v3.25.2
SEGMENT DATA
 6 Months Ended
Aug. 03, 2025
Segment Data [Abstract]  
SEGMENT DATA SEGMENT DATA
Effective February 3, 2025, the first day of 2025, the Company changed its reportable segments to be region-focused to align with changes in its business and organizational structure. These changes included the reorganization of the executive leadership structure directly reporting to the Company’s Chief Executive Officer, who is the CODM. The Company’s new organizational structure provides for the pairing of the Company’s global brands with commercial execution in geographic regions, underpinned by a demand- and data-driven operating model, making steady progress against the PVH+ Plan, the Company’s multi-year, strategic plan to build Calvin Klein and TOMMY HILFIGER into the most desirable lifestyle brands in the world and make PVH the leading brand building group in its sector. The Company’s new reportable segments are: (i) Europe, the Middle East and Africa (“EMEA”), (ii) Americas, (iii) Asia-Pacific (“APAC”), and (iv) Licensing. The new reportable segments reflect the way the Company is currently being managed and for which separate financial information is available and evaluated regularly by the CODM in deciding how to allocate resources and assess performance. In the tables below, the Company has recast historical segment reporting to reflect the new organizational structure.

The EMEA, Americas, and APAC segments derive revenue principally from the sale of TOMMY HILFIGER and Calvin Klein branded apparel, accessories and related products. These segments encompass the marketing of these products at wholesale primarily to department and specialty stores, and digital commerce sites operated by department store customers and pure play digital commerce retailers, as well as through distributors and franchisees (primarily for EMEA and APAC), and, for Americas, also to warehouse clubs and off-price retailers. Within these segments the Company also operates retail stores (which, for Americas, are primarily located in premium outlet centers), concession locations (for EMEA and APAC), and digital commerce sites, which sell these products. These segments also include the Company’s proportionate share of the net income or loss of its investments in its unconsolidated affiliates that operate in such regions.

The Company derives revenue in the Licensing segment principally from licensing and similar arrangements relating to the use by third parties of the TOMMY HILFIGER and Calvin Klein brand names for a broad range of product categories, as well as for certain territories.

The CODM uses segment income (loss) before interest and taxes as the profit measure to evaluate segment performance and allocate resources to the segments. The CODM considers variances of actual and forecasted performance to prior year when making decisions.
Segment Data

The Company’s revenue, significant expenses, and income before interest and taxes by segment, which include the impact of changes in foreign currency exchanges rates, were as follows:
Thirteen Weeks Ended
8/3/2025
(In millions)EMEAAmericasAPACLicensingTotal
Revenue$1,048.5 $684.0 $335.2 $99.5 $2,167.2 
Cost of goods sold (1)
(445.3)(378.2)(92.9)— (916.4)
Marketing expenses (excluding an additional $42.3 included in Corporate and other) (1)
(31.2)(22.1)(17.0)— (70.3)
(2)
Other segment items (3)
(393.5)(210.2)(174.0)(14.7)(792.4)
Segment income before interest and taxes$178.5 $73.5 $51.3 $84.8 $388.1 
Corporate and other (including $42.3 of marketing expenses) (4)
(209.9)
(2)
Restructuring and other costs (5)
(45.0)
Income before interest and taxes$133.2 
Thirteen Weeks Ended
8/4/2024
(In millions)EMEAAmericasAPACLicensingTotal
Revenue$1,014.2 $617.5 $339.8 $102.8 $2,074.3 
Cost of goods sold (1)
(418.8)(313.0)(96.6)— (828.4)
Marketing expenses (excluding an additional $46.2 included in Corporate and other) (1)
(30.2)(22.5)(14.6)— (67.3)
(2)
Other segment items (3)
(384.2)(202.0)(167.2)(16.8)(770.2)
Segment income before interest and taxes$181.0 $80.0 $61.4 $86.0 $408.4 
Corporate and other (including $46.2 of marketing expenses) (4)
(219.2)
(2)
Restructuring and other costs (5)
(15.3)
Income before interest and taxes$173.9 
(1)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)    In addition to the marketing expenses incurred by the Company’s reportable segments, there was $42.3 million and $46.2 million of global brand marketing expense, including marketing expenses benefiting the Company’s licensees, recorded in Corporate and other for the thirteen weeks ended August 3, 2025 and August 4, 2024, respectively. Total marketing expenses incurred by the Company for the thirteen weeks ended August 3, 2025 and August 4, 2024 were $112.6 million and $113.5 million, respectively.

