The company's CEO Emanuel Chirico, pointed to the promotional environment that's hurting the business. PVH makes clothing under the Calvin Klein, Tommy Hilfiger, Speedo, and other brand names.
However, Cramer argued that there's plenty of other retailers that have not had to resort to promotions in the latest quarter.
It makes you wonder if things aren't going that well at PVH, he added. Chirico also suggested that next quarter might be bad too, Cramer said.
The company continues to struggle in Europe and hasn't gained much traction in the U.S. And although Cramer said he has a lot of respect for Chirico, he acknowledged that the stock price has a "premium" built into it for his leadership.
Should the company disappoint investors next quarter, that Chirico premium will quickly drain from the stock price.
If this is the case, then PVH will no longer be the "apparel go-to name," Cramer concluded. Instead the biggest player will be VF Corp. (VFC - Get Report). VF makes and sells Wrangler, Reef, Nautica, North Face, and other brand-name clothing.
-- Written by Bret Kenwell in Petoskey, Mich.