PVH Corp. Stock Tumbles After Gloomy 2024 Forecast

Challenging European market and cautious wholesale buyers contribute to bleak outlook for Calvin Klein and Tommy Hilfiger parent.

PVH Corp., owner of Calvin Klein and Tommy Hilfiger, issued a disappointing outlook for 2024, leading to a significant drop in its stock value.
The company expects 2024 earnings per share to be $10.75 to $11, below analyst expectations, with a forecasted sales decrease of 6% to 7%.
The weak outlook is attributed to challenging macroeconomic conditions in Europe and cautious wholesale customers, impacting the high-end retail sector.
PVH's stock plunge marked its largest drop since the 1987 crash, erasing significant market capitalization.
Other luxury retailers, including Ralph Lauren and V.F. Corporation, also experienced declines in share prices following PVH's announcement.