline partially offset by a decrease in SG&A expense as a percentage of revenue due in part to the leveraging of expenses resulting from the increase in revenue.
Previous report
•Licensing –Income before interest and taxes in thesecond quarter of 2025 was $85 million, relatively flat compared to $86 million in the prior year period.
Previous report
•Restructuring and other included restructuring costs of $45 million in thesecond quarter of 2025 and $15 million in the prior year period, in connection with the Growth Driver 5 Actions.
Previous report
Interest expense, net increased to $22 million in thesecond quarter of 2025 from $19 million in the second quarter of the prior year.
Previous report
The effective income tax rate for thesecond quarter of 2025 was (101.6)% compared to (2.1)% in the second quarter of the prior year.
Previous report
Twenty-Six Weeks Ended August 3, 2025 Compared With Twenty-Six Weeks Ended August 4, 2024
Previous report
•Licensing –Revenue decreased $5 million, or 2%, compared to the twenty-six week period of the prior year, more than explained by the transition of certain previously licensed women’s product categories in house.
Previous report
•Americas –Income before interest and taxes in the twenty-six weeks ended August 3, 2025 was $134 million, or 10.4% of total revenue, compared to $147 million, or 12.4% of total revenuein the twenty-six week period of the prior year. The 200 basis point decrease was driven by a gross margin decline partially offset by a decrease in SG&A expense as a percentage of revenue due in part to the leveraging of expenses resulting from the increase in revenue.
Previous report
•Corporate and other costs were $419 million in the twenty-six weeks ended August 3, 2025, a decrease of $2 million compared to $422 million in the twenty-six week period of the prior year.
Previous report
The effective income tax rate for the twenty-six weeks ended August 3, 2025 was 175.3% compared to 9.6% in the twenty-six week period of the prior year.
Reworded paragraphs (78)
Previous wording
Effective February 3, 2025, the first day of 2025, we changed our reportable segments to be region-focused to align with changes in our business and organizational structure. We operate our business through the following reportable segments: (i) Europe, the Middle East and Africa (“EMEA”), (ii) Americas, (iii) Asia-Pacific (“APAC”), and (iv) Licensing. Our reportable segments include the brand businesses we operate under our TOMMY HILFIGER and Calvin Klein trademarks, which we own, and Van Heusen, Nike and other trademarks, which we license for certain product categories. References to brand names are to registered and common law trademarks owned by us or licensed to us by third parties and identified by italicizing the brand name. Please see Note 17, “Segment Data,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion of our reportable segments.
Current wording
Effective February 3, 2025, the first day of 2025, we changed our reportable segments to be region-focused to align with changes in our business and organizational structure. We operate our business through the following reportable segments: (i) Europe, the Middle East and Africa (“EMEA”), (ii) Americas, (iii) Asia-Pacific (“APAC”), and (iv) Licensing. Our historical segment results have been recast to reflect the new organizational structure. Our reportable segments include the brand businesses we operate under our TOMMY HILFIGER and Calvin Klein trademarks, which we own, and Van Heusen, Nike and other trademarks, which we license for certain product categories. References to brand names are to registered and common law trademarks owned by us or licensed to us by third parties and identified by italicizing the brand name. Please see Note 17, “Segment Data,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion of our reportable segments.
Previous wording
At our April 2022 Investor Day, we introduced the PVH+ Plan, our multi-year, strategic plan to build Calvin Klein and TOMMY HILFIGER into the most desirable lifestyle brands in the world and make PVH one of the highest performing brand groups in our sector. Please refer to Item 1 of our Annual Report on Form 10-K for the year ended February 2, 2025 under the heading “Our Business Strategy” for a description of the plan.
Current wording
At our April 2022 Investor Day, we introduced the PVH+ Plan, our multiyear, strategic plan to build Calvin Klein and TOMMY HILFIGER into the most desirable lifestyle brands in the world and make PVH one of the highest performing brand groups in our sector. Please refer to Item 1 of our Annual Report on Form 10-K for the year ended February 2, 2025 under the heading “Our Business Strategy” for a description of the plan.
Previous wording
Inflation and other macroeconomic pressures, such as recently enacted tariffs on goods imported into the United States, elevated interest rates and the risk of recession, continue to create a complex and challenging retail environment, particularly in North America. Macroeconomic factors have had and may continue to have a negative impact on consumer demand for apparel and related products globally.
