PVH posted first quarter 2026 revenue of $2 billion, up 2% year over year, but revised its full year outlook to approximately flat, down from a previous forecast of slightly up “[T]he prolonged effects of the Middle East conflict, now extending beyond the third month … is putting increasing pressure on our EMEA business in three ways,” Larsson said. “First, our direct Middle East business is seeing notably lower wholesale demand. Second, we have seen a knock-on effect in Turkey as reduced tourism and macro factors weigh on demand there. And third, we are seeing a broader macro effect on consumer purchasing behavior in the EMEA region, including the effects of higher fuel costs, which is leading to lower consumer sentiment and fewer drives to stores.” PVH updated its tariff outlook. The forecast now assumes a negative impact from the blended rate of 15% tariff rate on goods coming into the U.S., and a positive impact from the approximately $100 million benefit to EBIT that will come from tariff refunds that weren’t calculated in the company’s previous guidance. Nonetheless, Larsson said the only thing that has changed from last year’s Q1 to now is “the prolonged effect of the war,” adding, “we then take a prudent outlook and say we will most likely live with these effects for the rest of Q2 and the rest of the year.”

*Diluted loss per share of $(2.10) and Adjusted Diluted loss per share of $(2.03) *Reopened stores performing better than anticipated *E-commerce trend improved in May; curbside pickup performing well *Anticipate exiting Q2 in a clean inventory position - “The COVID-19 pandemic significantly impacted our first quarter sales and earnings results, but I am proud of the way our team navigated this difficult period and maintained the business while our stores were closed,” said Jeff Gennette, chairman and chief executive officer. “Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong. By June 1, we had approximately 450 stores reopened, with the majority opened in their full format. Our reopened stores are performing better than anticipated. Importantly, we are receiving positive feedback on the curbside pickup experience and our efforts to create a safe and welcoming shopping environment."

The modern media landscape has not been kind to many industry magazines, and many are no longer around at least in print form including Surfer, Surfing, Transworld Skateboarding, Transworld Surf, and Powder. But the Surfer’s Journal has defied all those negative trends and currently has the most subscribers it has ever had. The business model started by owners Debbee and Steve Pezman 30-years ago has proven to be ahead of its time. An emphasis on editorial quality allows it to charge more for subscriptions and rely more on its readers for revenue while working with a small number of high quality sponsors that sign on for a long-term commitment.