UPDATE 1-Phillips-Van Heusen profit tops view

* Q2 EPS 60 cents, excl items, vs Street view of 44 cents

* Boosts full-year revenue and earnings outlook

* Shares fall more than 1 percent

LOS ANGELES, Aug 19 (Reuters) - Phillips-Van Heusen Corp (PVH.N), owner of the Calvin Klein brand, reported quarterly profit that beat Wall Street expectations, helped by cost cuts and tighter inventory management.

The company also boosted its full-year forecasts, citing improving business trends. But shares fell 1.3 percent in extended trade -- erasing gains made during regular trading.

The wholesaler and retailer, which has been downsizing its store operations, said it earned $26.6 million, or 51 cents per share, in the second quarter, compared with $29.2 million, or 56 cents per share, a year earlier.

Excluding items, the company's profit was 60 cents per share.

Analysts on average were expecting 44 cents, according to Reuters Estimates.

Total net revenue fell to $529.3 million from $561.0 million.

Earlier this year, Phillips-Van Heusen announced a cost-cutting plan that included shedding 10 percent of its workforce, shutting production of machine-made neckwear and closing its Geoffrey Beene outlet stores.

The company raised its forecast for earnings excluding items to a range of $2.30 to $2.40 per share, from its prior view of $2.05 to $2.30 per share, excluding items.

Total adjusted revenue for 2009 is currently projected to be in a range of $2.32 billion to $2.34 billion, a decrease of 2 percent to 3 percent from the year earlier. The company had previously projected that total revenue would fall 3 percent to 4 percent.

The company expects third-quarter earnings per share to be 80 cents to 85 cents.

Phillips-Van Heusen shares fell to $34.75 in extended trade after closing up 1 percent to $35.22 on the New York Stock Exchange. (Reporting by Lisa Baertlein and Martinne Geller in New York; Editing Bernard Orr)