PVH Corp. announced that Chief Financial Officer Zac Coughlin will depart the company at the end of 2025, with long‑time finance executive Melissa Stone stepping in as interim CFO. Coughlin will remain with PVH through December 31 and will join the upcoming third‑quarter earnings call, while Stone will assume full CFO responsibilities during the search for a permanent successor.
Coughlin, who has served as PVH’s CFO since 2021, has been a key architect of the company’s “PVH+ Plan,” a strategic initiative aimed at unlocking the full potential of its flagship brands, Calvin Klein and Tommy Hilfiger. He left to pursue an opportunity outside the retail and apparel industry, a move that management described as a personal career decision rather than a reflection of company performance. Stone, who has held senior finance roles at PVH for over two decades—including stints as senior vice president of finance and chief accounting officer—brings deep operational knowledge and a track record of cost discipline that will help maintain continuity during the transition.
PVH’s most recent quarterly results underscore the importance of stable financial leadership. In Q2 2025, revenue rose 4% year‑over‑year to $2.17 billion, driven by a 4% increase in sales of Calvin Klein and Tommy Hilfiger products and modest gains in the e‑commerce channel. Non‑GAAP earnings per share of $2.52 beat analyst expectations of $2.00, a $0.52 or 26% beat, largely due to disciplined cost management and a favorable mix shift toward higher‑margin apparel. Gross margin contracted 240 basis points to 57.7%, reflecting higher raw‑material costs and increased promotional spend, but operating margin remained near 10% as the company offset these pressures with scale and pricing power in its core segments.
Management reaffirmed its third‑quarter and full‑year 2025 guidance, signaling confidence in the company’s trajectory despite macro‑economic headwinds. The guidance, previously announced on August 26, includes revenue that is flat to slightly increasing and non‑GAAP EPS projected at $12.40 to $12.75 for the full year. CEO Stefan Larsson emphasized that the PVH+ Plan remains on track, noting that “Zac’s contributions to cost efficiencies and brand revitalization have positioned us well for continued growth.” He also highlighted Stone’s deep understanding of PVH’s global operations as a key factor in maintaining momentum during the interim period.
The transition comes at a time when PVH faces a challenging macro environment, higher freight costs, and supply‑chain disruptions, yet the company’s strategic focus on brand strength and digital commerce provides a tailwind. Analysts view the CFO change as a routine leadership transition that should not materially affect the company’s financial outlook, given Stone’s experience and the company’s ongoing commitment to the PVH+ Plan. The announcement reinforces PVH’s intent to preserve stability while it searches for a permanent CFO who can continue to drive the company’s long‑term growth strategy.
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