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Wednesday, November 18, 2009
Phillips-Van Heusen Profit Up; Outlook Lifted
By Matt Andrejczak
MarketWatch Pulse
SAN FRANCISCO -- Phillips-Van Heusen , maker of Calvin Klein and Izod clothes, reported late Wednesday third-quarter net income rose 40% from a year ago. The apparel maker bolstered its earnings outlook for this year and said sales would decline less than it had forecast. Net income was $83.6 million, or $1.58 a share, compared with net income of $59.7 million, or $1.03 a share, in the year-earlier period. Sales fell 4% to $697 million. The company lost some sales as it exited a product line. For 2009, Phillips-Van Heusen forecast earnings between $2.95 and $2.99 a share, compared to a prior forecast of $2.16 to $2.26. The company pegged its sales to decline 2%-3% for year. It had expected to drop 5% from 2008.
Copyright © 2009 MarketWatch, Inc.
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