INVESTOR UPDATE SUMMER Investor Update Summer 2018 For Authorized Use Only

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1 INVESTOR UPDATE SUMMER

2 Safe Harbor We (PVH Corp.) obtained the market and competitive position data used throughout this presentation from research, surveys or studies conducted by third parties, information provided by customers and industry or general publications. Industry publications and surveys generally state that they have obtained information from sources believed to be reliable but do not guarantee the accuracy and completeness of such information. While we believe that each of these studies and publications and all other information are reliable, we have not independently verified such data and we do not make any representation as to the accuracy of such information. The information in our presentation contains certain forward-looking statements which reflect our view as of May 30, 2018 of future events and financial performance. These forward-looking statements are subject to risks and uncertainties indicated from time to time in our SEC filings, as more fully discussed in our safe harbor statements and risk factors found in our SEC filings. These risks include our right to change strategies, objectives and intentions; our need to use significant cash flow to service our debt obligations; our vulnerability to weather, economic conditions, fuel prices, fashion trends, loss of retail accounts, epidemics, war, terrorism, scarcity of raw materials, fluctuations in foreign currency exchange rates and other factors; the impact of new and revised tax legislation and regulations, particularly the recently enacted U.S. Tax Cuts and Jobs Act; our reliance on the sales of our business partners; and our exposure to the behavior of our associates, business partners and licensors. As such, our future results could differ materially from previous results or our expectations as of May 30, We do not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenue or earnings, whether as a result of the receipt of new information, future events or otherwise. This presentation includes non-gaap financial measures, as defined under SEC rules. Reconciliations of these measures are included at the end of this presentation. Our SEC filings are available on our website at PVH.com and the SEC s website at sec.gov. 2

3 PVH By The Numbers PVH HISTORY ESTABLISHED IN ,000+ GLOBAL ASSOCIATES PVH FOUNDATION (THE COMPANY S PHILANTHROPIC DIVISION) HAS BEEN IN EXISTENCE FOR 30+ YEARS OUR 2017 REPORTED REVENUES WERE $8.9 BILLION ~1,000,000 GARMENT WORKERS IN OUR SUPPLY CHAIN WE OPERATE IN OVER 40 COUNTRIES ~50% REVENUES GENERATED OUTSIDE OF THE U.S. ~$20 BILLION 2017 GLOBAL RETAIL SALES 3

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6 Three Distinct Businesses, All Positioned For Global Growth PVH CORP CALVIN KLEIN 2017 TOMMY HILFIGER 2017 HERITAGE BRANDS 2017 Global Retail Sales: ~$20 BN Global Retail Sales: $9.1 BN Global Retail Sales: $7.4 BN Global Retail Sales: $3.4 BN Revenues: $8.9 BN Revenues: $3.5 BN Revenues: $3.9 BN Revenues: $1.6 BN EBIT Margin*: 9.7% EBIT Margin: 11.9% EBIT Margin*: 12.9% EBIT Margin: 6.7% * Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations. 6

7 PVH Is A Global Leader In The Apparel Industry PVH is one of the largest global apparel companies with nearly $9 billion in revenues $11.8 $ Revenue ($ in billions) $6.5 $6.2 $4.9 $4.7 $4.5 $3.7 $3.2 $2.8 $2.5 $2.4 Source: Factset. Consensus estimate for Michael Kors. 7

8 Calvin Klein And Tommy Hilfiger Are Key Drivers Of Our Business Calvin Klein & Tommy Hilfiger currently account for over 80% of PVH s revenues and ~90% of PVH s EBIT (1) 17% 10% 44% 49% 39% 41% Revenue by Business (2017) EBIT (1) by Business (2017) TOMMY HILFIGER CALVIN KLEIN HERITAGE BRANDS (1) Figures exclude certain amounts that were deemed non-recurring or non-operational, as well as corporate expenses. Refer to Appendix for GAAP reconciliations. 8

9 PVH Has A Significant Global Presence Just over 50% of PVH s revenues and approximately 65% of PVH s EBIT (1) are generated outside the U.S. 7% 12% 10% 48% 17% 35% 33% 38% U.S. Europe Asia Pacific Americas (excluding U.S.) Revenue by Region (2017) EBIT (1) by Region (2017) Note: Americas (excluding U.S.) includes Canada, Mexico, South America, Central America and the Caribbean; Europe includes the Middle East and Africa; Asia Pacific includes Australia and New Zealand. (1) Figures exclude certain amounts that were deemed non-recurring or non-operational, as well as corporate expenses. 9

10 PVH Global Store Counts By Region (As Of May 6, 2018) NORTH AMERICA (1) TOTAL STORES: ~590 Tommy Hilfiger: ~240 Calvin Klein: ~190 Heritage: ~160 LATIN AMERICA (3) EUROPE (2) TOTAL STORES: ~1,990 Tommy Hilfiger: ~900 Calvin Klein: ~1,090 ASIA PACIFIC (6) TOTAL STORES: ~320 Tommy Hilfiger: ~220 (4) Calvin Klein: ~100 (5) TOTAL STORES: ~3,000 Tommy Hilfiger: ~620 Calvin Klein: ~2, Includes the U.S. and Canada. 2. Includes the Middle East and Africa; includes concession locations and franchisee and distributor stores. 3. Includes Central and South America and the Caribbean. 4. All locations are licensee stores. 5. Includes franchisee and distributor stores. 6. Includes concession, franchisee and, for Tommy Hilfiger, licensee stores. 10

