USA: Phillips-Van Heusen Q3 Profit Jumps 51%
Apparel maker Phillips-Van Heusen has posted a 51 per cent hike in third-quarter profit, on better sales of men's sportswear and dress shirts.
Quarterly net income totalled $40.3 million compared to $26.7m in the same period last year, as net sales rose 13 per cent to $533.2m from $473.5m a year ago.
The new Chaps, Sean John and Donald J Trump Signature Collection dress shirt collections all pushed up sales, the company said.
Sportswear growth was driven by the Calvin Klein men's better sportswear collection - which was introduced for autumn 2004 selling - and the IZOD brand.
For the first nine months of the year, net income totalled $88.8m compared to $41.3m in the same period last year on an 18 per cent net revenue rise.
Chief executive Mark Weber said: "Overall, we feel good about our business performance and our ability to achieve our earnings growth targets in the fourth quarter and beyond."
The company forecast fourth-quarter earnings 28 cents per share, and upped its full-year forecast to $1.90 compared to $1.75 to $1.80, as predicted previously.
2006 earnings are expected to grow to between 2.00 and $2.10 per share.
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