What happened

Shares of PVH (NYSE:PVH) plunged 14.5% on Thursday after the clothing company -- which owns brands such as Tommy Hilfiger and Calvin Klein -- announced mixed fiscal first-quarter 2019 results and disappointing forward guidance.

PVH's quarterly revenue climbed 1.8% year over year to $2.356 billion, translating to adjusted (non-GAAP) net income of $186.4 million, or $2.46 per share, up from $2.36 per share in the same year-ago period. By comparison, guidance provided in March called for lower earnings of $2.40 to $2.45 per share on roughly the same revenue. And analysts, on average, were expecting slightly lower earnings of $2.44 per share on slightly higher revenue of $2.37 billion.

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So what

PVH chairman and CEO Emanuel Chirico said the company is pleased with its performance: "While the global retail environment was challenging, the power of our diversified business model and the strength of our brands, global platforms and teams drove our businesses forward."

Within the top line, revenue from the Tommy Hilfiger brand rose 4% to $1.1 billion (or 9% at constant currency), with growth from both domestic (up 3% to $372 million) and international (up 4% to $680 million) markets. Calvin Klein also saw sales rise 4% at constant currencies to $890 million, as 2% growth in North America, to $424 million, was partially offset by a 2% decline (or 5% growth at constant currencies) internationally.

Now what

For the second quarter, however, PVH sees revenue arriving roughly flat year over year (or 2% growth at constant currencies), with adjusted earnings per share of $1.85 to $1.90. Most analysts were looking for significantly higher second-quarter earnings of $2.43 per share on a 3.5% increase in revenue.

For the full fiscal year 2019, PVH now expects revenue to increase roughly 3% as reported, and 5% at constant currencies -- which is technically a reduction from its previous 4% reported growth target, but steady after adjusting for currency exchange. PVH also told investors to expect 2019 earnings per share of $10.20 to $10.30, a $0.10-per-share reduction from both ends of its old guidance range.

In the end, this outlook obviously left the market wanting more. PVH stock is responding in kind.