What: Shares of apparel company PVH Corp (PVH -1.23%) were down 10.7% at 2:45 p.m. EST Thursday after its quarterly results and outlook missed Wall Street expectations.

So what: While PVH's adjusted third-quarter earnings of $2.66 per share managed to top estimates, a 3% decrease in total revenue, coupled with disappointing guidance for the current quarter, suggests that the foreign exchange and department store headwinds working against the company aren't letting up any time soon. Additionally, adjusted operating margins slipped 50 basis points during the quarter to 13.3%, giving investors plenty of negative vibes over PVH's cost structure and competitive position as well.

Now what: Management sees fourth-quarter EPS in the range of $1.37 to $1.47, well below the average analyst estimate of $1.60. "While the global retail landscape continues to be uncertain with foreign currency exchange rates and global consumer spending remaining unpredictable and volatile, we believe that through the power of our designer lifestyle brands, Calvin Klein and Tommy Hilfiger, we can successfully navigate this uncertain environment," said Chairman and CEO Emanuel Chirico. "We remain focused on the strategic growth opportunities ahead of us and believe the sound execution of our business strategies and investment in our world-class brands, together with our strong balance sheet and the efforts of our dedicated and talented associates, will position us to deliver long-term growth and stockholder value." Given PVH's worrisome sales trends and hefty debt load, however, I wouldn't be too quick to buy into that optimism.