11 $ Millions A Rich History Of Sales And Earnings Growth Revenue & EPS Growth ( ) $9,000 $8,000 $7,000 $5.44 $6.58 $7.03 $8,216 $7.30 $8,241 $7.05 $6.80 $8,020 $8,203 $7.94 $8,915 $8.00 $7.00 $6.00 $6,000 $4.31 $5,891 $6,043 $5.00 $5,000 $4.00 $4,000 $2.62 $3.21 $2.99 $2.79 $4,637 $3.00 $3,000 $2,000 $1,000 $1.88 $1.37 $0.98 $2,425 $2,397 $2,399 $1,909 $2,091 $1,548 $1, $2.00 $1.00 $0.00 Note: figures not restated for change in accounting for retirement plans and figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations. 11

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13 Function Name or Presentation Title Confidential 13

14 Tommy Hilfiger Brand Overview 2017 Regional Breakout GLOBAL RETAIL SALES: $7.4 BN REPORTED REVENUES: $3.9 BN 4% 46% 46% 11% 9% 42% 43% 50% 41% North America (1) Latin America (2) Asia Pacific (3) Europe (4) One of the world s leading DESIGNER LIFESTYLE Brands Celebrates the essence of CLASSIC AMERICAN COOL STYLE Strong GLOBAL BRAND AWARENESS (1) North America includes Canada and Mexico. (2) Latin America includes South America, the Caribbean and Central America. (3) Asia Pacific includes Australia and New Zealand. (4) Europe includes the Middle East and Africa. 14

15 Tommy Hilfiger Brand Overview STYLE / HILFIGER COLLECTION: The TOMMY HILFIGER TAILORED: Targeting TOMMY HILFIGER: Our core line, TOMMY JEANS: TOMMY JEANS is TARGET pinnacle of the TOMMY HILFIGER product offerings, blending the brand s 25 to 40-year-olds, this line reflects the brand's American menswear heritage in which embodies the brand s classic American cool spirit. With a focus inspired by American denim classics with a modern, casual edge. Americana styling with contemporary elevated, sophisticated styles that are on a 25 to 40 year-old consumer, Targeting the 18 to 30 year-old influences and a playful fashion edge. suitable for more formal occasions. From TOMMY HILFIGER is denim-oriented consumer, the line The collection targets 25 to 40-yearold consumers and includes designs structured suiting to more relaxed tailoring, classics are modernized with precision fit, internationally recognized for celebrating the essence of classic focuses on premium denim separates, footwear, bags, that premiere on the runway. premium fabrics, updated cuts, rich colors American style with a fresh, accessories, eyewear and fragrance. and luxurious details executed with the brand s signature twist. modern twist inspired by pop culture. DISTRIBUTION Select Global Retail, Global tommy.com, Global Wholesale Select Global Retail, Global tommy.com, Global Wholesale Global Retail, Global tommy.com, Global Wholesale Global Retail, Global tommy.com, Global Wholesale 15

16 Tommy Hilfiger Growth Opportunities Products Channels Markets GROWTH REGIONS EUROPE WOMENSWEAR ACCESSORIES RETAIL ASIA PACIFIC UNDERWEAR MEN S TAILORED DIGITAL COMMERCE WHOLESALE 16

17 Tommy Hilfiger Global Marketing & Communications OBJECTIVE: Build on consumer-centric go-to-market strategies to maintain global brand relevance & momentum INVESTMENT: Over $180 million in 2017 global marketing spend FOCUS: Attracting a new generation of consumers globally See Now, Buy Now Pioneer in See Now, Buy Now for both men s and women s, extending support across labels, throughout the season and reaching a wider global audience Women s Apparel, Footwear & Accessories Strong momentum and growth within our overall portfolio Performance in women s has provided a halo across other categories Hailey Baldwin and Winnie Harlow announced as global brand ambassadors for TOMMY HILFIGER women s for Fall 2018 Menswear Launched men s Ignite strategy with the announcement of TOMMY HILFIGER as the Official Apparel Partner for Mercedes- AMG Petronas Motorsport and Lewis Hamilton as the new global brand ambassador for TOMMY HILFIGER menswear TOMMY JEANS HILFIGER DENIM rebranded as TOMMY JEANS: evolving our label strategy to unlock full business potential and continue momentum with young millennials and Gen Z consumers 17

18 Tommy Hilfiger Business Overview & Financials Tommy Hilfiger Business Summary 2017 Reported Revenues: $3.9 BN International Revenues: ~$2.3 BN North America Revenues: ~$1.6 BN 2017 EBIT Margin (1) : 12.9% (1) EBIT margin excludes certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliation of EBIT. 18

19 Be consumer-centric and enhance global brand relevance with marketing campaigns and consumer engagement initiatives designed to drive growth and reflect TOMMY HILFIGER s accessible luxury positioning and classic American cool aesthetic. Category expansion within womenswear and accessories, men s tailored clothing and underwear. Drive regional expansion, particularly in Asia Pacific. Digitize Tommy Hilfiger from showrooms to stores and online experiences. Evolve our supply chain to adapt more quickly to change. 19

20 Tommy Hilfiger International Overview Healthy brand with premium positioning overseas Marketing efforts focused on digital and social media Tommy Hilfiger International business experienced outstanding performance across Europe and Asia in 2017 EUROPE Europe continues to experience solid multi-year business trends Localized management differentiates brand from peers Net sales growth in all major EMEA (Europe, Middle East & Africa) markets in 2017 Operates the largest digital commerce business within PVH WHOLESALE RETAIL 61% 39% 2017 EUROPE REVENUES BY DISTRIBUTION MODEL (1) (1) Retail and wholesale split excludes licensing revenues. ASIA China: Strong performance in 2017, as the investments we have made are resonating with consumers and driving growth Japan: Performing well, as our efforts to turn around the business have seen great progress 20

