PVH Corp. reported first quarter 2025 revenue of $1.984 billion, an increase of 2% year-over-year on both a reported and constant currency basis, exceeding guidance. Non-GAAP diluted earnings per share (EPS) was $2.30, also above guidance.
However, the company reported a GAAP diluted loss per share of $(0.88), which included $480 million of pre-tax noncash goodwill and other intangible asset impairment charges. This significant charge impacted the GAAP profitability for the quarter.
PVH updated its full year 2025 outlook, reaffirming revenue to be flat to increase slightly, but significantly decreasing its non-GAAP EPS projection to a range of $10.75 to $11.00, down from the previous range of $12.40 to $12.75. The non-GAAP operating margin is now projected at approximately 8.5%, a reduction from prior expectations.
The revised outlook reflects an estimated net negative impact of approximately $65 million to full year 2025 EBIT from tariffs, equating to about $1.05 per share. The company is implementing mitigation actions, primarily taking effect in the second half of 2025.
During the first quarter, PVH entered into previously announced $500 million Accelerated Share Repurchase (ASR) agreements, repurchasing 5.4 million shares for $561 million. The company does not expect to make additional share repurchase payments in 2025.
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