5 Revealing Analyst Questions From PVH’s Q2 Earnings Call

September 02, 2025 at 01:30 AM EDT

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PVH’s second quarter results reflected stronger than expected sales and profit, with management highlighting a combination of improved product innovation, impactful marketing campaigns, and sequential gains in direct-to-consumer channels. CEO Stefan Larsson credited category-led growth in Calvin Klein’s underwear and denim, as well as the successful relaunch of women’s products in North America, as key factors. Larsson cited the “powerful product category offense, tied to strong product innovation, connected to a cut-through campaign with globally relevant talent” for the company’s momentum this quarter.

Is now the time to buy PVH? Find out in our full research report (it’s free).

PVH (PVH) Q2 CY2025 Highlights:

Revenue: $2.17 billion vs analyst estimates of $2.12 billion (4.5% year-on-year growth, 2.3% beat)
Adjusted EPS: $2.52 vs analyst estimates of $2.00 (25.9% beat)
Adjusted EBITDA: $201.9 million vs analyst estimates of $212.1 million (9.3% margin, 4.8% miss)
Management reiterated its full-year Adjusted EPS guidance of $10.88 at the midpoint
Operating Margin: 6.1%, down from 8.4% in the same quarter last year
Constant Currency Revenue rose 1.2% year on year (-4.9% in the same quarter last year)
Market Capitalization: $4.05 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From PVH’s Q2 Earnings Call

Jay Sole (UBS) asked about the rationale behind increased marketing investments and their effect on future profitability. CEO Stefan Larsson explained these investments are “building on the momentum” seen in Q2, and CFO Zac Coughlin noted SG&A savings would eventually offset higher marketing spend.
Michael Binetti (Evercore) inquired how new tariffs will affect gross margins and what actions PVH is taking to mitigate them. Coughlin described ongoing supply chain and pricing strategies, while Larsson emphasized the strength of international revenues and brand positioning.
Brooke Roach (Goldman Sachs) questioned progress in resolving operational challenges at Calvin Klein and prospects for further execution improvements. Larsson responded that targeted margin improvements and on-time deliveries are already being achieved.
Matthew Boss (JPMorgan) sought clarity on direct-to-consumer improvements in the Americas and wholesale order book strength in Europe. Larsson detailed marketing funnel expansion and increased product innovation as key drivers.
Dana Telsey (Telsey Group) asked about promotional trends across regions and upcoming store enhancements. Larsson highlighted stable European consumer trends, sequential improvements in Asia-Pacific, and upcoming flagship openings in Tokyo and New York.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will be closely monitoring (1) the effectiveness of tariff mitigation strategies and their impact on margins, (2) the commercial performance of new product launches and flagship store openings in key global markets, and (3) sequential improvements in direct-to-consumer and wholesale channels, particularly in North America and Europe. Execution on these priorities will be critical for sustaining growth.

PVH currently trades at $84.32, up from $82.49 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

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5 Revealing Analyst Questions From PVH’s Q2 Earnings Call

PVH (PVH) Q2 CY2025 Highlights:

Our Top 5 Analyst Questions From PVH’s Q2 Earnings Call

Catalysts in Upcoming Quarters

High-Quality Stocks for All Market Conditions

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