(3)    Other segment items include (i) all other segment SG&A expenses other than marketing expense, including direct and indirect costs to operate the segment’s retail store, digital commerce, licensing and wholesale businesses, warehousing and distribution costs, depreciation and amortization, and other costs, and (ii) equity in net income of unconsolidated affiliates.

(4)    Corporate and other includes costs that are not specific to any particular segment, primarily consisting of (i) global brand costs, which include centrally managed marketing, design, and merchandising costs; and (ii) corporate expenses, which include centrally managed information technology costs, including network, infrastructure and global systems; expenses for senior corporate management; and expenses for corporate support functions including finance, human resources, legal and information security; and intangible asset amortization.

(5)     Restructuring and other costs for the thirteen weeks ended August 3, 2025 and August 4, 2024 related to the Growth Driver 5 Actions described in Note 15, “Exit Activity Costs,” consisting principally of severance.
Twenty-Six Weeks Ended
8/3/2025
(In millions)EMEAAmericasAPACLicensingTotal
Revenue$1,976.2 $1,292.4 $686.9 $195.3 $4,150.8 
Cost of goods sold (1)
(836.8)(707.0)(194.5)— (1,738.3)
Marketing expenses (excluding an additional $80.1 included in Corporate and other) (1)
(59.5)(45.5)(26.4)— (131.4)
(2)
Other segment items (3)
(752.0)(405.6)(335.7)(29.8)(1,523.1)
Segment income before interest and taxes$327.9 $134.3 $130.3 $165.5 $758.0 
Corporate and other (including $80.1 of marketing expenses) (4)
(419.3)
(2)
Restructuring and other costs (5)
(537.7)
Loss before interest and taxes$(199.0)

Twenty-Six Weeks Ended
8/4/2024
(In millions)EMEAAmericasAPACLicensingTotal
Revenue$1,897.1 $1,186.7 $742.3 $200.1 $4,026.2 
Cost of goods sold (1)
(775.8)(595.5)(210.3)— (1,581.6)
Marketing expenses (excluding an additional $83.7 included in Corporate and other) (1)
(60.5)(47.5)(29.2)— (137.2)
(2)
Other segment items (3)
(730.3)(396.9)(339.5)(34.6)(1,501.3)
Segment income before interest and taxes$330.5 $146.8 $163.3 $165.5 $806.1 
Corporate and other (including $83.7 of marketing expenses) (4)
(421.8)
(2)
Restructuring and other net costs (6)
(5.3)
Income before interest and taxes$379.0 
(1)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)    In addition to the marketing expenses incurred by the Company’s reportable segments, there was $80.1 million and $83.7 million of global brand marketing expense, including marketing expenses benefiting the Company’s licensees, recorded in Corporate and other for the twenty-six weeks ended August 3, 2025 and August 4, 2024, respectively. Total marketing expenses incurred by the Company for the twenty-six weeks ended August 3, 2025 and August 4, 2024 were $211.5 million and $220.9 million, respectively.

(3)    Other segment items include (i) all other segment SG&A expenses other than marketing expense, including direct and indirect costs to operate the segment’s retail store, digital commerce, licensing and wholesale businesses, warehousing and distribution costs, depreciation and amortization, and other costs, and (ii) equity in net income of unconsolidated affiliates.