21 Tommy Hilfiger North America Overview Continued wholesale sales growth through key partners: o o U.S. Exclusive partnership with Macy s for men s sportswear; opportunity to expand categories outside of sportswear through other wholesale partners Canada Retail partnership with Hudson s Bay Company 2017 REVENUES BY DISTRIBUTION MODEL(1) 26% 26% 74% WHOLESALE RETAIL Tommy Hilfiger s womenswear wholesale business in U.S. and Canada that was licensed to G-III performed well in 2017 Rollout of TOMMY JEANS, with elevated product and designs Improvements in quality, styling and in-store presentations Investments in digital commerce and digital marketing driving brand relevance and consumer engagement Focus on digital commerce, including improvements to site design, technology and social media efforts (1) Retail and Wholesale split excludes licensing revenues. 21

22 Tommy Hilfiger Licensed Businesses OVER TIME, WE LOOK TO ASSUME MORE DIRECT CONTROL OVER VARIOUS LICENSED REGIONS ASIA PACIFIC 2017 RETAIL SALES: ~$410MM* LATIN AMERICA & MEXICO 2017 RETAIL SALES: ~$425MM* JOINT VENTURE INDIA AUSTRALIA NEW ZEALAND BRAZIL MEXICO DISTRIBUTOR INDONESIA VIETNAM PHILIPPINES LICENSE KOREA HONG KONG TAIWAN MALAYSIA LATAM * Licensed businesses only. SINGAPORE 22

23 Function Name or Presentation Title Confidential 23

24 Calvin Klein Brand Overview 2017 Regional Breakout GLOBAL RETAIL SALES: $9.1 BN REPORTED REVENUES: $3.5 BN 57% 3% 16% 24% 6% 4% 19% 19% 49% 3% 20% 28% 52% North America (1) Latin America (2) Asia Pacific (3) Europe (4) ONE OF THE BEST KNOWN DESIGNER NAMES in the world. Bold, progressive ideals. Seductive, and often minimal, aesthetic. (1) North America includes Canada and Mexico. (2) Latin America includes South America, the Caribbean and Central America. (3) Asia Pacific includes Australia and New Zealand. (4) Europe includes the Middle East and Africa. 24

25 Calvin Klein Brand Overview CALVIN KLEIN is a global lifestyle brand that exemplifies bold, progressive ideals and a seductive, and often minimal, aesthetic Our halo brand, representing pure, refined luxury. This line offers men s and women s high-end designer apparel and accessories, as well as items for the home. CALVIN KLEIN BY APPOINTMENT, a bespoke collection, was launched in April DISTRIBUTION Our contemporary brand, offering modern, sophisticated items including apparel and accessories. Our master brand, offering men s and women s sportswear, outerwear, fragrance, accessories, footwear, performance apparel, men s dress furnishings, women s dresses, suits and handbags, and items for the home. The casual expression of the CALVIN KLEIN brand with roots in denim, offering men s and women s jeanswear, related apparel and accessories. CALVIN KLEIN jeanswear is known for its unique details and innovative washes. Known across the globe for provocative, cutting-edge products and marketing campaigns and consistently delivering innovative designs with superior fit and quality. Offerings include men s and women s underwear, women s intimates, sleepwear and loungewear. Madison Avenue Flagship, Global calvinklein.com, Global Wholesale Select Global Retail (Asia and Europe), U.S. calvinklein.com, Select global Wholesale Global Retail, Global calvinklein.com, Global Wholesale Global Retail, Global calvinklein.com, Global Wholesale Global Retail, Global calvinklein.com, Global Wholesale 25

26 Calvin Klein Growth Opportunities Products Channels Markets GROWTH REGIONS EUROPE JEANSWEAR WOMEN S INTIMATES STORES DIGITAL COMMERCE ASIA PACIFIC APPAREL ACCESSORIES TRAVEL RETAIL SHOPS IN SHOPS 26

27 Calvin Klein Global Marketing & Communications OBJECTIVE: To create marketing campaigns with one singular, cohesive and aspirational brand voice showcasing the CALVIN KLEIN lifestyle INVESTMENT: With over $380 million in global annual marketing spend in 2017, (~40% funded by licensees), we leveraged CALVIN KLEIN s brand heritage to grow the top and bottom line Focus on consumer engagement and fashion and cultural relevance Our Family. #MYCALVINS the brand s relaunch of its highly successful #MYCALVINS campaign featured: Sisters Kim Kardashian West, Khloé Kardashian, Kourtney Kardashian, Kendall Jenner and Kylie Jenner as brand ambassadors for CALVIN KLEIN JEANS and CALVIN KLEIN UNDERWEAR Siblings Kaia and Presley Gerber in CALVIN KLEIN JEANS 27

28 Calvin Klein Business Overview And Financials 2017 Reported Revenues SUMMARY FINANCIALS $3.5 BN Despite the fact that we brought back in house our two largest apparel categories in 2013, over 50% of the brand s global retail sales continues to be from licensing International Revenues $1.8 BN PAST TODAY North America Revenues 2017 EBIT Margin $1.7 BN 11.9% Licensee 89% Licensee 54% Directly Operated 11% 2012 Directly Operated 46%

