NEW YORK — Phillips-Van Heusen Corp. on Tuesday reported a 95 percent gain in first-quarter income, boosted by the Calvin Klein businesses.
For the three months ended April 30, income was $48.7 million, or 87 cents a diluted share, compared with $25 million, or 46 cents a share, in the same year-ago quarter. Total revenues rose by 7.3 percent to $506.4 million from $472.1 million, which also included a 7.4 percent gain in sales to $454.2 million from $423.1 million. The balance of the revenue came in part from licensing income. The company said the Calvin Klein licensing business posted a 10 percent increase in operating earnings over the prior year because of growth from existing and new licensees, with "particular strength coming from fragrances."
"We are extremely pleased that the strong momentum of 2005 continued through the first quarter of 2006," Emanuel Chirico, chief executive officer, said in a statement. "The strength of the Calvin Klein brand continued to fuel significant increases in earnings in the Calvin Klein men's better sportswear business, the Calvin Klein outlet retail business as well as the Calvin Klein licensing business. The brand continues to be a key growth engine for our company as we expand the breadth and reach of product offerings."
PVH will host a conference call today for Wall Street analysts.
For the second quarter, PVH is projecting earnings per share to be 25 to 26 cents, versus 16 cents in 2005. For the full year, PVH said earnings are expected at $2.30 to $2.36, versus $1.85 in 2005.
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