Calvin Klein Boosts PVH results

Phillips-Van Heusen Corporation has posted better-than-expected Q3-results boosted by growth in its Calvin Klein business. The company reported third-quarter net income of $26.7 million compared with last year's $17.0m. Like-for-like profit during the three-month period rose to $30.6m which ahead of the company's previous earnings guidance.

The improvement in third-quarter like-for-like net income was mainly attributable to earnings increases in the company's two business segments. Operating earnings for the apparel and related products segment increased 30 per cent over the prior year, due to the consistent strong performance of the company's wholesale apparel business and improvements within the retail outlet business. The Calvin Klein Licensing divisions saw a 40 per cent increase in operating earnings from the prior year due to growth of new and existing licensees.