Current wording
Inflation and other macroeconomic pressures, such as recently enacted tariffs on goods imported into the United States, elevated interest rates and the risk of recession, continue to create a complex and challenging retail environment globally, particularly in North America. Macroeconomic factors have had and may continue to have a negative impact on consumer demand for apparel and related products globally.
Previous wording
We currently expect the recently enacted tariffs currently in place for goods coming into the United States will have an estimated net negative impact on our full year 2025 gross profit, including an unmitigated impact of approximately $70 million and a partially offsetting impact from planned mitigation actions which will primarily take effect starting in the second half of the year. However, the duration, magnitude and scope of any additional tariffs are difficult to predict, along with the extent (if any) to which we will be able to offset the impact through our mitigation efforts.
Current wording
We currently expect the tariffs currently in place for goods coming into the United States will have an estimated net negative impact on our full year 2025 gross profit, including an unmitigated impact of approximately $65 million and a partially offsetting impact from planned mitigation actions which began in the third quarter and will more significantly take effect in the fourth quarter. However, the duration, magnitude and scope of any additional tariffs are difficult to predict, along with the extent (if any) to which we will be able to offset the impact through our mitigation efforts.
Previous wording
There is significant uncertainty with respect to global trade policies, including the potential for increases in tariffs, and the related impact on the broader macroeconomic environment, as well as the impact of inflation and other macroeconomic factors, and foreign currency volatility. Our 2025 outlook assumes no material worsening of current conditions. Our revenue and earnings in 2025 may be subject to significant material change as a result of these and other macroeconomic factors.
Current wording
There is significant uncertainty with respect to global trade policies and the related impact on the broader macroeconomic environment, as well as the impact of inflation and other macroeconomic factors, and foreign currency volatility. Our 2025 outlook assumes no material worsening of current conditions. Our revenue and earnings in 2025 may be subject to material change as a result of these and other macroeconomic factors.
Previous wording
•We embarked on a multi-year initiative beginning in the second quarter of 2024 to simplify our operating model by centralizing certain processes, and improving systems and automation to drive more efficient and cost-effective ways of working across the organization (the “Growth Driver 5 Actions”). The initiative is expected to result in annual cost savings of approximately $200 million to $300 million, net of continued strategic investments by 2026, with the actions to support it largely completed by the end of 2025. We recorded pre-tax costs of $58 million during the twenty-six weeks ended August 3, 2025 in connection with this initiative consisting principally of severance. We recorded pre-tax costs of $24 million during 2024 in connection with this initiative, including (i) $33 million of costs consisting principally of severance and (ii) a $10 million gain on the sale of a warehouse and distribution center. We expect to incur additional costs in 2025, however the additional costs cannot be quantified at this time. Please see Note 15, “Exit Activity Costs,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.
Current wording
•We embarked on a multiyear initiative beginning in the second quarter of 2024 to simplify our operating model by centralizing certain processes, and improving systems and automation to drive more efficient and cost-effective ways of working across the organization (the “Growth Driver 5 Actions”). The initiative is expected to result in annual cost savings of approximately $200 million to $300 million, net of continued strategic investments by 2026, with the actions to support it largely completed by the end of 2025. We recorded pre-tax costs of $80 million during the thirty-nine weeks ended November 2, 2025 in connection with this initiative consisting principally of severance. We recorded pre-tax costs of $24 million during 2024 in connection with this initiative, including $33 million of costs consisting principally of severance, which were partially offset by a $10 million gain on the sale of a warehouse and distribution center. We expect to incur additional costs in 2025, however the additional costs cannot be quantified at this time. Please see Note 15, “Exit Activity Costs,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.
Previous wording
We extended in 2022 most of our licensing agreements with G-III Apparel Group, Ltd. for Calvin Klein and TOMMY HILFIGERin the United States and Canada, largely pertaining to the women’s apparel product categories sold at wholesale in North America. These agreements now have staggered expirations through 2027, the first of which occurred at the end of calendar 2023. Upon expiration, we have been bringing and intend to continue to bring in house a significant portion of the licensed product categories and directly operate these businesses. The expiration of these licenses and the transition of previously licensed women’s product categories in house did not have a material impact on our revenue and net income in 2024. In 2025, the transition of previously licensed product categories in house is expected to result in a less than 1% increase to our revenue and an approximately 50 basis point decline in our gross margin.
