Philips-Van Heusen Q2 leap

American fashion group Philips-Van Heusen Corp has reported a leap in secons quarter earnings, thanks to strong sales of men's sportswear and dress shirts. Quarterly earnings climbed from $13.0 million (£7.21 million) in the same period last year to $23.5 million. Meanwhile net income dropped to $6.1 million from $7.7 million last year. However, second quarter revenues grew from $375.9 million to $443.5 million.

The company has raised projections for 2005 earnings to between $1.70 and $1.80 and revenues of $1.88 billion to $1.9 billion. "Our 2005 revenue and earnings projection continues to be based on a conservative view of the fourth quarter, and if the current trends in our business were to continue, we believe we would exceed these estimates for the year," said chief executive Mark Weber. Philips-Van Heusen owns brands such as Van Heusen, Bass, Calvin Klein and IZOD. It also licenses brands like DKNY, Geoffrey Beene and Kenneth Cole.