29 Be consumer-centric and enhance global relevance through marketing campaigns and consumer engagement initiatives designed to drive growth and further resonate with youth-minded consumers. Drive product improvement and expansion, particularly within apparel, jeans, accessories and women s intimates. Develop compelling Digital experiences, while also growing our presence in specialty stores and opening additional travel retail locations. Gain greater control of the brand by taking back licensed businesses to operate them directly. Sharpen our processes by enhancing our data capabilities. 29

30 Calvin Klein North America Overview Healthy positioning across wholesale and retail channels Provocative 360 marketing campaigns are a driving force behind the brand, leveraging traditional and digital platforms Continue to diversify the business in response to consumer shopping preferences: Growing digital penetration with our wholesale partners Embracing partnerships with pure play digital commerce players Continuing to sell into select specialty apparel retailers Digital commerce grew approximately 20%, driven by recent investments in website navigation and technology 2017 REVENUES BY DISTRIBUTION MODEL 57% 43% WHOLESALE RETAIL Note: Retail and wholesale split excludes licensing revenues. 30

31 Calvin Klein International Overview ASIA PACIFIC Distribution ~75% retail (including concession shops and free-standing stores) / 25% wholesale Strong brand positioning across all categories Largest categories: Jeans and underwear; Biggest opportunities: Performance and sportswear EUROPE Distribution ~50% retail / ~50% wholesale in 2017 Largest categories: Jeans and underwear; Biggest opportunities: Men s sportswear, accessories, women s sportswear (Fall 2018 launch) Largest regional opportunity for CALVIN KLEIN, as we capitalize on the strong consumer appetite for the brand LATIN AMERICA (PRIMARILY BRAZIL) Distribution ~35% retail / ~65% wholesale Brand positioned well, with strong consumer relevance and acceptance across product lines Largest category: Jeans; Biggest opportunities: Underwear, sportswear and performance KOREA ~20% CENTRAL & SOUTHEAST ASIA PACIFIC ~30% CHINA ~50% 2017 REVENUE BY REGION 31

32 Calvin Klein Licensing 7 significant partnerships represented over 80% of licensing and advertising revenue in 2017 Over time, we look to assume more direct control over various licensed businesses where we have core competencies Women s Apparel / Other Fragrance Footwear GLOBAL RETAIL SALES G-III $1.8BN COTY $1.2BN JIMLAR ~$315MM Men s Tailored Watches + Jewelry Eyewear CK Calvin Klein/Asia PEERLESS ~$240MM SWATCH ~$225MM MARCHON ~$145MM Investor CLUB Update ~$115MM Summer

33 Function Name or Presentation Title Confidential 33

34 Heritage Brands Overview & Financials SUMMARY FINANCIALS 2017 Reported Revenues $1.6 BN 2017 EBIT Margin 6.7% HERITAGE BRANDS Underwear / Core Intimates Sportswear Dress Furnishings Swimwear Licensed Brands Include: Chaps DKNY Kenneth Cole Reaction MICHAEL Michael Kors Michael Kors Collection 34

35 Be consumer-centric by designing and marketing quality, trend-tight products that offer great value to our consumers and introducing products with new technologies and new features. Leverage and enhance each brand s position in the market. Maximize distribution, with the greatest opportunities in mass mass market market retailers retailers and digital and digital commerce commerce (through (through our wholesale our wholesale partners as partners well as our as well own ass digital our commerce own digital site, commerce launching site, Summer, launching 2018) Summer 2018) Enhance profitability by capitalizing on supply chain opportunities and leveraging consumer insights, while also reducing costs and maintaining a critical focus on inventory management. 35

36 FINANCIAL OVERVIEW Function Name or Presentation Title Confidential 36

37 PVH Financial History ($ in Millions, except per share data) Warnaco Acquisition FX Headwinds Revenues $8,216* $8,241 $8,020 $8,203 $8,915 Gross Margin 52.4%* 52.6%* 51.6%* 53.4%* 54.9% EBIT* $967 $921 $842 $794 $864 EBIT Margin* 11.8% 11.2% 10.5% 9.7% 9.7% EPS* $7.03 $7.30 $7.05 $6.80 $7.94 EPS Growth* 7% 4% -3% -4% +17% * Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations. 37

38 PVH Consolidated Summary of 1Q18 Performance 1Q18 YoY Change Revenues $2.3BN reported +16% reported +10% constant currency* Gross Margin 55.8% Up 150bps Non-GAAP EBIT* $251MM +30% Non-GAAP EBIT Margin* 10.9% Up 120bps Non-GAAP EPS* $2.36 (including $0.20 positive impact from foreign currency) +43% * Figures exclude certain amounts that were deemed non-recurring or non-operational. Constant currency measures also exclude impact of foreign exchange. Refer to Appendix for GAAP reconciliations. 38

39 PVH Financial History FREE CASH FLOW ($ in millions) GROSS LEVERAGE RATIO* $700 $600 $578 $ % 120% 3.4 $500 $400 $300 $481 79% 99% 117% $ % 80% 60% x 3.0x 3.1x 2.7x 2.7x $200 $100 44% $196 29% 40% 20% $ LTM 1Q18 Free Cash Flow Free Cash Flow / Non-GAAP Net Income* 0% LTM 1Q18 Debt paydown of ~$1.9 billion in senior secured notes since the Warnaco acquisition NOTE: Free cash flow defined as cash flow from operations less capital expenditures and dividends. Updated guidance related to the classification of certain cash receipts and cash payments in the statement of cash flows was adopted in the first quarter of As a result, contingent payments to Mr. Klein are now included in cash flow from operations. * Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations and LTM 1Q18 free cash flows were principally impacted by larger capital expenditures compared to prior years, an increase in inventories, principally driven by our expected sales growth in the first half of 2018 and the timing of inventory receipts as compared to the prior year period due to the inclusion of a 53rd week of operations in 2017, and an increase in prepaid expenses due to the inclusion of the 53rd week. 39

