Consumer
PVH Falls Most Since 1987 Crash on Warning of Europe Stumble
Travelers check on jackets at a Calvin Klein store in departures area of Humberto Delgado International Airport in Lisbon, Portugal, on Feb. 26.
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PVH Corp. shares plunged the most since 1987’s Black Monday crash after the company gave full-year sales guidance that fell short of expectations.
The clothier, which owns the Tommy Hilfiger and Calvin Klein brands, said it expects revenue this year to decrease 6% to 7%, compared with a 2% increase last year. While some of the expected decrease stems from the sale of Heritage Brands, its women’s intimates business, the company also noted a difficult macroeconomic backdrop, particularly in Europe.