Why Did PVH Corp. Shares Fall After Hours?

PVH Corp. (NYSE: PVH) reported its fiscal 2014 first quarter results Wednesday after the market close and, despite posting non-GAAP EPS within guidance ($1.47 vs $1.45 - $1.50), the company's shares fell over 6 percent in the after market.The most likely culprit for this decline is the company's lowered full year non-GAAP EPS guidance which was reduced from $7.40 - $7.50 to $7.30 - $7.40. "Unfortunately, the challenging macroeconomic environment has continued into the second quarter, with heightened promotional activity across the North American retail landscape. As such, we believe 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," said PVH Chairman and Chief Executive Officer Emanuel Chirico.The following are highlights from the guidance reported in Wednesday's release.Full-Year

• non-GAAP EPS expected to be in the range of $7.30 - $7.40
• Revenue increase is expected to be approximately 3 percent over the prior year amounts of $8.216 billion on a non-GAAP basis and $8.186 billion on a GAAP basis.
• Tommy Hilfiger business will increase approximately 7 percent.
• Revenue for the Calvin Klein business expected to increase 4 percent
• Revenue for the Heritage Brands business expected to increase ~4 percent including Bass decrease ~6 percent including Bass

Second Quarter

• Non-GAAP EPS in the range of $1.40 to $1.45
• Tommy Hilfiger revenue increase of 9 percent
• Relatively flat revenue for Calvin Klein
• Heritage Brand revenue expected in increase 2 percent excluding Bass and decrease 11 percent including Bass.