By  on May 20, 2009

A stronger dollar and tighter store inventories combined to pressure Phillips-Van Heusen Corp.’s first-quarter profits down by nearly half, but the firm managed to both match analysts’ expectations and eke out an increase in its revenue from the Calvin Klein brand.

For the three months ended May 3, net income fell 47.2 percent to $24.7 million, or 48 cents a diluted share, versus $46.8 million, or 90 cents, a year ago.

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