USA: Calvin Klein Offsets Phillips-Van Heusen Q3 Slip
The company, whose brands include Van Heusen, IZOD and GH Bass, reported a net income of $17 million for the quarter, down from $17.7m in the same period last year.
Revenue for the quarter, meanwhile, was up 11 per cent year-on-year to $453.3m, compared to $409.1m in third quarter 2002.
CEO Bruce Klatsky said the company's acquisition of Calvin Klein Inc in February, while costly at $700m, had helped offset a retail earnings slip.
"The trend of strong growth in our wholesale apparel businesses coupled with the positive earnings impact of the Calvin Klein business continued to help minimise the impact of the earnings decline in our retail business," he said.
"Our retail outlet business during the third quarter was inconsistent, with the best performance occurring in September, as back-to-school and cooler weather spurred spending on seasonal merchandise."
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