Oh, and yes, there's the J.C. Penney ( JCP) angle. Manny confirmed that it is awful for regular PVH, the premium brands, but it is terrific for the IZOD store-within-a-store heritage brands, which is performing on plan. Still, Penney, with its down-30% sales, cost PVH $40 million. One can only imagine how much it cost JCP. Penney, of course, is what makes Macy's a tough short off the weather. It still seems zero-sum.

In all, it was a jarring quarter coming on top of what people think was a weak one for Five Below ( FIVE), which was just being cautious in its guidance. Total speed bump. But PVH? It's a reset and a reminder that PVH, alas, doesn't sell cereal or bleach, it sells fashion -- and fashion, by its nature, can go out of style.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.

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