PVH Corp, which owns Calvin Klein and Tommy Hilfiger, has cut its profit outlook for the year, mentioning a “challenging macroeconomic environment.” The news came while shares of the company fell 7.4% down to $91.90 USD. The company previous had shares forecasted at $10.30-$10.40USD per share and that has now dropped to between $10.20-$10.30USD per share.
Business of Fashion reports that Chief Executive Emanuel Chirico cited volatility in foreign exchange rates as a key reason, saying “"Looking ahead, the volatile and challenging macroeconomic backdrop has continued into the second quarter, with particular softness across the US and China retail landscape.” PVH missed its first quarter estimates after Calvin Klein recorded flat sales.
In other news, JJJJound teased a new A.P.C collaboration.
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