40 APPENDIX Function Name or Presentation Title Confidential 40

41 GAAP to Non-GAAP Net Income Per Common Share Reconciliations ( ) GAAP to Non-GAAP Reconciliations Net Income (Loss) Per Common Share (Dollars and Shares in Millions, Except Per Share Data) Net Income (Loss) per Common Share Calculation GAAP Adjustments (1) Non-GAAP GAAP Adjustments (2) Non-GAAP GAAP Adjustments (3) Non-GAAP GAAP Adjustments (4) Non-GAAP Net Income $ $ 6.4 $ $ $ $ 58.6 $ (12.1) $ 70.7 $ 14.7 $ (35.8) $ 50.5 Preferred Stock Dividends on Converted Stock $ Inducement Payment and Offering Costs Net Income (Loss) Available to Common Stockholders $ $ (7.7) $ $ 87.6 $ 16.3 $ $ 58.6 $ (12.1) $ 70.7 $ (5.3) $ (35.8) $ 30.5 Total Shares for Diluted Net Income (Loss) per Common Share 53.5 (3.2) (3.3) (0.7) 31.0 Diluted Net Income (Loss) per Common Share $ 2.64 $ 2.62 $ 1.70 $ 1.88 $ 1.14 $ 1.37 $ (0.18) $ 0.98 (1) Adjustments for 2006 represent the elimination of (i) a gain associated with the sale by our subsidiary on January 31, 2006 of minority interests in certain entities that operate various licensed Calvin Klein jeans and sportswear businesses in Europe and Asia; (ii) costs resulting from the departure in February 2006 of our former chief executive officer; (iii) costs associated with closing our apparel manufacturing facility in Ozark, Alabama in May 2006; (iv) the tax effects associated with the foregoing pre-tax items; and (v) an inducement payment and offering costs incurred in connection with the voluntary conversion by the holders of our Series B convertible preferred stock of a portion of such stock into shares of common stock and the subsequent sale of a portion of such common shares by the holders. The inducement payment and offering costs resulted in a reduction of net income available to common stockholders for purposes of calculating diluted net income per common share. (2) Adjustments for 2005 represent the elimination of (i) an inducement payment and offering costs incurred in connection with the voluntary conversion by the holders of our Series B convertible preferred stock of a portion of such stock into shares of common stock and the subsequent sale of such common shares by the holders. The inducement payment and offering costs resulted in a reduction of net income available to common stockholders for purposes of calculating diluted net income per common share. (3) Adjustments for 2004 represent the elimination of (i) charges related to debt extinguishment costs; (ii) charges associated with the closing of certain outlet retail stores and exiting the wholesale footwear business and other related costs; (iii) the tax effects associated with the foregoing pre-tax costs; and (iv) a tax benefit associated with the realization of certain state net operating loss carryforwards. (4) Adjustments for 2003 represent the elimination of (i) charges related to integration costs associated with our acquisition of Calvin Klein; (ii) charges associated with the impairment and closing of certain outlet retail stores and exiting the wholesale footwear business and other related costs; (iii) a gain resulting from our sale of the minority interest in Gant Company AB; and (iv) the tax effects associated with the foregoing pre-tax items. Calvin Klein integration costs consist of (a) the operating losses of certain Calvin Klein businesses, which we have closed or licensed, and associated costs in connection therewith and (b) the costs of certain duplicative personnel and facilities incurred during the integration of various logistical and back office functions. 41

42 GAAP to Non-GAAP Net Income Per Common Share Reconciliations ( ) GAAP to Non-GAAP Reconciliations Net Income Per Common Share (Dollars and Shares in Millions, Except Per Share Data) GAAP Adjustments (1) Non-GAAP GAAP Adjustments (2) Non-GAAP GAAP Adjustments (3) Non-GAAP Net Income per Common Share Calculation Net Income (Loss) $ 54.4 $ (236.0) $ $ $ 7.2 $ $ 39.1 $ (116.9) $ Total Shares for Diluted Net Income per Common Share Diluted Net Income per Common Share $ 0.81 $ 4.31 $ 2.92 $ 2.79 $ 0.75 $ 2.99 (1) Adjustments for 2010 represent the elimination of (i) the costs incurred in connection with our acquisition and integration of Tommy Hilfiger, including transaction, restructuring and debt extinguishment costs, short-lived non-cash valuation amortization charges and the effects of hedges against Euro to U.S. dollar exchange rates relating to the purchase price; (ii) the costs incurred in connection with our exit from the United Kingdom and Ireland Van Heusen dresswear and accessories business; (iii) the recognized actuarial loss on retirement plans; (iv) the tax effects associated with the foregoing pre-tax costs; and (v) a tax benefit related to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions. (2) Adjustments for 2009 represent the elimination of (i) the costs incurred in connection with our restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of domestic production of machine-made neckwear, a realignment of our global sourcing organization, reductions in warehousing capacity and other initiatives to reduce corporate and administrative expenses; (ii) the recognized actuarial loss on retirement plans; (iii) the tax effects associated with the foregoing pre-tax costs; and (iv) a net tax benefit related principally to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions. (3) Adjustments for 2008 represent the elimination of (i) the costs incurred in connection with our restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of domestic production of machine-made neckwear, a realignment of our global sourcing organization, reductions in warehousing capacity and other initiatives to reduce corporate and administrative expenses; (ii) fixed asset impairment charges for approximately 200 of our retail stores; (iii) the recognized actuarial loss on retirement plans; (iv) the operations of our Geoffrey Beene outlet retail division and the costs associated with the closing of such division; and (v) the tax effects associated with the foregoing pre-tax costs. 42

