PVH stock reports strong adjusted earnings despite sales decline

Published on 09/29/2026 at 17:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

PVH stock delivered USD 3.70 adjusted EPS in fiscal Q2 2026, up 46.80 percent from USD 2.52. Revenue fell 3.20 percent to USD 2.097 billion.

PVH, US69360P1078, Illustration mit AI erstellt.

PVH Corp. (ISIN US69360P1078) delivered adjusted earnings of USD 3.70 per share in fiscal Q2 2026, up 46.80 percent from USD 2.52 a year earlier. The company also reaffirmed its full-year outlook in a release dated September 2, 2026.

Adjusted earnings beat expectations

According to Zacks on September 3, 2026, PVH's adjusted EPS exceeded the USD 3.08 consensus by USD 0.62. The result included a USD 1.80 per-share benefit from tariff refunds, which makes the earnings comparison unusually important for investors.

PVH reported fiscal Q2 revenue of USD 2.097 billion, down 3.20 percent from USD 2.167 billion in the prior-year period. GAAP diluted EPS was minus USD 2.23 because the quarter included a USD 439.0 million goodwill impairment charge.

Digital channels offset wholesale pressure

The sales mix provides the clearest operating contrast. Owned and operated digital commerce revenue rose 4.00 percent, while wholesale revenue declined 6.00 percent across all regions, according to the September 2, 2026 release from PVH. Calvin Klein revenue fell 7.00 percent, while Asia-Pacific revenue increased 3.00 percent.

Adjusted operating margin reached 11.10 percent, compared with 8.20 percent in the prior-year quarter. The margin gain included a 510 basis point benefit from USD 107.0 million in tariff refunds, while inventory declined 3.00 percent to USD 1.738 billion.

Full-year targets stay unchanged

PVH kept fiscal 2026 adjusted EPS guidance at USD 11.80 to USD 12.10 and adjusted operating margin guidance at 8.80 percent. Third-quarter adjusted EPS guidance stands at USD 2.50 to USD 2.65, with adjusted operating margin projected at 7.50 percent.

As MarketBeat reported on September 25, 2026, the average analyst price target was USD 86.55 and the average rating was Hold. JPMorgan Chase reduced its target from USD 84.00 to USD 83.00 on September 3, 2026, according to the same MarketBeat report.

NYSE valuation remains below yearly high

PVH had a market capitalization of USD 3.5 billion on September 29, 2026. Its NYSE quote stood at USD 76.00 at 11:17 a.m. ET, with a 52-week range of USD 59.60 to USD 100.75. The market data put the stock 24.57 percent below its 52-week high, while the operating picture combines stronger digital sales with continued wholesale pressure.