Continuing to refocus its businesses, Tommy Hilfiger Corp swung back into the black, reversing a net loss a year earlier when the fashion company had a big restructuring charge.

For the fiscal fourth quarter ended March 31, Hilfiger, New York, posted net income of $33.6m (39.1m euros), or 37 cents a diluted share, compared with a net loss of $1.5m, or two cents, a year earlier. For the year-earlier period, excluding special items, Hilfiger earned $34.8m, or 37 cents a share.

The most recent quarter included a reduction in the tax rate, adding about $4m, or four cents a share, to the bottom line. Without the benefit of the tax-rate reduction, the company had a per-share profit of 33 cents. Revenue slipped to $472m from $475.3m a year earlier, as the company dealt with lower sales and steeper markdowns at retail.

On the New York Stock Exchange, Hilfiger shares jumped 11 per cent, or $1.49, to $15.20 on Thursday, the day of the announcement. On Friday, the shares rose another 12 cents to $15.32.

In a news release, Hilfiger reaffirmed its outlook for all of fiscal 2002, saying it expects earnings to rise about 10 per cent on essentially flat revenue.