Tommy Hilfiger-owner PVH shares plummet after downbeat annual forecast

PVH's wholesale revenue declined 10% in the fourth quarter. Picture: Denis Scannell

Shares of Calvin Klein-owner PVH Corp slumped nearly 23% yesterday after it forecast worse-than-feared annual revenue and profit, mainly hit by challenging demand in Europe.

The apparel maker, which also owns Tommy Hilfiger, forecast its fiscal 2024 revenue to fall between 6% and 7%, steeper than the 2.3% drop estimated by analysts, according to LSEG data. The range included a drag from the planned sale of its women's intimates business, it said.