Phillips-Van Heusen 3Q profit up, raises outlook

AP News
Posted: Nov 18, 2009 5:17 PM

Clothing maker Phillips-Van Heusen Corp. on Wednesday posted a jump in third-quarter earnings, boosted by a $30.4 million tax benefit, and raised its full-year 2009 profit outlook citing factors including higher expected royalties.

The company, which makes Calvin Klein, Van Heusen and other clothing brands, reported net income for the three months ending Nov. 1 of $83.6 million, or $1.58 per share. That was higher than the $53.7 million, or $1.03 per share, that Phillips-Van Heusen earned in the same quarter of last year.

Excluding the tax benefit, the company earned $1.08 per share in the third quarter. The company reported revenue of $697.4 million, down from $727.5 million in the year-ago period.

Analysts surveyed by Thomson Reuters expected earnings of $1.10 per share on revenue of $669 million.

Banning Straws
John Stossel

The company now expects 2009 earnings of $2.59 to $2.63 per share, up from prior guidance of $2.30 to $2.40 per share.

Analysts expected full-year results of $2.50 per share.

Phillips Van-Heusen shares rose 21 cents to close at $42.39 in trading Wednesday before the report was released. They rose 11 cents to $42.50 in after-hours dealings.