Current wording
We extended in 2022 most of our licensing agreements with G-III Apparel Group, Ltd. for Calvin Klein and TOMMY HILFIGER in the United States and Canada, largely pertaining to the women’s apparel product categories sold at wholesale in North America. These agreements now have staggered expirations through 2027, the first of which occurred at the end of calendar 2023. Upon expiration, we have been, and intend to continue to directly operate a significant portion of the businesses for the previously licensed product categories, with the remainder to be re-licensed to other third parties. The expiration of these licenses and the transition of previously licensed women’s product categories in house did not have a material impact on our revenue and net income in 2024. In 2025, the transition of previously licensed product categories in house is expected to result in a less than 1% increase to our revenue and an approximately 50 basis point decline in our gross margin.
Previous wording
In September 2024, China’s Ministry of Commerce (“MOFCOM”) announced that it had initiated an investigation into our business under the Provisions of the List of Unreliable Entities (“UEL Provisions”). In October 2024, we submitted a written response to MOFCOM and, in December 2024, we submitted a supplementary response. In January 2025, MOFCOM issued a preliminary finding that PVH Corp. had violated normal market trading principles and in February it announced its determination and placed PVH Corp. on the List of Unreliable Entities (“UEL”). We do not know if or when MOFCOM will implement any measures as a result of the listing or what they will be if any are imposed. Approximately 6% and 20% of our revenue and income before interest and taxes, respectively, were generated in China in 2024. Furthermore, if, as a result of any such measures, it is necessary for us to cease certain or all operations in China, it may result in charges related to excess inventory and difficulty collecting trade receivables, among other things. We may also incur material non-cash impairment charges if we are unable to recover the carrying value of our indefinite-lived intangible assets and long-lived assets. Please see our risk factor“China’s Ministry of Commerce (“MOFCOM”) conducted an investigation into our business which resulted in PVH Corp. being placed on the List of Unreliable Entities (“UEL”) and could result in fines or restrictions on our ability to do business in China, which could have a material adverse effect on our revenue and results of operations” in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended February 2, 2025 for additional information.
Current wording
In September 2024, China’s Ministry of Commerce (“MOFCOM”) announced that it had initiated an investigation into our business under the Provisions of the List of Unreliable Entities (“UEL Provisions”). In October 2024, we submitted a written response to MOFCOM and, in December 2024, we submitted a supplemental response. In January 2025, MOFCOM issued a preliminary finding that PVH Corp. had violated normal market trading principles and in February it announced its determination and placed PVH Corp. on the List of Unreliable Entities (“UEL”). We do not know if or when MOFCOM will implement any measures as a result of the listing or what they will be if any are imposed. Approximately 6% and 20% of our revenue and income before interest and taxes, respectively, were generated in China in 2024. Furthermore, if, as a result of any such measures, it is necessary for us to cease certain or all operations in China, it may result in charges related to excess inventory and difficulty collecting trade receivables, among other things. We may also incur material non-cash impairment charges if we are unable to recover the carrying value of our indefinite-lived intangible assets and long-lived assets. Please see our risk factor“China’s Ministry of Commerce (“MOFCOM”) conducted an investigation into our business which resulted in PVH Corp. being placed on the List of Unreliable Entities (“UEL”) and could result in fines or restrictions on our ability to do business in China, which could have a material adverse effect on our revenue and results of operations” in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended February 2, 2025 for additional information.
Previous wording
Due to the above seasonal factors, our results of operations for the thirteen and twenty-six weeks ended August 3, 2025 are not necessarily indicative of those for a full fiscal year.
Current wording
Due to the above seasonal factors, our results of operations for the thirteen and thirty-nine weeks ended November 2, 2025 are not necessarily indicative of those for a full fiscal year.
Previous wording
Total revenue in the second quarter of 2025 was $2.167 billion compared to $2.074 billion in the second quarter of the prior year. The overall increase in revenue of $93 million, or 4%, included a 3% positive impact of foreign currency translation.
Current wording
Total revenue in the third quarter of 2025 was $2.294 billion compared to $2.255 billion in the third quarter of the prior year. The overall increase in revenue of $39 million, or 2%, included a 3% positive impact of foreign currency translation.
