Phillips-Van Heusen income up

US based apparel producer Phillips-Van Heusen Corporation reported net income of $25 million (GBP 14 million) for the first quarter 2005. Total revenues in the first quarter climbed 25 per cent to $472.1 million from $378.2 million in the same period last year.

The improvement was due to the revenue increases in the company's wholesale dress shirt and sportswear business. Sales of new dress shirt lines with BCBG, Michael Kors, Sean Johan and Chaps introduced in the second half of last year spurred the growth. The distribution of Calvin Klein's men's sportswear collection, which had been introduced for fall 2004, also performed well. Calvin Klein licensing revenues increased by 8 per cent. Furthermore, sportswear brands Izod and Arrow performed beyond expectations.

Chairman and CEO Bruce J. Klatsky said: "Our focus remains on maximizing the growth opportunities for Calvin Klein and our wholesale dress shirt and sportswear businesses." He added, "We remain very pleased with our execution across all segments of our business and with the prospects for the new Calvin Klein businesses which will fuel growth in 2005 and beyond. Looking beyond this year, we continue to be comfortable in our ability to grow earnings at 15-20% per year."