PVH Corp (NYSE:PVH) fell in late trading after reporting earnings that missed estimates. The clothing company, whose brands include Calvin Klein and Tommy Hilfiger, said Q1 non-GAAP earnings fell 23% from a year earlier to $1.47, missing the consensus target of $1.49 tallied by Capital IQ.  The quarter’s revenue rose 4% from the prior year to $1.96 billion, compared with the Wall Street forecast of $1.98 billion. 

“Unfortunately, the challenging macroeconomic environment has continued into the second quarter, with heightened promotional activity across the North American retail landscape,” Emanuel Chirico, PVH chairman and CEO, said in a statement. “Our North American businesses will experience margin pressure in the second quarter and we have lowered our full year earnings per share guidance to reflect this.” 

The company estimated Q2 earnings would grow 1% to 4% from the prior year to $1.40 to $1.45 a share, less than the analysts forecast of $1.48. PVH expects revenue to rise 4% to about $2 billion, in line with the consensus outlook. 

PVH fell 5% in after-hours trading to $124.06 a share. It reached an all-time high of $138.94 during regular trading on January 3.