The headline numbers painted one picture. PVH's Q1 revenue came in at $2.03 billion, up approximately 2% year-over-year. Adjusted non-GAAP EPS of $2.01 similarly beat company guidance. But the full-year outlook told a different story: management cut revenue guidance to flat, citing the impact of the war in Iran on its EMEA business. The stock plunged down 26.5%, opening on June 4, 2026 down $26 from the previous day’s closing price of $98.00 -- its largest single-day decline in six months. On June 4, Evercore ISI downgraded PVH from Outperform to In-Line and slashed its price target from $95 to $79, flagging the Q1 release as a "low-quality update" with risk of further negative estimate revisions in the second half of 2026.