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

26 May '05

5 min read

from a balance sheet perspective, inventories at the end of the current year's first quarter were on plan, with a 21% increase over last year's levels. this increase supports the additional volume relating to the calvin klein sportswear business and planned growth in the dress shirt and other sportswear businesses for the second quarter.

commenting on these results, bruce j. klatsky, chairman and chief executive officer, noted, "we are extremely pleased that the strong growth and momentum from 2004 continued into the first quarter of this year. the significant revenue and earnings growth exhibited by our wholesale dress shirt and sportswear businesses enabled us to exceed our previous earnings guidance and to more than double the prior year's first quarter earnings.

we are also pleased with the continued growth of our calvin klein licensing business stemming from existing licensees, as well as growth initiatives we have undertaken to expand the breadth and reach of calvin klein product offerings. the increased revenue from the calvin klein licensing business enabled us to increase advertising expenditures for the calvin klein brand, which should benefit that brand into the future."

mr. klatsky continued, "our focus remains on maximizing the growth opportunities for calvin klein and our wholesale dress shirt and sportswear businesses. our calvin klein better men's sportswear line continues to perform well. our new dress shirt licensing agrlvin klein and our wholesale dress shirt and sportswear businesses. our calvin klein better men's sportswear line continues to perform well. our new dress shirt licensing agreements with bcbg, michael kors, chaps and sean john also contributed to our revenue and earnings increases.

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