PVH Tanks 22% In Pre-market As Outlook Comes In Below Estimates

(RTTNews) - Shares of PVH Corp. (PVH) were down more than 22 percent in pre-market on Tuesday to $108.57, after the Calvin Klein owner provided first-quarter as well as full-year outlook lower than the Street view.

For the first quarter, the company now expects earnings per share of about $2.15, below the average estimate of analysts polled by Thomson-Reuters of $2.59 per share.

Revenue for the quarter is expected to decline nearly 11 percent form last year. Analysts expect revenue to decrease 2.2 percent.

For fiscal 2024, EPS is projected to be in a range of $10.75 to $11.00, with a revenue decline of 6 percent to 7 percent.

Analysts expect the company to report earnings of $12.08 per share on 1 percent decrease in revenue.

However, earnings for the fourth quarter increased, beating estimates. Quarterly revenue of $2.490 billion was flat with the prior-year period.

PVH shares had closed at $139.73, down 0.63 percent. The stock has traded in the range of $69.27 - $141.15 in the last 1 year.