US: Phillips-Van Heusen lifts Q4, FY guidance
Author: just-style.com | 18 February 2010
Apparel maker Phillips-Van Heusen Corporation has upped its fourth quarter and full-year guidance after seeing a strong performance in January, and says its profit in 2010 is also set to beat estimates.
The apparel wholesaler and retailer pointed to a "very strong end to the fourth quarter" across its business, with special mention going to an 11% hike in same-store sales at its outlet stores and a 20% jump in royalties from the Calvin Klein brand.
For the three months to 31 January, it now expects earnings per share of $0.59, up from the $0.52 to $0.54 it forecast earlier. This is almost double last year's $0.30 per share.
Quarterly revenues are seen rising 9% to $612m from $561m a year ago.
For fiscal 2009, earnings per share are set to come in at $2.80 versus earlier guidance of $2.73 to $2.75, and revenues are seen flat with last year's $2.40bn.
Looking ahead to 2010, the company's initial guidance is for revenues to increase 3% to 4% ove 2009, with earnings per share up 14% to 16% at $3.20 to $3.25.
Sectors: Apparel, Finance, Manufacturing, Retail
Companies: Phillips-Van Heusen, Calvin Klein
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