PVH Corp cut its full-year profit forecast for the second time this year on Wedn...
) cut its full-year profit forecast for the second time this year on Wednesday, as the Calvin Klein owner sees pressure from the protracted U.S-China trade tensions and the ongoing protests in Hong Kong.
The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of Sept. 1 and Dec. 15. PVH now expects full-year adjusted profit between $9.30 per share and $9.40 per share compared to prior estimate of $10.20 per share to $10.30 per share.
Despite the dull outlook, PVH reported better-than-expected quarterly sales boosted by higher demand for its Tommy Hilfiger apparels. Sales in the brand, its biggest revenue generator, rose 8% to $1.11 billion.
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