43 GAAP to Non-GAAP Net Income Per Common Share Reconciliations ( ) GAAP to Non-GAAP Reconciliations Net Income Per Common Share (Dollars and Shares in Millions, Except Per Share Data) GAAP Adjustments (1) Non-GAAP GAAP Adjustments (2) Non-GAAP GAAP Adjustments (3) Non-GAAP Total Earnings Before Interest and Taxes $ $ (453.5) $ $ $ (91.2) $ $ $ (190.7) $ Net Income per Common Share Calculation Net Income Attributable to PVH Corp. $ $ (437.5) $ $ $ (52.6) $ $ $ (121.2) $ Total Shares for Diluted Net Income per Common Share Diluted Net Income per Common Share $ 1.74 $ 7.03 $ 5.87 $ 6.58 $ 3.78 $ 5.44 (1) Adjustments for 2013 represent the elimination of (i) the costs incurred in connection with our acquisition and integration of The Warnaco Group, Inc. ( Warnaco ) and the related restructuring; (ii) the loss incurred in connection with the sale of substantially all of the assets of the G. H. Bass & Co. ( Bass ) business, including related costs; (iii) the income due to the amendment of an unfavorable contract, which resulted in the reduction of a liability recorded at the time of the Tommy Hilfiger acquisition; (iv) the costs incurred in connection with our debt modification and extinguishment; (v) the interest expense incurred prior to the Warnaco acquisition closing date related to the $700 of senior notes issued in 2012; (vi) the recognized actuarial gains on retirement plans; (vii) the tax effects associated with the foregoing pre-tax items; (viii) non-recurring discrete tax items related to the Warnaco integration; and (ix) a non-recurring discrete tax item attributable to an increase in our previously-established liability for an uncertain tax position related to European and U.S. transfer pricing arrangements. (2) Adjustments for 2012 represent the elimination of (i) the costs incurred in connection with our integration of Tommy Hilfiger and the related restructuring; (ii) the costs incurred in connection with our acquisition of Warnaco; (iii) the interest expense incurred prior to the Warnaco acquisition closing date related to the $700 of senior notes issued in 2012; (iv) the recognized actuarial losses on retirement plans; (v) the tax effects associated with the foregoing pre-tax costs; and (vi) the tax benefit resulting from the recognition of previously unrecognized net operating loss assets and tax credits. (3) Adjustments for 2011 represent the elimination of (i) the costs incurred in connection with our integration of Tommy Hilfiger and the related restructuring; (ii) the expense incurred associated with settling the unfavorable preexisting license agreement in connection with our buyout of the TOMMY HILFIGER perpetual license in India; (iii) the costs incurred in connection with our modification of our credit facility; (iv) the costs incurred in connection with our negotiated early termination of our license to market sportswear under the Timberland brand and the 2012 exit from the Izod women s wholesale sportswear business; (v) the recognized actuarial losses on retirement plans; (vi) the tax effects associated with the foregoing pre-tax costs; and (vii) the tax benefit resulting from revaluing certain deferred tax liabilities due to a decrease in the statutory tax rate in Japan. 43

