PVH has reported second quarter revenue of US$2.097 billion, down 3 per cent on both a reported and constant currency basis, with Asia Pacific the only region to grow.
The APAC business, which covers PVH's Australian operations, lifted revenue 3 per cent or 1 per cent in constant currency. Direct-to-consumer led the gain on the back of store performance, while regional wholesale fell at a mid-single-digit rate as partners stayed cautious.
PVH runs Calvin Klein and Tommy Hilfiger directly in Australia and manages Van Heusen under licence, a structure it consolidated after buying out joint venture partner Gazal in 2019.
The local business has been a pressure point on the balance sheet. In the first quarter of 2025 PVH cut the carrying value of its Australian licence rights for Tommy Hilfiger from US$190.8 million to US$137.3 million, a write-down of US$53.5 million, as part of a broader US$480 million non-cash impairment charge.
The latest quarter carries a further US$439 million pre-tax non-cash goodwill impairment tied to changes in valuation assumptions around geopolitical and macroeconomic factors. That pushed PVH to a net loss of US$102.9 million, against net income of US$224.2 million a year earlier.
By brand, Calvin Klein revenue fell 7 per cent, with roughly four percentage points attributable to wholesale shipment timing in the Americas moving volume into the second half. Tommy Hilfiger was flat at US$1.1 billion.
EMEA dropped 6 per cent on soft consumer demand linked to the prolonged effects of conflict in the Middle East, while the Americas slipped 1 per cent. Group e-commerce revenue rose 4 per cent.
Chief executive Stefan Larsson said the company "delivered revenue in line with our guidance and profitability exceeding expectations".
Excluding the impairment, operating margin was 11.1 per cent and adjusted earnings per share $3.70, both ahead of guidance. PVH reaffirmed its full year revenue, gross margin, operating margin and EPS outlook on a non-GAAP basis.