* Sees Q4 adj EPS to $0.59
* Sees Q4 rev $612 million
* Calvin Klein royalty rev up about 20 pct
* Initiates 2010 earns view above est
* Shares up 4 pct (Recasts, adds details, share movement)
Feb 17 (Reuters) - Phillips-Van Heusen (PVH.N) raised its fourth-quarter outlook for the second time in two months, as the owner of the Calvin Klein label said it saw strong sales in January, driven by its outlet stores and royalties from the iconic brand.
The strong end to fiscal 2009 also prompted it to project 2010 profit much ahead of estimates.
Shares of the company, which distributes its products to retailers including Macy's (M.N), JCPenney (JCP.N), Wal-Mart (WMT.N), rose as much as 5 percent to $43.07 Wednesday.
The apparel wholesaler and retailer said it now expects an adjusted profit of 59 cents a share for the fourth quarter, up from the 52 cents to 54 cents a share it forecast in January.
Fourth-quarter revenue is expected to come in at $612 million, up from the $603 million to $608 million it forecast last month.
Analysts were expecting the company, which sells clothes and accessories for men, women, and children under brands such as Van Heusen and Bass, to earn 54 cents a share, on revenue of $605.03 million for the quarter.
Outlet retail divisions posted an 11 percent growth in comparable sales, while royalties from the Calvin Klein brand increased about 20 percent for the fourth quarter, riding on strong performances in jeans, underwear, fragrance, women's sportswear, dresses and outerwear.
For 2010, Phillips-Van Heusen expects adjusted earnings between $3.20 to $3.25 a share, while analysts were looking at $2.75 a share.
The company expects revenue to grow 3 percent to 4 percent for the year.
Shares of the company, due to report fourth quarter results on March 22, were up 4 percent at $42.33 Wednesday morning on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anthony Kurian, Ratul Ray Chaudhuri)