Shares of PVH Corp (PVH), the parent company of Calvin Klein and Tommy Hilfiger, plummeted 13.33% in pre-market trading on Thursday following a significant reduction in its full-year profit outlook. The company cited the impact of tariffs and an uncertain macroeconomic environment as primary factors for the downward revision.

Despite reporting better-than-expected first-quarter results, with revenue up 2% to $1.984 billion, PVH dramatically lowered its full-year earnings guidance. The company now expects adjusted earnings per share in the range of $10.75 to $11.00, down from its previous forecast of $12.40 to $12.75. This new outlook falls well below the analyst consensus of $12.41 per share. PVH attributed approximately $1.05 per share of the reduction to the estimated $65 million impact from current tariff rates.

CEO Stefan Larsson addressed the challenges, stating, "While we are making important progress in our PVH+ Plan execution, 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 also issued second-quarter earnings guidance of $1.85 to $2.00 per share, falling short of analyst expectations of $2.46, further contributing to investor concerns.