Calvin Klein boosts PVH results
Phillips-Van Heusen Corporation has reported third quarter net income of $60.9 million compared with $50.8 million for the same period last year.
The earnings improvement for the combined wholesale and retail businesses was largely the result of the IZOD women’s sportswear businesses and the new PVH Neckwear Group as well as strong revenue growth in the dress shirt, Calvin Klein retail and Calvin Klein men’s sportswear businesses. Total revenues for the quarter were $696.4 million compared with $568.3 million last year, an increase of 23%.
For the first nine months, net income was $153 million compared with $114.3 million for the prior-year period. Revenues totalled $1.8 billion compared with $1.5 billion.
Chairman and CEO, Emanuel Chirico, said, “The strength of the Calvin Klein brand continues to drive our earnings growth and outperform across all product categories, both internationally and domestically.”
“We remain focused on the growth opportunities at Calvin Klein and our new initiatives, including IZOD women’s sportswear, which has been performing well since our launch at the end of the second quarter of 2007, Calvin Klein specialty retail, and our forthcoming launch of Timberland men’s sportswear in autumn 2008,” he added.
