Shares of PVH (PVH 0.81%), the diversified apparel company and parent of brands like Calvin Klein and Tommy Hilfiger, were falling today after it reported solid results in its first-quarter earnings report, but cut its outlook for the full year.
As of 12:37 p.m., the stock was down 17.7%.

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What's ailing PVH?
With uncertainty around tariffs and the broader economy, apparel companies have faced a challenging environment, and PVH is no different.
Revenue rose 2% to $1.98 billion, ahead of its guidance calling for sales to be flat to down 2%, which topped estimates at $1.93 billion.
Revenue grew 5% in the EMEA (Europe, Middle East, and Africa) region and 7% in the Americas, but fell 13% in Asia-Pacific due to a challenging consumer environment in China.
Gross margin declined from 61.4% to 58.6% due to a shift from direct-to-consumer to wholesale and an increased promotional environment.
On the bottom line, adjusted earnings per share fell from $2.45 to $2.30, which beat the company's guidance at $2.10-$2.25 and the consensus at $2.25.
In the quarter, PVH took a $480 million goodwill impairment charge, which it said was due to a significant increase in discount rates. Additionally, its inventory rose 19%, which the company said was due to investment in core product inventory to improve overall availability, to support projected sales growth in the second quarter, and to get summer product in earlier.
CEO Stefan Larsson said, "In Q1, we continued to tap into the global consumer love for Calvin Klein and Tommy Hilfiger, delivering revenue growth versus last year and ahead of guidance."
What's next for PVH?
Despite the solid first-quarter results, management acknowledged that macro uncertainty is creating headwinds, and its second-quarter guidance missed the mark.
For the current period, management expects revenue up in the low single digits, but adjusted EPS down to $1.85-$2.00 from $3.01 in the quarter a year ago.
Management said that it currently estimated tariffs would have a $65 million negative impact on operating profit, or $1.05 per share.
While PVH still offers attractive value at a price-to-earnings ratio of less than 7, it's understandable why the stock is down on the news.