American clothing and footwear company Phillips-Van Heusen Corporation has posted net income of $53 million for the first quarter of 2007 compared with $48.7 million for the corresponding period in 2006. Earnings included $1.9 million of pre-tax income comprising a $3.3 million gain in connection with the sale of minority interests in certain entities, offset in part by $1.4 million of start-up costs associated with the company’s Timberland wholesale sportswear business and Calvin Klein stores.

Total revenues in the first quarter increased 17% to $591.9 million from $506.4 million in the previous year with revenues rising 43% in the Calvin Klein licensing business and 14% in the company’s combined wholesale and retail business.