PVH Corp. (PVH) SEC Filings & Earnings Calls

EMEA demand weakness due to Middle East conflict and macroeconomic impacts.

“EMEA revenue decreased 6% on both a reported and a constant currency basis compared to the prior year period, including the continued soft consumer demand due to the prolonged effects from the conflict in the Middle East and its broader macroeconomic impacts” · word for word

Goodwill impairment charge of $439M pre-tax.

“GAAP basis: (9.1)%, includes a $439 million pre-tax noncash goodwill impairment charge” · word for word

EMEA goodwill impairment risk

“The Company recorded a $439.0 million noncash impairment charge to partially impair the goodwill balance in the EMEA reporting unit... it may be at risk of further impairment in the future if the related business does not perform as projected.”

Tariff uncertainty

“Further trade policy actions are unclear, including whether additional tariffs or other actions may be imposed, modified, or suspended.” · word for word

Middle East conflict impact

“The conflict in the Middle East... has resulted in disruption and instability in global supply chains, increased fuel and oil costs... The Company has been experiencing an impact to wholesale demand in the direct Middle East region.”

Tariff and trade policy uncertainty

“Beginning in the first quarter of 2025, the United States government announced additional tariffs on goods imported into the United States primarily under the International Emergency Economic Powers Act... The Company continues to analyze the impact of incremental tariffs on its business and is taking steps to mitigate its tariff exposure to the extent possi” · word for word

Middle East conflict disruption

“The conflict in the Middle East, which began in March 2026, has resulted in disruption and instability in global supply chains, increased fuel and oil costs, foreign currency volatility, particularly in the euro, and continued volatility and uncertainty in global markets.” · word for word

Goodwill and intangible asset impairment risk

“If economic conditions or market factors utilized in the impairment analysis deteriorate or otherwise vary from current assumptions... the Company could incur additional goodwill and other indefinite-lived intangible asset impairment charges in the future.” · word for word

Prolonged Middle East conflict impacting EMEA consumer demand and full-year revenue outlook.

“EMEA revenue decreased 5% constant currency; full-year revenue guidance cut due to prolonged effects of Middle East conflict.”

Tariff refunds partially offsetting headwinds but not fully compensating for revenue loss.

“Full year earnings outlook includes offsetting benefit of tariff refunds.”

Goodwill impairment risk

“Goodwill and other intangible asset impairments $480 million”

Restructuring execution risk

“SG&A expenses associated with Growth Driver 5 actions $93 million (2025) vs $33 million (2024)” · word for word

Revenue decline in EMEA

“EMEA revenue $4,025 million (constant currency) vs $4,064 million (prior year)”

Share count reduction risk

“Total Shares for Diluted Net Income per Common Share 49 million (2025) vs 57 million (2024)” · word for word

Tariff exposure

“Beginning in the first quarter of 2025, the United States government announced additional tariffs on goods imported into the United States, with incremental tariffs on products imported from most countries and economic unions, and the potential for further increases and revisions or terminations to existing trade agreements.” · word for word

China UEL listing

“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.” · word for word

Foreign supplier dependency

“We primarily use foreign suppliers for our products and raw materials, which poses risks to our business operations” · word for word

Intense competition

“We face intense competition in the apparel industry” · word for word

Tariff headwinds are a significant risk, with 170 bps negative impact in Q4 and 215 bps projected for 2026.

“an approximately 170 basis point negative impact of gross tariffs... an estimated net negative impact related to the tariffs on goods coming into the U.S., including a gross impact of approximately 215 basis points” · word for word

Uncertain macro-economic environment could impact consumer demand.

“the current macro-economic environment remains uncertain” · word for word

Tariff Impact on COGS and Margin

“The tariffs currently in place for goods coming into the United States are having a negative impact on the Company’s results of operations.” · word for word

Macroeconomic Demand Pressure

“Macroeconomic factors have had and may continue to have a negative impact on consumer demand for apparel and related products globally.” · word for word

Goodwill Impairment Risk

“If economic conditions or market factors utilized in the impairment analysis deteriorate, the Company could incur additional goodwill impairment charges in the future.” · word for word

China Unreliable Entity List

“The impacts of the decision by China’s Ministry of Commerce to place us on the List of Unreliable Entities, including the impact of any fines imposed, or restrictions or prohibitions on us that have the effect of limiting or prohibiting our ability to do business in China.” · word for word

Tariff impact on gross margin and EPS; unmitigated tariff impact ~$1.05 per share.

“an estimated net negative impact related to the tariffs currently in place for goods coming into the U.S., including an unmitigated impact of approximately $1.05 per share compared to approximately $1.15 per share previously.” · word for word

CFO transition risk during guidance period

“CFO departing; interim CFO appointed; guidance reaffirmed but transition may cause uncertainty.”