• by Sarah Mahoney  @mahoney_sarah, April 1, 2025

PVH Corp., in the midst of a brand overhaul for Calvin Klein and Tommy Hilfiger, reported fourth-quarter results that slightly beat expectations. Despite a cautious outlook for the year ahead, the results reassured analysts looking for signs that the company’s brand-building efforts are gaining traction.

Fourth-quarter revenue decreased 5% to $2.37 billion, including a 3% impact from the extra 53rd week in last year’s fiscal calendar. Previously, the company had forecast a decline of 6% to 7%.

Net income came in at $157.2 million, down 42% from $271.8 million in the year-ago period.

Tommy Hilfiger’s sales fell 5% overall in the quarter and were flat in North America. Calvin Klein revenues dipped 2% overall but rose 3% in North America, helped by the timing of wholesale shipments.

“We finished the year strong and are well-positioned for 2025,” said CEO Stefan Larsson in the announcement. “We are positioning the company for long-term, sustainable growth and remain relentlessly focused on fueling our brand-building consumer flywheel to unlock our full potential around the world.”

PVH forecast that revenue for the coming year would range from flat to a slight increase.

PVH’s guidance for 2025 was “uninspiring, as the firm faces uneven consumer demand and delays in new Calvin Klein merchandise,” wrote David Swartz, senior equity analyst at Morningstar. Still, he pointed to encouraging signs that the company’s transformation strategy is making progress, particularly in brand elevation.

Challenges remain. “We think its brands lack competitive advantages,” Swartz said, noting persistent headwinds in a crowded and volatile apparel market.

Alex Straton, who covers the retail sector for Morgan Stanley, echoed those concerns. She warned of downside risks if PVH’s repositioning in North America falters or if the company loses momentum in Europe.