NEW YORK — Phillips-Van Heusen Corp. on Tuesday posted a 57.1 percent jump in income in the third quarter, aided in part by a 40 percent increase in operating earnings in the Calvin Klein licensing business.
For the three months ended Oct. 31, income rose to $26.7 million, or 52 cents a diluted share, from $17 million, or 34 cents, in the same year-ago quarter. Total revenues rose 4 percent to $473.5 million from $453.6 million.
PVH said in a regulatory filing with the Securities and Exchange Commission on Tuesday that operating earnings for the apparel and related products segment “increased 30 percent over the prior year due principally to the continued strong performance of the company’s wholesale apparel business and improvement in the company’s retail outlet business.” In addition, the Calvin Klein licensing segment posted a 40 percent gain due to “growth exhibited by new and existing licensees.”
“The launch of our Calvin Klein better men’s sportswear line and the Calvin Klein better women’s sportswear line, licensed to a joint venture formed by Kellwood and GAV, continued to perform well and contributed to our revenue and earnings increases,” said Bruce Klatsky, chairman and chief executive officer, in a statement.
For the nine months, income skyrocketed 72.8 percent to $41.3 million, or 79 cents a diluted share, from $23.9 million, or 30 cents, last year. Total revenues gained 1 percent to $1.23 billion from $1.21 billion.
This story first appeared in the November 17, 2004 issue of WWD. Subscribe Today.