Previous wording
•EMEA – Revenue increased $34 million, or 3%, compared to the prior year period, including a positive impact of $64 million, or 6%, related to foreign currency translation. Excluding the impact of foreign currency translation, slight growth in the direct-to-consumer business was more than offset by a decrease in wholesale revenue driven by a shift in the timing of wholesale shipments from the second quarter into the first quarter of this year.
Current wording
•EMEA – Revenue increased $41 million, or 4%, compared to the prior year period, including a positive impact of $62 million, or 6%, related to foreign currency translation. Excluding the impact of foreign currency translation, the decrease in revenue was driven by declines in both the direct-to-consumer and wholesale businesses.
Previous wording
The increase in wholesale revenue included (i) the transition of previously licensed women’s product categories in house and (ii) the impact of a shift in the timing of wholesale shipments as compared to the prior year period, as shipments in the prior year were more heavily weighted to the third and fourth quarters. The impact of foreign currency translation on our Americas segment was not significant.
Current wording
•Americas – Revenue increased $17 million, or 2%, compared to the prior year period, driven by growth in the wholesale business partially offset by a decrease in the direct-to-consumer business. The increase in wholesale revenue included the transition to in-house of previously licensed women’s product categories partially offset by the impact of a shift in the timing of wholesale shipments as compared to the prior year period, as shipments in the prior year were more heavily weighted to the third and fourth quarters. The impact of foreign currency translation on our Americas segment was not significant.
Previous wording
•APAC –Revenue decreased $5 million, or 1%, compared to the prior year period, including a positive impact of $5 million, or 2%, related to foreign currency translation. Excluding the impact of foreign currency translation, wholesale revenue was down compared to the prior year period and revenue in the direct-to-consumer business was flat, despite a challenging consumer environment in the region, particularly in China.
Current wording
•APAC –Revenue decreased $6 million, or 1%, compared to the prior year period, including a negative impact of $4 million, or 1%, related to foreign currency translation. Excluding the impact of foreign currency translation, the increase in revenue in the direct-to-consumer business was offset by a decrease in wholesale revenue.
Previous wording
•Tommy Hilfiger – Revenue increased 4% compared to the prior year period including a 4% positive foreign currency impact.
Current wording
•Tommy Hilfiger – Revenue increased 1% compared to the prior year period including a 3% positive foreign currency impact.
Previous wording
•Calvin Klein – Revenue increased 5% compared to the prior year period, including a 3% positive foreign currency impact.
Current wording
•Calvin Klein – Revenue increased 2% compared to the prior year period, including a 2% positive foreign currency impact.
Previous wording
◦Owned and operated retail stores – Revenue increased 4% compared to the prior year period, including a 3% positive foreign currency impact. Excluding the impact of foreign currency translation, growth in EMEA was offset by declines in Americas and APAC primarily due to the challenging consumer environment in those regions.
Current wording
◦Owned and operated retail stores – Revenue was flat compared to the prior year period, including a 2% positive foreign currency impact. Excluding the impact of foreign currency translation, growth in APAC was more than offset by declines in Americas and EMEA.
Previous wording
◦Owned and operated digital commerce – Revenue increased 3% compared to the prior year period, including a 3% positive foreign currency impact. Growth in Americas and APAC was offset by a decline in EMEA.
Current wording
◦Owned and operated digital commerce – Revenue increased 1% compared to the prior year period, including a 2% positive foreign currency impact. Excluding the impact of foreign currency translation, growth in Americas and APAC was offset by a decline in EMEA.
Previous wording
•Wholesale – Revenue increased 6% compared to the prior year period, including a 4% positive foreign currency impact. Excluding the impact of foreign currency translation, the increase in Americas was partially offset by the decrease in EMEA as discussed above.
Current wording
•Wholesale – Revenue increased 4% compared to the prior year period, including a 3% positive foreign currency impact. Excluding the impact of foreign currency translation, the increase in Americas was partially offset by the decreases in APAC and EMEA as discussed above.
