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Wednesday, November 18, 2009

Phillips-Van Heusen Beats Estimate, Boosts Outlook

By Kathryn Glass

FOXBusiness

Apparel retail company Phillips-Van Heusen (PVH) saw shares rise when the it reported better than expected earnings on Wednesday and boosted its outlook.

The company said it expects full-year adjusted earnings to range between $2.59 and $2.63 a share, with revenue coming in between $2.37 to $2.38 billion. The company had previously forecast earnings between $2.30 and $2.40 a share on revenue of $2.32 billion to $2.34 billion.

For the fourth quarter, the company forecast higher-than-expected revenue, ranging from $585 million to $595 million. Analysts polled by Thomson Reuters were expecting revenue of $582.1 million.

Phillips-Van Heusen saw fiscal third-quarter profit jump 56% to $83.6 million, or $1.58 a share, compared to profit of $57 million or $1.03 per share in the year-ago quarter, as a result of a surprise tax gain. Adjusted earnings fell to $1.08 a share, compared to $1.10 per share in the third-quarter of 2008. Analysts were expecting earnings of 89 cents per share.

Revenue fell 4.1% to $697.4 million, compared to revenue of $727.5 million a year ago. Same-store sales rose 6% during the quarter.

Shares of Phillips-Van Heusen rose 21 cents or 0.50% in Wednesday’s session, to close at $42.39 a share.

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