• Q1 net profit US$57.7m, versus $27.6m loss
  • Revenue up 121% to $1.369bn
  • Boosted by Tommy Hilfiger acquisition

The acquisition of the Tommy Hilfiger business helped Phillips-Van Heusen Corporation (PVH) to reverse last year’s first quarter loss, more than doubling revenues in the process.

The figures were swollen by $715.4m of revenues from Tommy Hilfiger, which PVH bought in the second quarter of fiscal 2010, a performance that outdid the company’s own expectations.

PVH’s existing Calvin Klein business also posted a 17% revenue increase, offsetting flat sales from the company’s Heritage Brands business.

The performance led PVH to raise its full-year projections, predicting earnings per share of $4.80-5.00 on revenues of $5.7-5.75bn.

“The positive business trends in our Tommy Hilfiger and Calvin Klein businesses accelerated in the first quarter, allowing us to exceed both our revenue and non-GAAP earnings guidance,” said Emanuel Chirico, PVH chairman and CEO.