PVH Corp: Strong Operational Control and Strategic Positioning Justify Buy Rating Despite Macroeconomic ChallengesWe note that PVH had previously rea ffi rmed its 3Q and FY25 guidance on November 18th in conjunction with a CFO transition announcement. Upon fi rst glance, we see several puts and takes to PVH’s 3Q result. We are encouraged by the 3Q beat and healthy SG&A control, which comes alongside a FY guidance update which is raised at midpoint despite a choppy macro backdrop. However, the magnitude of outperformance was fairly modest and gross margins fell modestly light of forecasts, and this was expected given the company’s mid-November update. Further, the company’s 4Q sales and EPS guide is below expectations.