By  on March 22, 2010

Phillips-Van Heusen Corp. on Monday said it swung to a fourth-quarter profit compared with a year-ago loss.

For the three months ended Jan. 31, the company earned $27 million, or 51 cents a diluted share, against a loss of $37.9 million, or 74 cents, in the year-ago quarter. Excluding adjustments, such as restructuring costs, the profit more than doubled to $32.5 million, or 61 cents a diluted share, from $15.7 million, or 30 cents, a year ago. On an adjusted basis, the consensus among analysts was for earnings per share of 59 cents.

The firm raised its projections for non-GAAP EPS of between 52 cents and 54 cents in January and then raised the forecast again last month to 59 cents.

Total revenue in the fourth quarter rose 6.4 percent to $614.6 million from $577.8 million. Revenues included a 6.6 percent gain in sales to $534 million from $501 million, an 18.4 percent uptick in royalties to $63.8 million, including a 21.5 percent leap in Calvin Klein royalties to $58.9 million, and a comparable-store sales gain of 11 percent.

PVH said on March 15 that it had entered into a definitive agreement to acquire Tommy Hilfiger BV for about $3 billion, which is expected to close in the second quarter.

Excluding any effect of the Tommy Hilfiger acquisition, the company is projecting first-quarter EPS of 73 cents to 75 cents on revenue expected to be between $590 million to $600 million. For this year, the company said it expects EPS of between $3.20 and $3.28 on a revenue projection of $2.47 billion to $2.5 billion.

Chairman and chief executive officer Emanuel Chirico noted the global growth momentum of the Calvin Klein brand accelerated in the quarter, and that the firm is “positioned to have a strong year in 2010, with new programs being implemented” in the firm’s wholesale businesses.

For the year, the apparel firm posted a 76.4 percent rise in income to $161.9 million, or $3.08 a diluted share, from $91.8 million, or $1.76, in 2008. Total revenue slipped 3.7 percent to $2.4 billion from $2.49 billion.

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