Nov 19, 2009
Phillips-Van Heusen raises 2009 profit outlook
Nov 19, 2009
SAN FRANCISCO, Nov 18 (Reuters) - Phillips-Van Heusen (PVH.N) on Wednesday 18 November posted higher quarterly net income, citing improved business trends and royalties from its Calvin Klein brand, and the clothing maker raised its 2009 profit outlook.
PHV - Calvin Klein
The wholesaler and retailer said third-quarter net profit was $83.6 million, or $1.58 per share, up from $53.7 million, or $1.03 per share, a year earlier.
Excluding a tax benefit, the company reported earnings of $1.08 per share, well above the 89 cents per share expected, on average, by analysts, according to Thomson Reuters I/B/E/S.
Revenue fell 4 percent to $697.4 million from $727.5 million, said the company.
Phillips-Van Heusen raised its adjusted full-year profit outlook to a range of $2.59 to $2.63 per share from an earlier view of $2.30 to $2.40 per share.
Total revenue for 2009 is expected to range between $2.37 billion and $2.38 billion, the company said. That is above the $2.34 billion expected, on average, by Wall Street.
Shares rose 1.2 percent to $42.90 after closing at $42.39 on the New York Stock Exchange.
(Reporting by Alexandria Sage; Editing Bernard Orr)
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