PVH Corp delivered a solid revenue trajectory in QQ3 2024, with reported revenue of $2.255 billion, up 15.5% year over year and 8.7% quarter over quarter. The gross margin remained robust at 58.38%, underscoring the strength of its brand mix and pricing power across Tommy Hilfiger and Calvin Klein. However, operating income declined 10.36% year over year, resulting in a 7.21% operating margin for the quarter, indicating ongoing investments and mix effects that offset topline gains. Net income declined 12.88% year over year to $131.9 million, with EPS at $2.36, reflecting higher SG&A and other expenses relative to the growth in revenue. The company posted a modest operating cash flow of $28.7 million and free cash flow of negative $11.3 million, driven by working capital dynamics and continued capital expenditure, while ending QQ3 with cash and cash equivalents of $559.6 million and net debt of approximately $2.95 billion. The balance sheet remains solid, with total assets of $11.24 billion and a debt-to-equity profile that supports ongoing strategic investments, including accelerating direct-to-consumer (DTC) initiatives and digital transformation efforts. Investors should monitor brand momentum, inventory normalization, and the pace of DTC growth against wholesale resilience, as well as potential markdowns or pricing pressure in a volatile macro environment. Overall, PVH exhibits a stable revenue ramp with disciplined balance sheet management, but the margin trajectory and free cash flow cadence warrant close attention in the near term.