PVH Corp delivered a mixed QQ1 2025 performance. Revenue totaled $1.9836 billion, down 4.37% year-over-year and 16.36% sequentially, with gross margin holding at a robust ~58.6%. The operating line was positive at $137.8 million, underscoring ongoing brand and product discipline, but the company posted a net loss of $44.8 million driven almost entirely by a material drag from total other income/expenses of -$487.4 million, which eclipsed operating profits and diluted earnings. Free cash flow remained negative at -$98.1 million, and net debt remained elevated at ~$3.54 billion, despite a cash balance of $191 million at period end. The quarter also featured a pronounced capital allocation move: stock repurchases of about $572 million, signaling management’s willingness to deploy capital despite near-term profitability headwinds. The combination of a resilient gross margin, healthy brand equity, and a heavy one-off/non-operating expense load suggests the core business remains structurally sound, but near-term earnings quality is materially affected by non-cash or non-core items and working capital dynamics. Investors should monitor operating leverage as volumes normalize post-peak 2024, the trajectory of other income/expenses, DTC/online growth, inventory management, and the pace of deleveraging over the medium term.