Phillips-Van Heusen net revenues up 25% to $472.1mn in Q1

26 May '05

5 min read

us based leading men's & women's apparel producer, phillips-van heusen corporation reported first quarter 2005 net income of $25.0 million, or $0.46 per share, which was $0.03 ahead of the first call consensus estimate.

first quarter 2005 earnings per share increased over 150% compared with 2004 first quarter earnings per share of $0.18, exclusive of restructuring and other items. first quarter 2004 gaap net income, inclusive of restructuring and other items, was $1.6 million and, after deducting preferred stock dividends resulted in a net loss of $0.12 per share.

the improvement in first quarter net income was due principally to sharp revenue increases in the company's wholesale dress shirt and sportswear businesses. the quarter benefited from sales of the new dress shirt lines with bcbg, michael kors, sean john and chaps introduced in the second half of last year along with strong core dress shirt performance.

the distribution of the men's calvin klein sportswear collection, which was introduced for fall 2004 selling, had its first spring shipments in the first quarter and has performed very well. additionally, both our izod and arrow sportswear brands have exceeded expectations.

overall, total revenues in the first quarter increased 25% to $472.1 million from $378.2 million in the prior year. as noted, key drivers were wholesale dress shirt and sportswear increases, particularly the new dress shirt lines and calvin klein men's sportswear. in addition, an 8% growth in calvin klein licensing revenues as well as the continued rollout of a limited number of calvin klein outlet stores contributed to the increase.

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