Phillips-Van Heusen first quarter beats; raises FY view
(Reuters) - Phillips-Van Heusen Corp (PVH.N) raised its full-year outlook and posted first-quarter earnings that beat market expectations as revenue more than doubled on strong sales in its Tommy Hilfiger and Calvin Klein businesses.
The apparel maker's shares rose 2 percent in extended trade to $67.42, having closed at $65.97 on Tuesday on the New York Stock Exchange.
"As we look forward to the balance of 2011, we believe that the momentum of the Calvin Klein and Tommy Hilfiger brands around the world will continue to drive our revenue and profitability growth," Chief Executive Emanuel Chirico said in a statement.
For the year, the company now expects adjusted earnings of $4.80-$5 a share on revenue of $5.7 billion-$5.75 billion.
Analysts, on average, were expecting the company to earn $4.90 a share this year on sales of $5.66 billion, according to Thomson Reuters I/B/E/S.
For the first quarter ended May 1, the company reported earnings of $1.23 on a non-GAAP basis, on revenue of $1.37 billion, beating analysts' expectations.
"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," Chirico said.
The company's Tommy Hilfiger business generated revenue of $715.4 million, driven primarily by double-digit retail comparable store sales growth in Europe and North America.
Revenue for Calvin Klein rose 17 percent to $245.6 million.
(Reporting by Abhishek Takle in Bangalore; Editing by Joyjeet Das)