05:38 AM EDT, 04/02/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

PVH Corp.'s ( PVH ) shares fell 23% in premarket activity Tuesday after the company forecast a drop in Q1 and full-year 2024 sales.

The company reported Monday non-GAAP Q4 net income of $3.72 per diluted share compared with $2.38 a year earlier.

Analysts polled by Capital IQ expected $3.52.

Total revenue for the quarter ended Feb. 4 was $2.49 billion, unchanged from a year earlier.

Analysts expected $2.42 billion.

For Q1, the apparel company projects revenue to decline 11% from a year earlier. For 2024, it sees revenue slipping 6% to 7% from 2023.

Analysts are looking for revenue of $2.08 billion and $9.15 billion, respectively, for Q1 and 2024.

Price: 107.30, Change: -32.43, Percent Change: -23.21