PVH UPS GUIDANCE: Because of the company’s strong third-quarter performance, Phillips-Van Heusen Corp. updated its revenue estimates and raised earnings guidance for the fourth quarter and fiscal year 2005. Fourth-quarter revenues are expected in the $470 million to $475 million range, an increase of 14 to 15 percent over last year’s fourth quarter. Diluted net income per share for the quarter is estimated to be 35 cents to 37 cents, an increase of 25 to 32 percent compared with the prior year, excluding restructuring and other items, and a 7 to 9 cent increase over prior guidance. For fiscal year 2005, PVH is currently estimating revenues in the range of $1.92 billion to $1.93 billion, an increase of 17 percent over the prior year. Diluted net income per share for the year is now expected to be $1.97 to $1.99, excluding the costs associated with PVH’s secondary offering in July 2005. The revised earnings per share for the year represents an increase of 7 to 9 cents over PVH’s prior EPS guidance of $1.90.
TRADE APPOINTMENT: Everett Eissenstat was named Assistant U.S. Trade Representative for the Americas, with responsibility for developing and implementing trade policy in the region. Eissenstat, who will take on his new role Tuesday, had been chief international trade counsel to the chairman of the Senate finance committee, Sen. Chuck Grassley (R., Iowa). He was previously legislative director for Rep. Jim Kolbe (R., Ariz.) as well as a special assistant in the office of the Western Hemisphere within the USTR’s office.
COAT BUY: Herman Kay Bromley Inc., which specializes in wool and casual outerwear, has acquired Avanti Leather Group, a designer, manufacturer and distributor of women’s leather outerwear, for an undisclosed sum. Some of Avanti’s licenses are Jones New York and XOXO. The transaction is effective immediately, for fall merchandise. Avanti’s former owners, Stephen Bass, Russel Windler and Larry Windler, will stay on in management roles. The 65-year-old, privately held Herman Kay Bromley Inc. produces outerwear for the Anne Klein New York, Anne Klein, AK Anne Klein, Michael Kors, Michael Michael Kors, JLo, Albert Nipon and Rockport brands.
This story first appeared in the January 11, 2006 issue of WWD. Subscribe Today.