By Elias Schisgall

PVH cut its outlook for the full year and forecast falling revenue in the second quarter, saying that the benefits from tariff refunds would be outweighed by the prolonged effects of the war in Iran.

The owner of Tommy Hilfiger and Calvin Klein said it now expects full-year revenue to stay approximately flat, compared to previous guidance of a slight increase. The company updated its guidance "to reflect the impact of the challenging macro environment on its EMEA business," it said, referring to the Europe, Middle East, and Africa region.

PVH's businesses in the Americas and the Asia-Pacific region are expected to continue growing, the company said.

"We are balancing two opposing forces: on one side, the increasing brand and business momentum we are driving in both Calvin and Tommy, and on the other, the prolonged effects of the Middle East conflict, which is putting pressure on the consumer in EMEA," Chief Executive Officer Stefan Larsson said.

The outlook also includes roughly $100 million in refunds from payments it made under President Trump's sweeping tariff regime, which the Supreme Court struck down in February. That benefit is expected to be recognized in the second quarter, PVH said.

The company continues to expect full-year adjusted earnings between $11.80 and $12.10 a share, which includes a roughly $3.30 impact from tariff costs and around a $1.70 benefit from tariff refunds.

Analysts polled by FactSet are expecting full-year adjusted earnings of $12.10 on $9.02 billion of revenue, reflecting 0.8% revenue growth.

Shares in PVH fell 13% to $85.00 in after-hours trading Wednesday. The stock closed up 0.7% at $98.00, up 46% this year.

For the current second quarter, the company is expecting a 3% to 4% decrease in revenue and adjusted earnings between $3.00 and $3.10 a share.

Analysts were expecting revenue to fall slightly, around 0.1%, to $2.16 billion. They also forecast $2.47 in adjusted per-share earnings.

For the first quarter, the house of brands logged a profit of $88 million, or $1.90a share, compared with a loss of $44.8 million, or 88 cents a share, a year earlier.

Stripping out certain one-time items, the company reported adjusted earnings of $2.01 a share. Analysts were expecting $1.82 a share.

Revenue rose to $2.03 billion from $1.98 billion a year prior, ahead of the $2 billion forecast by analysts.

PVH also said it expects to repurchase at least $300 million worth of shares this year.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

June 03, 2026 16:43 ET (20:43 GMT)

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