• Q4 net income up 48%
  • "Seamless" integration of Tommy Hilfiger
  • Japan revenue "at contractual minimums" 

US apparel group Phillips-Van Heusen Corporation boosted its fourth quarter earnings on strong sales from the Tommy Hilfiger and Calvin Klein brands.

The company reported net income of US$52.2m for the fourth quarter of 2010, from US$27m during the prior year period.

Revenue for the final quarter was $1.4bn, up from $614.6m in the prior year period, attributed to $783.5m from the addition of Tommy Hilfiger and 18% sales growth at Calvin Klein.

Phillips-Van Heusen purchased the Tommy Hilfiger brand a year ago in a deal worth $3bn.

For the full-year period the group's revenue was $4.6bn, up from the prior year's amount of $2.4bn, with the Tommy Hilfiger business contributing $1.9bn of this increase.

Emanuel Chirico, chairman and CEO of Phillips-Van Heusen Corporation, said: "We are extremely pleased with our 2010 results and the strong fourth quarter performance that enabled us to exceed our revenue and earnings guidance. The Tommy Hilfiger business has continued to exceed our expectations, and the integration of the two businesses has been seamless."

In its outlook for the full-year period, Phillips-Van Heusen said that revenue in 2011 was projected to increase of 20% to 22% as compared to 2010.

The company is projecting that Calvin Klein royalty revenue will increase 7% to 8% for the full-year, with royalty revenue for Japan projected at contractual minimums and reflecting a $4m reduction from 2010.

In addition, the recent earthquake and resulting tsunami are expected to impact Tommy Hilfiger's Japan business in the first half, Phillips-Van Heusen added.