The Calvin Klein licensing business helped ease Phillips-Van Heusen Corp.’s third-quarter profit decline, although the company lowered full-year earnings estimates because of the strengthening dollar and the weakened global economy.
For the three months ended Nov. 2, net income fell 11.8 percent to $53.7 million, or $1.03 a diluted share, from $60.9 million, or $1.05, in the same year-ago quarter. Excluding the operating results and exit costs connected with the firm’s Geoffrey Beene outlet retail operation, earnings were $1.10 a share, exceeding analysts’ consensus estimates of $1.07 for the quarter. Total revenues for the period, including those from royalties and other sources such as advertising, rose 4.5 percent to $727.5 million from $696.4 million. Revenues included a sales gain of 4.1 percent to $636.2 million from $611.4 million.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)