PVH Corp., owner of the Calvin Klein and Tommy Hilfiger apparel brands, slid as much as 6.1 percent in late trading after lowering its profit forecast as shaky consumer confidence forces retailers to pile on discounts.
The shares dropped as low as $122.68 at 4:05 p.m. in New York. PVH had fallen 3.9 percent this year through the close of regular trading today.
Profit excluding some items will be as much as $7.40 a share in the year through January, the New York-based company said today in a statement. That’s down from a previous forecast for profit of as much as $7.50 a share, which was what analysts’ estimated.
Chief Executive Officer Emanuel Chirico said in the statement that a “challenging” economic environment has persisted into the current quarter, prompting rivals to deepen discounts in North America. That trend will hurt profit margins, he said.