Previous wording
Gross profit in the second quarter of 2025 was $1.251 billion, or 57.7% of total revenue, compared to $1.246 billion, or 60.1% of total revenue, in the second quarter of the prior year. Approximately 50 basis points of the decline was due to the transition of previously licensed product categories into our directly operated wholesale business, as revenue through our wholesale distribution channel carries lower gross margins, and approximately 20 basis points of the decline was due to the initial early negative impact of the recently enacted tariffs that are currently in place for goods coming into the United States. The remaining 170 basis point decrease was driven by (i) an increase in promotional selling as compared to the prior year period, (ii) a change in mix of shipments within the wholesale channel, and (iii) higher freight costs and incremental discounts provided to customers to address the impact of Calvin Klein product delivery delays.
Current wording
Gross profit in the third quarter of 2025 was $1.293 billion, or 56.3% of total revenue, compared to $1.317 billion, or 58.4% of total revenue, in the third quarter of the prior year. Approximately 110 basis points of the decline was due to the unmitigated negative impact of the recently enacted tariffs that are currently in place for goods coming into the United States, and approximately 50 basis points of the decline was due to the transition of previously licensed product categories into our directly operated wholesale business, as revenue through our wholesale distribution channel carries lower gross margins. The remaining 40 basis point decrease was driven by (i) an increase in promotional selling as compared to the prior year period, and (ii) higher freight costs and incremental discounts provided to customers to address the impact of Calvin Klein product delivery delays. The effect of mitigation actions to address the impact of tariffs were immaterial in the quarter.
Previous wording
SG&A expenses in the second quarter of 2025 were $1.129 billion, or 52.1% of total revenue, compared to $1.083 billion, or 52.2% of total revenue, in the second quarter of the prior year. The 10 basis point decrease was primarily driven by (i) cost savings resulting from the Growth Driver 5 Actions and (ii) cost efficiencies across the business as we take a disciplined approach to managing expenses, partially offset by (iii) an increase in restructuring costs incurred in the second quarter of 2025 in connection with the Growth Driver 5 Actions compared to the prior year period.
Current wording
SG&A expenses in the third quarter of 2025 were $1.121 billion, or 48.9% of total revenue, compared to $1.154 billion, or 51.2% of total revenue, in the third quarter of the prior year. The 230 basis point decrease was primarily driven by (i) the absence in the third quarter of 2025 of costs incurred in the third quarter of 2024 in connection with the Mr. Hilfiger amendment, (ii) cost savings resulting from the Growth Driver 5 Actions and (iii) cost efficiencies across the business as we take a disciplined approach to managing expenses, partially offset by (i) an increase in restructuring costs incurred in the third quarter of 2025 in connection with the Growth Driver 5 Actions compared to the prior year period, and (ii) an increased investment in marketing.
Previous wording
Non-service related pension and postretirement (cost) income in the second quarter of 2025 was a cost of $(1) million as compared to income of approximately $400,000 in the second quarter of the prior year. Please see Note 7, “Retirement and Benefit Plans,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.
Current wording
Non-service related pension and postretirement (cost) income in the third quarter of 2025 was a cost of $(1) million as compared to income of approximately $400,000 in the third quarter of the prior year. Please see Note 7, “Retirement and Benefit Plans,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.
Previous wording
The equity in net income of unconsolidated affiliates was $12 million in the second quarter of 2025 compared to $11 million in the second quarter of the prior year. These amounts relate to our share of income (loss) from (i) our joint venture for the TOMMY HILFIGERand Calvin Klein brands, and certain licensed trademarks in Mexico, (ii) our joint venture for the TOMMY HILFIGER and Calvin Klein brands in India, (iii) our joint venture for the TOMMY HILFIGER brand in Brazil and (iv) our PVH Legwear LLC joint venture for the TOMMY HILFIGERand Calvin Klein brands and certain licensed trademarks in the United States and Canada. Our investments in the joint ventures are being accounted for under the equity method of accounting.
Current wording
The equity in net income of unconsolidated affiliates was $10 million in the third quarter of 2025 compared to $11 million in the third quarter of the prior year. These amounts relate to our share of income (loss) from (i) our joint venture for the TOMMY HILFIGERand Calvin Klein brands, and certain licensed trademarks in Mexico, (ii) our joint venture for the TOMMY HILFIGER and Calvin Klein brands in India, (iii) our joint venture for the TOMMY HILFIGER brand in Brazil and (iv) our PVH Legwear LLC joint venture for the TOMMY HILFIGERand Calvin Klein brands and certain licensed trademarks in the United States and Canada. Our investments in the joint ventures are being accounted for under the equity method of accounting.
