Shares of PVH Corp (PVH), the parent company of Calvin Klein and Tommy Hilfiger, plummeted 7.75% on Wednesday after the company significantly lowered its full-year earnings guidance, citing the impact of tariffs and an uncertain macroeconomic environment.

In its first-quarter earnings report, PVH announced better-than-expected results with revenue rising 2% to $1.984 billion and non-GAAP earnings per share of $2.30, surpassing analyst estimates. However, these positive figures were overshadowed by the company's revised outlook for the full year.

PVH now expects full-year adjusted earnings per share to be in the range of $10.75 to $11.00, a substantial reduction from its previous guidance of $12.40 to $12.75. This new projection falls well below the analyst consensus of $12.41 per share. The company attributed this significant downward revision primarily to the estimated $65 million impact from current tariff rates, which translates to about $1.05 per share.

CEO Stefan Larsson commented on the challenging environment, stating, "We are navigating an increasingly uncertain consumer and macroeconomic backdrop—and given where we are on our brand-building journey, we're not yet fully able to offset that impact." The company maintained its revenue outlook for the year, expecting flat to slightly higher sales. Additionally, PVH's second-quarter earnings guidance of $1.85 to $2.00 per share came in below analyst expectations of $2.46, further contributing to investor concerns.