UPDATE 1-Phillips-Van Heusen profit falls but beats Street

* Q1 earnings/shr 53 cts vs Wall St view 48 cts

* Sees Q2 earnings/shr of 35 cents to 45 cents

SAN FRANCISCO May 19 (Reuters) - Phillips-Van Heusen Corp (PVH.N), owner of the Calvin Klein brand, said on Tuesday that its quarterly net income fell, hurt by lower sales, but the results were better than Wall Street expected.

The wholesaler and retailer, which has been downsizing its store operations, said net profit in its first fiscal quarter ended May 3 was $24.71 million, or 48 cents per share, down from $46.8 million, or 90 cents per share, a year earlier.

Excluding costs related to its restructuring, it posted earnings of 53 cents per share, above the 48 cents per share expected on average by analysts, according to Reuters Estimates.

Total revenue fell to $557.4 million from $625.7 million.

Earlier this year, Phillips-Van Heusen announced a plan to save $40 million per year, including shedding 10 percent of its workforce. It is shutting down the production of machine-made neckwear and has been closing its Geoffrey Beene outlet stores.

It forecast 2009 earnings per share of $2.05 to $2.30, excluding roughly $10 million of pre-tax costs associated with its restructuring. It expects second-quarter earnings per share of 35 cents to 45 cents, excluding approximately $5 million of pre-tax restructuring costs.

Analysts, on average, had been expecting it to earn 42 cents per share, according to Reuters Estimates. (Reporting by Nicole Maestri; Editing by Tim Dobbyn)