Previous wording
Income before interest and taxes in thesecond quarter of 2025 was $133 million, or 6.1%, of total revenue, compared to $174 million, or 8.4% of total revenue, in the second quarter of the prior year, and included changes in our segments’ income before interest and taxes and other reconciling items as follows:
Current wording
Income before interest and taxes in thethird quarter of 2025 was $181 million, or 7.9%, of total revenue, compared to $183 million, or 8.1% of total revenue, in the third quarter of the prior year, and included changes in our segments’ income before interest and taxes and other reconciling items as follows:
Previous wording
•EMEA –Income before interest and taxes in thesecond quarter of 2025 was $179 million, or 17.0% of total revenue, compared to $181 million, or 17.8% of total revenue in the second quarter of the prior year. The 80 basis point decrease was driven by a gross margin decline partially offset by a decrease in SG&A expense as a percentage of revenue, primarily driven by savings resulting from the Growth Driver 5 Actions.
Current wording
•EMEA –Income before interest and taxes in thethird quarter of 2025 was $211 million, or 19.0% of total revenue, compared to $200 million, or 18.6% of total revenue in the third quarter of the prior year. The 40 basis point increase was driven by a decrease in SG&A expenses as a percentage of revenue primarily driven by savings resulting from the Growth Driver 5 Actions, partially offset by a gross margin decline.
Previous wording
•APAC –Income before interest and taxes in thesecond quarter of 2025 was $51 million, or 15.3% of total revenue, compared to $61 million, or 18.1% of total revenue in the second quarter of the prior year. The 280 basis point decrease was driven by an increase in SG&A expense as a percentage of revenue due in part to the deleveraging of expenses resulting from the decline in revenue, partially offset by an increase in gross margin.
Current wording
•APAC –Income before interest and taxes in thethird quarter of 2025 was $74 million, or 18.8% of total revenue, compared to $72 million, or 18.1% of total revenue in the third quarter of the prior year. The 70 basis point increase was driven by an increase in gross margin and a decrease in SG&A expenses as a percentage of revenue.
Previous wording
•Corporate and other costs were $210 million in thesecond quarter of 2025, a decrease of $9 million compared to the $219 million in the prior year period primarily due to a decrease in corporate costs, principally savings resulting from the Growth Driver 5 Actions along with other efficiencies, and a decrease in global brand costs primarily due to timing.
Current wording
•Corporate and other costs were $215 million in thethird quarter of 2025, a decrease of $3 million compared to $219 million in the prior year period, primarily due to a decrease in corporate costs which includes savings resulting from the Growth Driver 5 Actions along with other efficiencies. This decrease was partially offset by an increase in costs relating to our global brands, primarily due to an increased investment in marketing.
Previous wording
Interest expense, net for the full year 2025 is currently expected to increase to approximately $80 million compared to $67 million in 2024, primarily due to the impact of funding the accelerated share repurchase (“ASR”) agreements we entered into in April 2025 to repurchase $500 million shares of our common stock. Please see the section entitled “Acquisition of Treasury Shares” within “Liquidity and Capital Resources” below for further discussion.
Current wording
Interest expense, net increased to $21 million in thethird quarter of 2025 from $16 million in the third quarter of the prior year primarily due to the impact of the accelerated share repurchase (“ASR”) agreements we entered into in April 2025 to repurchase $500 million shares of our common stock. Please see the section entitled “Acquisition of Treasury Shares” within “Liquidity and Capital Resources” below for further discussion.
Previous wording
The effective income tax rate for the second quarter of 2025 reflected a $(113) million income tax benefit recorded on $111 million of pre-tax income. The effective income tax rate for the second quarter of 2024 reflected a $(3) million income tax benefit recorded on $155 million of pre-tax income.
Current wording
The effective income tax rate for the third quarter of 2025 reflected a $156 million income tax expense recorded on $160 million of pre-tax income. The effective income tax rate for the third quarter of 2024 reflected a $35 million income tax expense recorded on $167 million of pre-tax income.
