PVH — Mar 31, 2025 release

EPS on a GAAP basis for the first quarter of 2024 included the amount described under the heading “Non-GAAP Exclusions” later in this release. EPS on a non-GAAP basis excluded this amount. • Interest expense is projected to increase to approximately $20 million compared to $18 million in the first quarter of 2024. • Effective tax rate is projected to be approximately 18%. The Company is unable to project full year 2025 operating margin and full year and first quarter 2025 EPS on a GAAP basis without unreasonable efforts as there are significant uncertainties with respect to the amount and timing of the restructuring costs to be incurred during 2025 in connection with the Growth Driver 5 Actions defined later in this release. As such, the Company is unable to provide a full reconciliation of its full year 2025 operating margin and full year and first quarter 2025 EPS guidance on a non-GAAP basis to the corresponding measures on a GAAP basis. Please see the section entitled “Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts” at the end of this release for further detail and reconciliations of GAAP to non-GAAP amounts discussed in this section. Non-GAAP Exclusions: The discussions in this release that refer to non-GAAP amounts exclude the following: • Pre-tax loss of $28 million recorded in the fourth quarter of 2024 related to the recognized actuarial loss on retirement plans. • Pre-tax net restructuring costs totaling $24 million incurred in 2024 consisting principally of severance and the gain on the sale of a warehouse and distr