<p>PVH Corp. 的股票在該服裝公司下調全年收入預期後遭遇重壓，分析師警告稱，最新的更新可能導致進一步的預期下調，儘管季度收益好於預期。</p>
<p>擁有 Tommy Hilfiger 和 Calvin Klein 品牌的公司，其股票下跌超過 22%，使得該股票有望創下兩年多以來最大單日跌幅。</p>
<p>此次拋售緊隨公司決定下調 2026 財年收入預期，理由是中東衝突對歐洲、中東和非洲（EMEA）地區消費者需求的持續影響。</p>
<p>PVH 現在預計財年的收入大致持平，而之前的預期是略有增長。</p>
<p>FactSet 調查的分析師曾預測增長約為 0.8%。</p>
<p>首席執行官 Stefan Larsson 表示，公司正在 &#34;平衡兩種對立的力量：一方面是我們在 Calvin 和 TOMMY 品牌上推動的品牌和業務勢頭，另一方面是中東衝突的長期影響。&#34;</p>
<p><strong>指引下調掩蓋了盈利超預期</strong></p>
<p>疲軟的前景在很大程度上掩蓋了原本強於預期的第一季度業績。</p>
<p>PVH 報告調整後的每股收益為 2.01 美元，超出分析師預期的 1.82 美元。收入增長 2%，達到 20 億美元，超過了大約 20 億美元的預期。</p>
<p>然而，對於第二季度，公司預測收入將下降 4% 至 5%，而華爾街的預期為下降 1%。</p>
<p>PVH 維持全年調整後每股收益指引為 11.80 至 12.10 美元。該預期包括約 1.50 美元每股的關税退款估計收益。</p>
<p>根據公司説法，長期的中東衝突抵消了約 1 億美元的關税退款收益，給 EMEA 地區的消費者帶來了壓力。</p>
<p>該地區對 PVH 尤為重要，佔第一季度銷售額的約 47%，這一貢獻遠大於其幾家服裝行業同行。</p>
<p><strong>分析師變得更加謹慎</strong></p>
<p>在財報發佈後，Evercore ISI 將 PVH 的評級從跑贏大盤下調至持平，並將其目標價從 95 美元下調至 79 美元。</p>
<p>根據 TheFly，分析師 Michael Binetti 將公司的第一季度報告描述為 &#34;低質量更新&#34;，並表示這使 PVH 面臨在下半年進一步負面預期修正的風險。</p>
<p>Evercore 還指出，PVH 是其覆蓋範圍內唯一在 2026 財年指引中包含關税退款一次性收益的公司。</p>
<p>該公司認為，如果沒有這一收益，PVH 將難以維持當前的利潤率和收益預期。</p>
<p>Needham 還下調了該股票的目標價，從 107 美元降至 102 美元，同時維持買入評級。</p>
<p>該券商表示，第一季度的收益超出了公司的自身指引，主要是由於利息和税收收益，並將其 2027 財年每股收益預期從 13.40 美元下調至 12.80 美元。</p>
<p><strong>長期樂觀情緒依然存在</strong></p>
<p>儘管短期前景更加謹慎，但並非所有分析師對該股票持負面看法。</p>
<p>瑞銀重申其買入評級，並維持 130 美元的目標價，表示對 PVH 的品牌組合、戰略方向和財務狀況充滿信心。</p>
<p>不同的分析師觀點反映了圍繞公司的辯論。</p>
<p>儘管最新的指引下調引發了對地緣政治不確定性對消費者支出影響的擔憂，但一些投資者仍然看到 Tommy Hilfiger 和 Calvin Klein 品牌的長期實力中存在價值。</p>
<p>然而，目前市場似乎更關注銷售增長放緩以及未來幾個月盈利預期可能面臨的額外壓力。</p>

休森

<p>PVH Corp. 的股價暴跌超過 22%，原因是該公司將全年收入預期下調至持平增長，稱中東衝突影響了歐洲、中東和非洲地區的需求。儘管第一季度的盈利超出預期，分析師仍然下調了該股票評級並降低了目標價，原因是對第二季度的謹慎預測以及對地緣政治風險影響品牌勢頭的擔憂</p>

