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Phillips-Van revenues go up 16% to $2,425.2 mn

Mar '08
Phillips-Van Heusen Corporation reported 2007 fourth quarter and full year results.

For the fourth quarter 2007:
• Earnings per share increased 17% to $0.55 from $0.47 in the prior year's fourth quarter.
• Net income was $30.3 million compared to $26.8 million in the prior year's fourth quarter.
• Revenue increased 5% to $584.5 million from $557.0 million in the prior year's fourth quarter. Notwithstanding this increase, revenue was negatively impacted by the retail calendar shift and the extra week of revenue (53rd week) in 2006. Excluding the impact of the shift and the extra week, revenue growth would have been 20%.

For the year 2007:
• Earnings per share was $3.21, an increase of 22% over the prior year's earnings per share of $2.64.
• Net income was $183.3 million compared to prior year net income of $155.2 million.
• Revenue increased 16% to $2,425.2 million from $2,090.6 million in the prior year.

Fourth Quarter Results:
The Calvin Klein licensing business continued to fuel both revenue and earnings growth in the fourth quarter. Total revenue growth in the Calvin Klein licensing business was 14% and operating earnings increased 37% as compared to the prior year. This performance was driven by continued strength across virtually all product categories, with fragrances, jeans and underwear performing exceptionally well.

The Calvin Klein MAN fragrance, launched in the third quarter of 2007, along with the men's and women's CKIN2U and euphoria fragrance lines, continued to perform well. In addition, jeans and underwear experienced significant international and domestic growth which, when combined with the success of other recently introduced product categories, further contributed to the revenue and earnings increase.

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