Calvin Klein Owner Tumbles 22% on Warning of Europe Weakness.

PVH Corp., the owner of Calvin Klein and Tommy Hilfiger, saw its shares drop 22% in premarket trading after giving a sales guidance that fell short of expectations. The company expects revenue to decrease 6% to 7% this year, citing a difficult macroeconomic backdrop, particularly in Europe. PVH has been working on a transformation plan to strengthen its brands, but revenue growth has not held up in some regions, such as North America and international markets for Calvin Klein and Tommy Hilfiger, respectively. [Extracted from the article]