PVH Corp., owner of Calvin Klein and Tommy Hilfiger, said fourth-quarter revenues were flat year-on-year in 2025, on a constant currency basis, at $2.5 billion. Full-year revenues rose slightly, up less than 1% to $9 billion. Q4 results beat expectations of a slight decrease, while full-year revenues aligned with expectations.
“I want to thank our teams around the world for delivering a strong fourth quarter and finish to the year, [as we continue] on our multi-year journey to build Calvin Klein and Tommy Hilfiger into their full potential, and make PVH one of the highest-performing brand groups in our sector,” CEO Stefan Larsson told investors on Wednesday. “When I look at our global business during the holiday season, we navigated an uneven macro environment across both brands, and I was particularly pleased to see that, where we brought newness into key categories, we were able to drive growth with higher full-price sell-through.”
Call it the Love Story effect. “We can’t talk about Calvin Klein today without talking about Love Story the TV show,” Larsson said. “When the show launched, we could see that the search increase for Calvin Klein, e-commerce traffic, and direct-to-consumer [DTC] is positive.” He noted that PVH is capitalizing on the impact in ways that are true to the brand: leveraging its ’90s-style product assortments, with an online edit driving above-average social engagement and click-through; dressing talent from the show; and hosting an event at its SoHo store, which resulted in its highest daily sales and visitors to date. The impact on results will not materialize until fiscal 2026, however.
For the fourth quarter, revenues at Calvin Klein fell 1% on a constant basis to $1 billion, while full-year revenues rose less than 1% to $4 billion. Tommy Hilfiger revenues increased 1% to $1.4 billion in Q4, and full-year revenues increased less than 1% to $4.8 billion.
By region, EMEA (Europe, the Middle East, and Africa) revenues decreased 3% year-on-year to $1.2 billion in the fourth quarter, as a partial result of what the CEO called an uneven consumer backdrop. Americas revenues rose 4% to $765 million, while Asia-Pacific revenues were down 2% to $437 million, partly due to the Lunar New Year falling outside Q4, as well as declines in the DTC and wholesale businesses. As for the full year, EMEA revenues were down 1% to $4.3 billion, the Americas rose 6% to $2.7 billion, and Asia-Pacific revenues fell 4% to $1.5 billion.
PVH anticipates 2026 revenues to remain flat or increase slightly compared to 2025, as it absorbs the full impact of US tariffs, interim CFO Melissa Stone told investors. “Our outlook assumes a 15% tariff rate on goods coming into the US, which started February 24, with inventory receipts prior to that at tariff rates previously in place,” she said, adding that guidance does not assume any tariff refunds. She also noted that current guidance excludes potential impacts from a prolonged or more intense conflict in the Middle East.
“Looking ahead, while the macroeconomic environment remains uncertain, we have started 2026 with positive momentum and higher spring sell-through trends across both brands and all three regions,” Larsson said. “This year, we will strategically increase marketing spend and further invest in the shopping experience across digital shops and store concepts […] While wholesalers remain cautious and the consumer macro environment continues to be uneven, our fall 2026 order books for Europe are positive.”
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