Previous wording
The effective income tax rate for thesecond quarter of 2025 was higher than the prior year period primarily due to (i) the impact of the $480 million pre-tax noncash goodwill and other intangible asset impairment charges recorded in the first quarter of 2025, which were non-deductible for tax purposes and factored into our annualized effective income tax rate, and resulted in a (122.9)% decrease to our effective income tax rate for the second quarter 2025 and (ii) the impact in the prior year period of a favorable change in our uncertain tax positions resulting in a benefit to our second quarter 2024 effective tax rate of 21.2% from the settlement of a multi-year audit in an international jurisdiction.
Current wording
The effective income tax rate for thethird quarter of 2025 was higher than the prior year period primarily due to the impact of the $480 million pre-tax noncash goodwill and other intangible asset impairment charges recorded in the first quarter of 2025, which were non-deductible for tax purposes and factored into our annualized effective income tax rate, and resulted in a 71.0% increase to our effective income tax rate for the third quarter 2025.
Previous wording
The following table summarizes our consolidated statements of operations for the twenty-six weeks ended August 3, 2025 compared to the twenty-six week period of the prior year:
Current wording
The following table summarizes our consolidated statements of operations for the thirty-nine weeks ended November 2, 2025 compared to the thirty-nine week period of the prior year:
Previous wording
Total revenue in the twenty-six weeks ended August 3, 2025 was $4.151 billion compared to $4.026 billion in the twenty-six week period of the prior year. The overall increase in revenue of $125 million, or 3%, included a 2% positive impact of foreign currency translation.
Current wording
Total revenue in the thirty-nine weeks ended November 2, 2025 was $6.445 billion compared to $6.281 billion in the thirty-nine week period of the prior year. The overall increase in revenue of $164 million, or 3%, included a 2% positive impact of foreign currency translation.
Previous wording
•EMEA – Revenue increased $79 million, or 4%, compared to the twenty-six week period of the prior year, including a positive impact of $70 million, or 4%, related to foreign currency translation. Excluding the impact of foreign currency translation, revenue grew low single-digits in the direct-to-consumer business with a slight increase in the wholesale business.
Current wording
•EMEA – Revenue increased $120 million, or 4%, compared to the thirty-nine week period of the prior year, including a positive impact of $131 million, or 4%, related to foreign currency translation. Excluding the impact of foreign currency translation, revenue was relatively flat in both the direct-to-consumer and wholesale businesses.
Previous wording
•Americas – Revenue increased $67 million, or 11%, compared to the prior year period, driven by growth in the wholesale business, with flat revenue in the direct-to-consumer business. The increase in wholesale revenue included (i) the transition of previously licensed women’s product categories in house and (ii) the impact of a shift in the timing of wholesale shipments as compared to the prior year period, as shipments in the prior year were more heavily weighted to the third and fourth quarters. The impact of foreign currency translation in the second quarter on our Americas segment was not significant.
Current wording
•Americas – Revenue increased $122 million, or 7%, compared to the thirty-nine week period of the prior year, driven by growth in the wholesale business partially offset by a low single-digit decline in the direct-to-consumer business. The increase in wholesale revenue included (i) the transition to in-house of previously licensed women’s product categories and (ii) the impact of a shift in the timing of wholesale shipments as compared to the prior year period, as shipments in the prior year were more heavily weighted to the third and fourth quarters. The impact of foreign currency translation on our Americas segment was not significant.
Previous wording
•APAC –Revenue decreased $55 million, or 7%, compared to the twenty-six week period of the prior year, including an approximately 2% decline resulting from the timing of the Lunar New Year shopping period, which was primarily in the fourth quarter of 2024. The remaining decrease was primarily due to a challenging consumer environment in the region, particularly in China. The impact of foreign currency translation in the twenty-six week period on our APAC segment was not significant.
Current wording
•APAC –Revenue decreased $61 million, or 5%, compared to the thirty-nine week period of the prior year, driven by decreases in both the direct-to-consumer and wholesale businesses, primarily due to a challenging consumer environment in the region, particularly in the first half of the year. The impact of foreign currency translation on our APAC segment was not significant.
Previous wording
•Tommy Hilfiger – Revenue increased 4% compared to the twenty-six week period of the prior year, including a 2% positive foreign currency impact.
Current wording
•Tommy Hilfiger – Revenue increased 3% compared to the thirty-nine week period of the prior year, including a 2% positive foreign currency impact.
