NEW YORK — Phillips-Van Heusen Corp. on Monday narrowed its estimates for fiscal year 2003, as well as updated its cash-flow guidance.

In addition, Phillips-Van Heusen commenced a new $150 million senior note offering, due in 2011. The company said proceeds from the note offering will be used to purchase the $150 million outstanding principal amount of its 9.5 percent senior subordinated notes due 2008, which is subject to a cash tender offer that is set to close on Feb. 26. The company announced the tender offer for the notes maturing in 2008 on Jan. 29.

Shares of the company ended the day down 1.4 percent to $17.77 from the prior close. The 52-week high is $18.30; the low, $11.16.

The apparel firm said cash flow for fiscal 2003 will be between $10 million and $12 million, which is higher than PVH’s previous estimate of breakeven for the year. Earnings per share guidance for the year — before special items — is between 96 cents and 99 cents, in line with the previously announced range of 95 cents to $1. Including special items such as aftertax integration costs of the Calvin Klein acquisition and the closure of 200 retail outlet stores, the loss per share is expected at between 17 cents and 22 cents.

Separately, Standard & Poor’s Ratings Service assigned a “BB-” rating to the senior unsecured notes maturing in 2011.

S&P credit analyst Diane Shand wrote in her report that the rating “reflects the company’s participation in the highly competitive apparel retailing industry, the inherent cyclicity and fashion risk of the industry and high debt leverage following the Calvin Klein Inc. acquisition in 2003.”

She noted that the risks are offset in part by the company’s portfolio of well-known brand names, its leading position in the men’s dress shirt market and a diversified base of distribution.

Robert Drbul, equity analyst at Lehman Bros., wrote in a research note following PVH’s announcement that he believes the company’s “wholesale business continued to perform well [in the fourth quarter of fiscal 2003], led by the dress shirt and sportswear businesses.”

Drbul also wrote that same-store sales at PVH’s retail business sequentially improved to an approximate flat comp in the fourth quarter of fiscal 2003 from the negative 4 percent comp in the year’s third quarter as sales gained momentum toward the end of the holiday season. He did not provide details on what the comps were in the same year-ago periods.

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