PVH Corp. ( PVH ) shares are trading lower after the company lowered its full-year earnings outlook and issued weaker-than-expected second-quarter guidance.

What To Know: The apparel giant, which owns Calvin Klein and Tommy Hilfiger, reported first-quarter adjusted earnings of $2.30 per share, slightly above the $2.25 consensus estimate. Revenue came in at $1.98 billion, ahead of the expected $1.93 billion. Tommy Hilfiger sales rose 3% year-over-year, while Calvin Klein revenue was flat. Gross margin fell to 58.6% from 61.4% a year ago and inventory climbed 19% year-over-year.

The bigger concern for investors was the company's guidance. PVH now expects second-quarter adjusted EPS between $1.85 and $2.00, well below the $2.46 estimate. The company also slashed its full-year adjusted EPS forecast to a range of $10.75 to $11.00, down from its prior range of $12.40 to $12.75 and significantly under the $12.52 consensus.

CEO Stefan Larsson acknowledged ongoing brand momentum but said PVH is still being impacted by macroeconomic uncertainty and soft consumer demand, which it hasn't yet been able to fully offset. The lowered outlook sparked a sharp selloff in the stock, as investors reacted to signs of slowing profit growth despite resilient top-line performance.

PVH Price Action: PVH shares were down 18.2% at $66.11 at the time of writing, according to Benzinga Pro.

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