Previous wording
•Calvin Klein – Revenue increased 3% compared to the twenty-six week period of the prior year, including a 1% positive foreign currency impact.
Current wording
•Calvin Klein – Revenue increased 3% compared to the thirty-nine week period of the prior year, including a 1% positive foreign currency impact.
Previous wording
•Direct-to-consumer – Revenue was flat compared to the twenty-six week period of the prior year, including a 2% positive foreign currency impact.
Current wording
•Direct-to-consumer – Revenue was flat compared to the thirty-nine week period of the prior year, including a 2% positive foreign currency impact.
Previous wording
◦Owned and operated retail stores – Revenue was flat compared to the twenty-six week period of the prior year, including a 2% positive foreign currency impact. Growth in EMEA was more than offset by declines in Americas and APAC, primarily due to the challenging consumer environment in those regions.
Current wording
◦Owned and operated retail stores – Revenue was flat compared to the thirty-nine week period of the prior year, including a 2% positive foreign currency impact. Excluding the impact of foreign currency translation, growth in EMEA was more than offset by declines in Americas and APAC, primarily due to the challenging consumer environment in those regions.
Previous wording
◦Owned and operated digital commerce – Revenue increased 3% compared to the twenty-six week period of the prior year, including a 2% positive foreign currency impact, driven by growth in Americas and APAC partially offset by a decline in EMEA.
Current wording
◦Owned and operated digital commerce – Revenue increased 3% compared to the thirty-nine week period of the prior year, including a 2% positive foreign currency impact. Excluding the impact of foreign currency translation, growth in Americas and APAC was partially offset by a decline in EMEA.
Previous wording
•Wholesale – Revenue increased 6% compared to the twenty-six week period of the prior year, including a 2% positive foreign currency impact, primarily driven by the increase in Americas discussed above.
Current wording
•Wholesale – Revenue increased 5% compared to the thirty-nine week period of the prior year, including a 2% positive foreign currency impact, primarily driven by the increase in Americas discussed above.
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Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
•Direct-to-consumer – Revenue was flat compared to the prior year period including a 1% positive foreign currency impact.
Current report — wording carried from elsewhere
We currently expect revenue for the fourth quarter of 2025 will increase slightly to low single-digits compared to the fourth quarter of 2024, inclusive of a positive impact related to foreign currency translation. Excluding the impact of foreign currency translation, we currently expect revenue for the fourth quarter 2025 to decrease slightly.
Current report — wording carried from elsewhere
We currently expect that SG&A expenses as a percentage of revenue for the fourth quarter of 2025 will decrease approximately 75 basis points compared to the fourth quarter of 2024 primarily as a result of the favorable impact of the Growth Driver 5 Actions, including (i) cost savings and (ii) the non-recurrence of restructuring costs incurred in the fourth quarter of 2024, as any further costs expected to be incurred during the fourth quarter of 2025 in connection with Growth Driver 5 Actions cannot be quantified at this time.
Current report — wording carried from elsewhere
We completed the sale of a warehouse and distribution center in the third quarter of 2024 for net proceeds of $10 million in connection with our multiyear initiative to simplify our operating model by centralizing certain processes and improving systems and automation to drive more efficient and cost-effective ways of working across the organization. Please see Note 15, “Exit Activity Costs,” in the Notes to the Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.
Current report — wording carried from elsewhere
We may redeem some or all of these notes at any time prior to April 16, 2029 by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, in advance of maturity, we may redeem the remaining outstanding notes beginning on
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Effective February 3, 2025, the first day of 2025, we changed our reportable segmentsto be region-focused to align with changes in our business and organizational structure. Our new reportable segments are: (i) EMEA, (ii) Americas, (iii) APAC, and (iv) Licensing. Our historical segment results have been recast to reflect the new organizational structure. Please see Note 17, “Segment Data,” in the Notes to Consolidated Financial Statements included in Part I, Item I of this report for further discussion of our reportable segments.
Previous report — wording carried elsewhere
•Direct-to-consumer – Revenue increased 4% compared to the prior year period including a 3% positive foreign currency impact.
Previous report — wording carried elsewhere
•Americas – Revenue increased $106 million, or 9%, compared to the twenty-six week period of the prior year, driven by growth in the wholesale business partially offset by a low single-digit decline in the direct-to-consumer business.