PVH (PVH) is expected to deliver in-line Q2 earnings and keep its full-year outlook amid continued weakness in demand in Europe, the Middle East, and Africa, UBS Securities said in a note Friday.

The company is scheduled to report its Q2 earnings results on Sept. 2 after the market closes.

The brokerage said it remains positive on the company's ability to deliver strong long-term earnings growth as management continues to implement initiatives to improve. UBS analysts said they expect Q2 earnings per share of $3.08, in line with consensus, and PVH to maintain full-year 2026 EPS guidance at $11.80 to $12.10.

Analysts expect Q2 sales to decline 3.8% year-over-year, below the 3.4% decline consensus, and gross margin of 62.4%, about 20 basis points above consensus. Selling, general, and administrative expenses are expected to be 53.1% of revenue, higher than consensus.

Lower tariffs in H2 could provide some upside, but continued weak demand in the EMEA region could prevent the company from raising its outlook, analysts said, adding they see a "balanced upside/downside skew."

UBS Securities has a buy rating and a $121 price target on PVH.

Shares of PVH were up more than 3% in Friday trading.

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