By
Reuters
Published
Mar 11, 2010
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Phillips-Van Heusen backs fourth quarter forecast; shares up

By
Reuters
Published
Mar 11, 2010

March 11 (Reuters) - Phillips-Van Heusen (PVH.N) reiterated its fourth-quarter outlook as the owner of the Calvin Klein brand said it saw a strong end to the quarter driven by its outlet stores and royalties from the iconic brand.

phillips van heusen
Phillips-Van Heusen

Shares of the company rose nearly 5 percent to $48.37, their highest in more than two years.

The company said it continues to expect adjusted earnings per share of 59 cents on revenue of $612 million, a 9 percent increase.

Analysts on average expect the company to earn 59 cents a share on revenue of $609.3 million, according to Thomson Reuters I/B/E/S.

The company said outlet retail stores posted an 11 percent increase in comparable sales, while royalties from the Calvin Klein brand rose 20 percent for the quarter, which were already announced last month when it raised its outlook for the second time in two months.

The company also said it continues to expect 2010 earnings per share of $3.20 to $3.25 a share on a revenue increase of 3 percent to 4 percent.

Shares of the company, which distributes its products to retailers including Macy's (M.N), JCPenney (JCP.N), Wal-Mart (WMT.N), were up 3 percent at $47.49 Thursday 11 March on the New York Stock Exchange. (Reporting by Abhishek Takle in Bangalore; Editing by Maju Samuel)

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