44 GAAP to Non-GAAP Reconciliations ( ) GAAP to Non-GAAP Reconciliations (Dollars and Shares in Millions, Except Per Share Data) GAAP Adjustments (1) Non-GAAP GAAP Adjustments (2) Non-GAAP GAAP Adjustments (3) Non-GAAP Total Revenue $ 8,203.1 $ - $ 8,203.1 $ 8,020.3 $ - $ 8,020.3 $ 8,241.2 $ - $ 8,241.2 Total Gross Profit 4,370.3 (7.3) 4, , , ,326.7 (6.5) 4,333.2 Total EBIT (4.9) (81.0) (390.7) Net Income per Common Share Attributable to PVH Calculation Net Income $ $ (1.1) $ $ $ (13.3) $ $ $ (168.8) $ Total Shares for Diluted Net Income per Common Share Diluted Net Income per Common Share $ 6.79 $ 6.80 $ 6.89 $ 7.05 $ 5.27 $ 7.30 (1) Adjustments for 2016 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iii) the costs incurred in connection with the licensing to G-III Apparel Group, Ltd. of the Tommy Hilfiger womenswear wholesale business in the U.S. and Canada (the G-III license ), which resulted in the discontinuation of our directly operated Tommy Hilfiger North America womenswear wholesale business in 2016; (iv) the costs incurred in connection with the restructuring associated with the global creative strategy for CALVIN KLEIN ; (v) the noncash gain recorded to write-up our equity investment in TH Asia, Ltd. ( TH China ), our former joint venture for TOMMY HILFIGER in China, to fair value in connection with the acquisition of the 55% interest that we did not already own (the TH China acquisition ); (vi) the one-time costs recorded on our equity investment in TH China prior to the TH China acquisition closing; (vii) the costs incurred in connection with the TH China acquisition, primarily consisting of noncash valuation adjustments and amortization of short-lived assets; (viii) the costs incurred in connection with the amendment of our credit facility; (ix) the noncash costs recorded in connection with the deconsolidation of our subsidiary that principally operated and managed our Calvin Klein business in Mexico ("the Mexico deconsolidation") in connection with the formation of a joint venture in Mexico to operate that and other businesses; (x) the gain recorded in connection with a payment made to us to exit a TOMMY HILFIGER flagship store in Europe; (xi) the costs incurred in connection with the early termination of the previous license agreement for the Tommy Hilfiger men s tailored clothing business in North America (the TH men s tailored license termination ); (xii) the recognized actuarial gain on retirement plans; (xiii) the tax effects associated with the foregoing pre-tax items; and (xiv) the tax benefits associated with discrete items related to the resolution of uncertain tax positions. (2) Adjustments for 2015 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the operation of and exit from the Izod retail business; (iii) the costs incurred principally in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iv) the costs incurred in connection with the G-III license; (v) the gain recorded on our equity investment in the parent company of the Karl Lagerfeld brand ("Karl Lagerfeld"); (vi) the recognized actuarial gain on retirement plans; (vii) the tax effects associated with the foregoing pre-tax items; and (viii) the tax benefits associated with discrete items related to the resolution of uncertain tax positions and the impact of tax law and tax rate changes on deferred taxes. (3) Adjustments for 2014 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with our exit from the Izod retail business, including noncash impairment charges; (iii) the costs incurred in connection with our exit from a discontinued product line in the Tommy Hilfiger Japan business; (iv) the impairment of certain TOMMY HILFIGER stores in North America; (v) the costs incurred related to the sale of the Bass business; (vi) the costs incurred in connection with the amendment and restatement of our credit facility and the related redemption of our 7 3/8% senior notes due 2020; (vii) the net gain on the deconsolidation of certain Calvin Klein subsidiaries in Australia and New Zealand and the previously consolidated Calvin Klein joint venture in India; (viii) the recognized actuarial loss on retirement plans; (ix) the tax effects associated with the foregoing pre-tax items; and (x) the tax benefits associated with discrete items primarily related to the resolution of uncertain tax positions and various Warnaco integration activities. 44

45 GAAP to Non-GAAP Revenue and Gross Margin Reconciliations (Dollars in Millions) 2013 (1) 2008 (2) 2003 (3) GAAP Revenue $ 8,186.4 $ 2,492.0 $ 1,569.0 Adjustments 30.0 (95.0) (21.0) Non-GAAP Revenue 8, , ,548.0 GAAP Gross Profit 4,219.3 Adjustments 85.6 Non-GAAP Gross Profit 4,304.9 Non-GAAP Gross Margin 52.4% (1) Adjustments for 2013 represent the revenue reduction due to sales returns for certain Warnaco wholesale customers in connection with initiative to reduce excess inventory levels and the costs incurred in connection with the acquisition and integration of Warnaco and the related restructuring. (2) Adjustments for 2008 represent the elimination of the operations of the Geoffrey Beene outlet retail division, which was closed. (3) Adjustments for 2003 represent the elimination of the operations of certain Calvin Klein businesses, which were closed or licensed. 45

46 GAAP to Non-GAAP Reconciliations 2017, Q and Q GAAP to Non-GAAP Reconciliations (Dollars and Shares in Millions, Except Per Share Data) 2017 Q Q Positive Impact of Foreign Currency GAAP Adjustments (1) Non-GAAP GAAP Adjustments (2) Non-GAAP GAAP Adjustments (3) Non-GAAP Revenue Calvin Klein $ 3,461.6 $ - $ 3,461.6 Tommy Hilfiger 3, ,893.2 Heritage Brands 1, ,560.0 Total Revenue 8, ,914.8 $ 1,989.0 $ - $ 1,989.0 $ 2,314.6 $ - $ 2,314.6 $ $ 2,191.8 EBIT Calvin Klein Tommy Hilfiger (183.2) Heritage Brands Corporate (200.9) (48.0) (152.9) Total EBIT (231.2) (79.3) (6.9) Net Income per Common Share Attributable to PVH Calculation Net Income $ $ (86.6) $ $ 70.4 $ (59.8) $ $ $ (5.4) $ Total Shares for Diluted Net Income per Common Share Diluted Net Income per Common Share $ 6.84 $ 7.94 $ 0.89 $ 1.65 $ 2.29 $ 2.36 $ 0.20 $ 2.16 Constant Currency (1) Adjustments for 2017 represent the elimination of (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in connection with agreements to restructure our supply chain relationship with Li & Fung Trading Limited ( Li & Fung ), under which we terminated our non-exclusive buying agency agreement with Li & Fung in 2017 (the Li & Fung termination ); (iii) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (iv) the costs incurred in connection with the noncash settlement of certain of our benefit obligations related to our retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (v) the net costs incurred in connection with the consolidation within our warehouse and distribution network in North America, which included a gain recorded on the sale of a warehouse and distribution center; (vi) the costs incurred in connection with an amendment to Mr. Tommy Hilfiger s employment agreement pursuant to which the Company made a cash buyout of a portion of the future payment obligation (the Mr. Hilfiger amendment ); (vii) the costs incurred in connection with the early redemption of the Company s $700 million 4 1/2% senior notes; (viii) the costs incurred in connection with the issuance of the Company s 600 million 3 1/8% senior notes; (ix) the recognized actuarial loss on retirement plans; (x) the tax effects associated with the foregoing pre-tax items; (xi) the tax benefits associated with discrete items related to the resolution of uncertain tax positions; (xii) the discrete net tax benefit recorded in connection with the enactment of the U.S. Tax Cuts and Jobs Act of 2017 in the fourth quarter of 2017; and (xiii) the discrete tax benefit related to an excess tax benefit from the exercise of stock options by our Chief Executive Officer. (2) Adjustments for the first quarter of 2017 represent the elimination of (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (iv) the costs incurred in connection with the noncash settlement of certain of the Company s benefit obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (v) the costs incurred in connection with the consolidation within the Company's warehouse and distribution network in North America; and (vi) the tax effects associated with the foregoing pre-tax items. (3) Adjustments for the first quarter of 2018 represent the elimination of the costs incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets, and the resulting tax effect. 46

