New York, June 4, 2026, 12:04 EDT
PVH Corp shares slid around 21% midday Thursday. The Calvin Klein and Tommy Hilfiger parent cut its yearly sales forecast, blaming the drawn-out Middle East conflict for weaker demand from shoppers in Europe, the Middle East and Africa.
The stock was last seen at $77.37, well off its Wednesday close of $98.00. Shares opened the session at $71.17 and dropped to an intraday low of $69.00.
PVH’s stock got hit after management lowered guidance, even though first-quarter results beat expectations. The shift turned the focus away from positive brand trends to weaker demand in EMEA, which lumps together Europe, the Middle East and Africa. PVH reported that EMEA revenue dropped 5% in constant currency, stripping out forex moves.
PVH posted first-quarter revenue of $2.025 billion, a 2% increase from last year. Adjusted earnings per share were $2.01, beating PVH’s target range of $1.65 to $1.80. Adjusted EPS excludes certain items.
PVH is now guiding for full-year revenue to be about flat, a shift from the earlier outlook for a slight rise, but the company left its non-GAAP operating margin target at 8.8%. Non-GAAP strips out items PVH says aren’t part of its main business. Investors shrugged.
PVH CEO Stefan Larsson said the company is “balancing two opposing forces”—better trends at Calvin Klein and Tommy Hilfiger, but also pressure on EMEA consumers tied to the Middle East. Larsson said PVH is “adjusting to the moment” and sticking with brand spending. pvh.com
PVH Interim CFO Melissa Stone said the company is still looking for growth in the Americas and Asia-Pacific, but weakness in EMEA led to the cut in revenue guidance. She said tariff refunds have helped PVH take some of the impact while going ahead with investments.
Tariffs loom large for PVH. The company is factoring in around $195 million in gross EBIT drag for the year, taking a blended 15% tariff on US-bound goods. PVH also expects to see about $100 million coming back in IEEPA tariff refunds, with the recognition slated for the second quarter.
The drop brought out analysts. Evercore ISI’s Michael Binetti moved PVH down to In-Line from Outperform and dropped his target price to $79 from $95, Benzinga reported.
PVH shares took a bigger hit than some rivals. Ralph Lauren gained 0.4%, Abercrombie & Fitch also picked up 0.4%, while Levi Strauss barely moved Thursday. That left PVH’s slide looking related to its EMEA business and guidance change, not a sector-wide selloff.
PVH got about 47% of its first-quarter sales from EMEA, Barron’s reported. That’s a bigger share than Ralph Lauren or Abercrombie & Fitch. The stock sold off after the company’s warning focused on that region.
Downside risks remain. If EMEA demand slips more, promotions go up, or tariff refunds don’t offset costs the way PVH expects, the company’s margin goal could take a hit—even if Calvin Klein and Tommy Hilfiger keep picking up momentum in stores and online.
PVH’s beat isn’t moving the stock this morning. Traders are focused on the revenue guidance, which knocked over 20% off the company’s market cap by midday.
