PVH Corp delivered a modest near-term top-line result in Q3 2025, with total revenue of $2.294 billion and EPS of $0.0888, as tariffs and transitional product-capability challenges weighed on profitability. Management reaffirmed the full-year guidance on a constant-currency basis and narrowed reported guidance to the high end of prior ranges, reflecting confidence in the Calvin Klein and Tommy Hilfiger brands and the PVH+ Plan’s ability to lift margins through SG&A efficiencies and product-category innovation. APAC remained a bright spot, with DTC growth turning positive and Double-11 GMV up 15% year-over-year, underscoring the importance of the region as a growth engine. The company expects Q4 gross margin to decline ~200 basis points versus the prior year, driven largely by tariffs (roughly 150 bps) and the licensing-transition headwind (about 50 bps), while SG&A as a percentage of revenue should improve ~50 bps as efficiency actions materialize. In sum, PVH is navigating a dynamic macro backdrop with a clear pathway to margin recapture and growth through brand pull, product innovation, digital acceleration, and disciplined cost management. The ongoing CFO transition and leadership succession add execution risk but management signals strong operational discipline and cash-generation potential into 2026.