Why PVH Stock Dived by Nearly 11% Today
Shares of fashion purveyor PVH Corp (NYSE: PVH) weren't looking too sharp on Wednesday. The company's stock fell by almost 11% on the day, thanks to a combination of a revenue miss in its latest quarter and the departure of a top executive.
After market hours on Tuesday, PVH reported that it earned just over $2.1 billion in revenue in its second quarter, 8% lower than in the corresponding period of 2021. Non-GAAP (adjusted) net income fell much more dramatically, tumbling at a 29% clip to land at just under $140 million ($2.08 per share).
This meant a mixed quarter for PVH, as analysts tracking the stock were collectively expecting a loftier top line at $2.21 billion, yet a thinner adjusted net income figure of $2 per share.
Source Fool.com