<p>Shares of PVH Corp. came under heavy pressure after the apparel company lowered its full-year revenue outlook, with analysts warning that the latest update could lead to additional estimate cuts despite better-than-expected quarterly earnings.</p>
<div class="lb-trans"><p>PVH Corp. 的股票在該服裝公司下調全年收入預期後遭遇重壓，分析師警告稱，最新的更新可能導致進一步的預期下調，儘管季度收益好於預期。</p>
</div><p>The owner of the Tommy Hilfiger and Calvin Klein brands saw its stock fall more than 22%, putting the shares on track for their steepest one-day decline in more than two years.</p>
<div class="lb-trans"><p>擁有 Tommy Hilfiger 和 Calvin Klein 品牌的公司，其股票下跌超過 22%，使得該股票有望創下兩年多以來最大單日跌幅。</p>
</div><p>The selloff followed the company's decision to reduce its fiscal 2026 revenue outlook, citing the ongoing effects of the conflict in the Middle East on consumer demand across Europe, the Middle East and Africa (EMEA).</p>
<div class="lb-trans"><p>此次拋售緊隨公司決定下調 2026 財年收入預期，理由是中東衝突對歐洲、中東和非洲（EMEA）地區消費者需求的持續影響。</p>
</div><p>PVH now expects revenue for the fiscal year to be roughly flat, compared with its previous expectation for slight growth.</p>
<div class="lb-trans"><p>PVH 現在預計財年的收入大致持平，而之前的預期是略有增長。</p>
</div><p>Analysts surveyed by FactSet had been forecasting growth of approximately 0.8%.</p>
<div class="lb-trans"><p>FactSet 調查的分析師曾預測增長約為 0.8%。</p>
</div><p>Chief Executive Officer Stefan Larsson said the company was &#34;balancing two opposing forces: on one side, the increasing brand and business momentum we are driving in both Calvin and TOMMY, and on the other, the prolonged effects of the Middle East conflict.&#34;</p>
<div class="lb-trans"><p>首席執行官 Stefan Larsson 表示，公司正在 &#34;平衡兩種對立的力量：一方面是我們在 Calvin 和 TOMMY 品牌上推動的品牌和業務勢頭，另一方面是中東衝突的長期影響。&#34;</p>
</div><p><strong>Guidance cut overshadows earnings beat</strong></p>
<div class="lb-trans"><p><strong>指引下調掩蓋了盈利超預期</strong></p>
</div><p>The weaker outlook largely eclipsed what was otherwise a stronger-than-expected first quarter.</p>
<div class="lb-trans"><p>疲軟的前景在很大程度上掩蓋了原本強於預期的第一季度業績。</p>
</div><p>PVH reported adjusted earnings per share of $2.01, ahead of analyst expectations of $1.82. Revenue rose 2% to $2 billion, topping estimates of roughly $2 billion.</p>
<div class="lb-trans"><p>PVH 報告調整後的每股收益為 2.01 美元，超出分析師預期的 1.82 美元。收入增長 2%，達到 20 億美元，超過了大約 20 億美元的預期。</p>
</div><p>For the second quarter, however, the company forecast revenue would decline between 4% and 5%, compared with Wall Street expectations for a 1% decline.</p>
<div class="lb-trans"><p>然而，對於第二季度，公司預測收入將下降 4% 至 5%，而華爾街的預期為下降 1%。</p>
</div><p>PVH maintained its full-year adjusted earnings guidance of $11.80 to $12.10 per share. The outlook includes an estimated benefit of approximately $1.50 per share from tariff refunds.</p>
<div class="lb-trans"><p>PVH 維持全年調整後每股收益指引為 11.80 至 12.10 美元。該預期包括約 1.50 美元每股的關税退款估計收益。</p>
</div><p>According to the company, the prolonged Middle East conflict has offset roughly $100 million in gains from those tariff refunds by weighing on consumers in the EMEA region.</p>
<div class="lb-trans"><p>根據公司説法，長期的中東衝突抵消了約 1 億美元的關税退款收益，給 EMEA 地區的消費者帶來了壓力。</p>
</div><p>The region is particularly important for PVH, accounting for about 47% of first-quarter sales, a significantly larger contribution than for several of its apparel industry peers.</p>
