Fashion designer Tommy Hilfiger Corporation has posted net income on a GAAP basis of US$132.2 million for fiscal 2003, up from a loss of US$513.6m in the previous year.

The Hong Kong-listed company also reported a 0.7 per cent dip in revenue to US$1.87 billion for the year, down slightly from US$1.88bn in the prior 12 months.

"Our performance for the quarter exceeded earlier expectations due to stronger than anticipated European operating results and favourable currency translations," CEO David Dyer said.

"Our focus during the quarter remained on implementing the necessary steps to improve the productivity of our business and position the company for a return to long-term growth."

Through its subsidiaries, Tommy Hilfiger designs, sources and markets a variety of men's and women's sportswear, jeanswear and childrenswear under its namesake trademark.