TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 12 US-GAAP Apparel - Manufacturers peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 12 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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PVH Corp. SG&A versus peers, in text

PVH Corp. (PVH) reports revenue of $8,950 million. On a normalized basis its SG&A runs 44.6% of revenue, against a median of 38.0% across 11 Apparel - Manufacturers peers; 2 of the 11 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 5.5% of revenue (12 of 12 companies disclose it); Stock-based comp 0.5% of revenue (12 of 12 companies disclose it); Restructuring 0.0% of revenue (12 of 12 companies disclose it).

Closing the gap to the peer median is worth about $523 million a year (584 bps of revenue); to the lean quartile, $879 million (982 bps).

Over 10 years (FY2016 to FY2025), PVH Corp.'s total shareholder return was -32% against +284% for the peer composite; SG&A contributed +0.3 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/PVH.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.