Phillips-Van Heusen on Nov. 18 beat the Street’s third-quarter earnings estimates by a mammoth 21% and raised its full-year 2009 guidance. Such an announcement typically would catalyze a stock, but the share price surprisingly has remained flat. That makes PVH very attractive, Cramer said during Tuesday’s Mad Money.

Phillips-Van Heusen , maker of well-known brands such as Calvin Klein, Izod, Geoffrey Beene and Bass Shoes, is “the perfect mix of retail and wholesale,” Cramer said. In addition to making products and licensing its own brands, PVH does the same for other designer lines as well, including Kenneth Cole, DKNY, Michael Kors and others.

PVH is up 197% since the early March lows but is trading at just one times its growth rate, Cramer’s definition of cheap. Factor in a share price that has yet to reflect those fantastic Q3 numbers, the Mad Money host said, and “the stock still has plenty of room to run” – regardless of how close it is to its 52-week high.

Still believe that the consumer is tapped out and that retail’s in store for a disappointing holiday season? Neither does Cramer. But he went to Phillips-Van Heusen Chairman and CEO Emanuel Chirico for confirmation. Watch the full interview here.

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