<div class="lb-trans"><p>該地區對 PVH 尤為重要，佔第一季度銷售額的約 47%，這一貢獻遠大於其幾家服裝行業同行。</p>
</div><p><strong>Analysts turn more cautious</strong></p>
<div class="lb-trans"><p><strong>分析師變得更加謹慎</strong></p>
</div><p>Following the earnings release, Evercore ISI downgraded PVH to In Line from Outperform and lowered its price target to $79 from $95.</p>
<div class="lb-trans"><p>在財報發佈後，Evercore ISI 將 PVH 的評級從跑贏大盤下調至持平，並將其目標價從 95 美元下調至 79 美元。</p>
</div><p>According to TheFly, analyst Michael Binetti described the company's first-quarter report as a &#34;low quality update&#34; and said it exposed PVH to the risk of further negative estimate revisions during the second half of the year.</p>
<div class="lb-trans"><p>根據 TheFly，分析師 Michael Binetti 將公司的第一季度報告描述為 &#34;低質量更新&#34;，並表示這使 PVH 面臨在下半年進一步負面預期修正的風險。</p>
</div><p>Evercore also noted that PVH is the only company in its coverage universe to include a one-time benefit from tariff refunds in its fiscal 2026 guidance.</p>
<div class="lb-trans"><p>Evercore 還指出，PVH 是其覆蓋範圍內唯一在 2026 財年指引中包含關税退款一次性收益的公司。</p>
</div><p>The firm argued that without that benefit, the company would struggle to maintain its current margin and earnings outlook.</p>
<div class="lb-trans"><p>該公司認為，如果沒有這一收益，PVH 將難以維持當前的利潤率和收益預期。</p>
</div><p>Needham also reduced its price target on the stock, lowering it to $102 from $107 while maintaining a Buy rating.</p>
<div class="lb-trans"><p>Needham 還下調了該股票的目標價，從 107 美元降至 102 美元，同時維持買入評級。</p>
</div><p>The brokerage said first-quarter earnings exceeded the company's own guidance primarily because of interest and tax benefits and lowered its fiscal 2027 earnings estimate to $12.80 per share from $13.40.</p>
<div class="lb-trans"><p>該券商表示，第一季度的收益超出了公司的自身指引，主要是由於利息和税收收益，並將其 2027 財年每股收益預期從 13.40 美元下調至 12.80 美元。</p>
</div><p><strong>Long-term optimism remains</strong></p>
<div class="lb-trans"><p><strong>長期樂觀情緒依然存在</strong></p>
</div><p>Despite the more cautious near-term outlook, not all analysts have turned negative on the stock.</p>
<div class="lb-trans"><p>儘管短期前景更加謹慎，但並非所有分析師對該股票持負面看法。</p>
</div><p>UBS reiterated its Buy rating and maintained a $130 price target, citing confidence in PVH's brand portfolio, strategic direction and financial position.</p>
<div class="lb-trans"><p>瑞銀重申其買入評級，並維持 130 美元的目標價，表示對 PVH 的品牌組合、戰略方向和財務狀況充滿信心。</p>
</div><p>The differing analyst views reflect the debate surrounding the company.</p>
<div class="lb-trans"><p>不同的分析師觀點反映了圍繞公司的辯論。</p>
</div><p>While the latest guidance cut has raised concerns about the impact of geopolitical uncertainty on consumer spending, some investors continue to see value in the long-term strength of the Tommy Hilfiger and Calvin Klein franchises.</p>
<div class="lb-trans"><p>儘管最新的指引下調引發了對地緣政治不確定性對消費者支出影響的擔憂，但一些投資者仍然看到 Tommy Hilfiger 和 Calvin Klein 品牌的長期實力中存在價值。</p>
</div><p>For now, however, the market appears focused on slowing sales growth and the possibility that earnings expectations could face additional pressure in the months ahead.</p>
<div class="lb-trans"><p>然而，目前市場似乎更關注銷售增長放緩以及未來幾個月盈利預期可能面臨的額外壓力。</p>
</div>

PVH stock drops 22% after guidance cut triggers analyst downgrades

PVH 股票在業績指引下調後下跌 22%，導致分析師紛紛下調評級