(4)    Corporate and other includes costs that are not specific to any particular segment, primarily consisting of (i) global brand costs, which include centrally managed marketing, design, and merchandising costs; and (ii) corporate expenses, which include centrally managed information technology costs, including network, infrastructure and global systems; expenses for senior corporate management; and expenses for corporate support functions including finance, human resources, legal and information security; and intangible asset amortization.

(5)     Restructuring and other costs for the twenty-six weeks ended August 3, 2025 included (i) noncash impairment charges of $479.5 million related to goodwill and other intangible assets discussed further in Note 6, “Goodwill and Other Intangible Assets” and (ii) costs of $58.2 million incurred related to the Growth Driver 5 Actions described in Note 15, “Exit Activity Costs,” consisting principally of severance.
(6)     Restructuring and other net costs for the twenty-six weeks ended August 4, 2024 included (i) costs of $15.3 million incurred related to the Growth Driver 5 Actions described in Note 15, “Exit Activity Costs,” consisting principally of severance and (ii) a gain of $10.0 million in connection with the Heritage Brands intimates transaction discussed further in Note 5, “Divestitures.”

Additional reportable segment information for the Company is as follows:
Thirteen Weeks EndedTwenty-Six Weeks Ended
(In millions)8/3/258/4/248/3/258/4/24
Depreciation and Amortization
EMEA$31.9 $30.4 $62.9 $61.7 
Americas9.2 10.6 18.9 22.0 
APAC10.5 10.9 20.9 22.0 
Corporate and other14.8 17.9 31.4 36.2 
Restructuring and other costs2.3 
(1)
— 2.3 
(1)
— 
Total$68.7 $69.8 $136.4 $141.9 
(1)    Restructuring and other costs for the thirteen and twenty-six weeks ended August 3, 2025 included accelerated depreciation related to the Growth Driver 5 Actions described in Note 15, “Exit Activity Costs.”
Thirteen Weeks EndedTwenty-Six Weeks Ended
(In millions)8/3/258/4/248/3/258/4/24
Equity in net income of unconsolidated affiliates
Americas$10.1 $8.9 $18.5 $19.7 
APAC2.1 2.0 4.2 4.4 
Total$12.2 $10.9 $22.7 $24.1 
(In millions)8/3/252/2/258/4/24
Inventories, net (1)
EMEA$936.5 $783.7 $822.3 
Americas574.0 475.1 481.4 
APAC280.5 249.9 279.1 
Total inventories, net$1,791.0 $1,508.7 $1,582.8 
All other assets9,836.6 9,524.5 9,654.9 
Total assets$11,627.6 $11,033.2 $11,237.7 
(1)Inventories, net includes the impact of changes in foreign currency exchange rates.

Revenue by Brand

The Company’s revenue by brand was as follows:
Thirteen Weeks EndedTwenty-Six Weeks Ended
(In millions)8/3/25
(1)
8/4/24
(1)
8/3/25
(1)
8/4/24
(1)
Tommy Hilfiger$1,135.9 $1,093.4 $2,184.0 $2,106.7 
Calvin Klein980.0 930.3 1,866.1 1,817.1 
Heritage Brands51.3 50.6 100.7 102.4 
Total$2,167.2 $2,074.3 $4,150.8 $4,026.2 
(1)    Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.
Revenue by Distribution Channel

The Company’s revenue by distribution channel was as follows:
Thirteen Weeks EndedTwenty-Six Weeks Ended
(In millions)8/3/25
(1)
8/4/24
(1)
8/3/25
(1)
8/4/24
(1)
Wholesale revenue$1,013.1 $954.4 $2,084.4 $1,963.1 
Owned and operated retail stores868.0 836.4 1,531.0 1,533.9 
Owned and operated digital commerce sites186.6 180.7 340.1 329.1 
Retail revenue1,054.6 1,017.1 1,871.1 1,863.0 
   Licensing revenue99.5 102.8 195.3 200.1 
Total$2,167.2 $2,074.3 $4,150.8 $4,026.2 
(1)    Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.

Intersegment transactions, which primarily consist of transfers of inventory, were not material.