PVH Corp., parent of Calvin Klein and Tommy Hilfiger, beat earnings estimates but cut its outlook, causing its stock to fall.

PVH Corp., parent of Calvin Klein and Tommy Hilfiger, reported first-quarter earnings and revenue above analyst expectations, but the company’s stock fell post-report. Despite a 3% revenue increase for Tommy Hilfiger and flat sales for Calvin Klein, the company's gross margin dropped to 58.6%, and inventory rose by 19%. PVH also cut its full-year outlook, leading to a 5.3% drop in its stock price.