47 GAAP to Non-GAAP Gross Debt/Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Reconciliations GAAP to Non-GAAP Reconciliations Debt/EBITDA (Dollars in Millions, Except Ratios) 2014 (1) 2015 (2) 2016 (3) 2017 (4) Q (5) Q (6) 2018 LTM Q1 GAAP Net Income Attributable to PVH Corp. $ 439 $ 572 $ 549 $ 538 $ 70 $ 179 $ 647 Pre-Tax Items Deemed Non-recurring or Non-operational GAAP Interest and Taxes GAAP Depreciation and Amortization Depreciation and Amortization Items Deemed Non-recurring or Non-operational (6) (6) (50) (38) (10) (7) (35) Non-GAAP EBITDA as presented $ 1,160 $ 1,092 $ 1,067 $ 1,152 $ 259 $ 327 $ 1,220 Gross Debt, Including Current Portion and Short-term Borrowings $ 3,557 $ 3,225 $ 3,242 $ 3,106 $ 3,291 Capital Lease Obligations Total Debt $ 3,575 $ 3,240 $ 3,258 $ 3,122 $ 3,307 Gross Leverage Ratio (1) Amounts that were deemed non-recurring or non-operational for 2014 were (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with our exit from the Izod retail business, including noncash impairment charges; (iii) the costs incurred in connection with our exit from a discontinued product line in the Tommy Hilfiger Japan business; (iv) the impairment of certain TOMMY HILFIGER stores in North America; (v) the costs incurred related to the sale of the Bass business; (vi) the costs incurred in connection with the amendment and restatement of our credit facility and the related redemption of our 7 3/8% senior notes due 2020; (vii) the net gain on the deconsolidation of certain Calvin Klein subsidiaries in Australia and New Zealand and the previously consolidated Calvin Klein joint venture in India; and (viii) the recognized actuarial loss on retirement plans. (2) Amounts that were deemed non-recurring or non-operational for 2015 were (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the operation of and exit from the Izod retail business; (iii) the costs incurred principally in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iv) the costs incurred in connection with the G-III license; (v) the gain recorded on our equity investment in Karl Lagerfeld; and (vi) the recognized actuarial gain on retirement plans. (3) Amounts that were deemed non-recurring or non-operational for 2016 were (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iii) the costs incurred in connection with the G-III license; (iv) the costs incurred in connection with the restructuring associated with the global creative strategy for CALVIN KLEIN ; (v) the noncash gain recorded to write-up our equity investment in TH China to fair value in connection with the TH China acquisition; (vi) the one-time costs recorded on our equity investment in TH China prior to the TH China acquisition closing; (vii) the costs incurred in connection with the TH China acquisition, primarily consisting of noncash valuation adjustments and amortization of short-lived assets; (viii) the costs incurred in connection with the amendment of our credit facility; (ix) the noncash costs recorded in connection with the Mexico deconsolidation; (x) the gain recorded in connection with a payment made to us to exit a TOMMY HILFIGER flagship store in Europe; (xi) the costs incurred in connection with the TH men's tailored license termination; and (xii) the recognized actuarial gain on retirement plans. (4) Amounts that were deemed non-recurring or non-operational for 2017 were (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (iv) the costs incurred in connection with the noncash settlement of certain of the Company s benefit obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (v) the net costs incurred in connection with the consolidation within the Company s warehouse and distribution network in North America, which included a gain recorded on the sale of a warehouse and distribution center; (vi) the costs incurred in connection with the Mr. Hilfiger amendment; (vii) the costs incurred in connection with the early redemption of the Company s $700 million 4 1/2% senior notes; (viii) the costs incurred in connection with the issuance of the Company s 600 million 3 1/8% senior notes; and (ix) the recognized actuarial loss on retirement plans. (5) Amounts that were deemed non-recurring or non-operational for the first quarter of 2017 were (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (iv) the costs incurred in connection with the noncash settlement of certain of the Company s benefit obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; and (v) the costs incurred in connection with the consolidation within the Company's warehouse and distribution network in North America. (6) Amounts that were deemed non-recurring or non-operational for the first quarter of 2018 were the costs incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets. 47

48 GAAP to Non-GAAP Cash Flow Reconciliations GAAP to Non-GAAP Reconciliations Cash Flow (Dollars in Millions) LTM Q Q Q Cash Flow from Operations (1) $ 749 $ 854 $ 903 $ 644 $ (57) $ (126) $ 575 Less: Capital Expenditures Dividends Free Cash Flow $ 481 $ 578 $ 644 $ 274 $ (131) $ (209) $ 196 (1) Updated guidance related to the classification of certain cash receipts and cash payments in the statement of cash flows was adopted in the first quarter of As a result, contingent payments to Mr. Klein are now included in cash flow from operations. Prior amounts have been adjusted to reflect the retrospective application of this guidance. 48