Branded shirts, sportswear, and footwear retailer Phillips-Van Heusen Corp. (PVH) Thursday confirmed its fourth quarter, fiscal 2009 and fiscal 2010 earnings and revenue outlook, provided on February 17. The company's non-GAAP earnings estimates for the fourth quarter and fiscal 2009 are in line with analysts' expectations.
The announcement was made in advance of the attendance by the company's management at the Bank of America Merrill Lynch 2010 Consumer Conference today.
For the fourth quarter, Phillips-Van Heusen continues to expect non-GAAP earnings of $0.59 per share and GAAP earnings per share of $0.48 per share. This compares to non-GAAP earnings of $0.30 per share and a GAAP loss per share of $0.74 per share in the prior year's fourth quarter.
Total revenue for the quarter is still estimated to be $612 million, an increase of 9% from the year-ago quarter's revenue of $561 million on a non-GAAP basis. The revenue outlook also represents an increase of 6% from last years' revenues of $578 million, on a GAAP basis.
On average, 11 analysts polled by Thomson Reuters currently expect the company to report earnings of $0.59 per share for the quarter on revenues of $609.33 million. Analysts' estimates typically exclude special items.
Phillips-Van Heusen, best known for its Calvin Klein brand, said the outlook reflects a very strong end to the fourth quarter across all components of its business. The company's outlet retail delivered fourth quarter comparable store sales of positive 11%. The global growth momentum of the Calvin Klein brand also continued, with about 20% increase in royalty revenue in the fourth quarter from the prior year period. This was attributed to strong performances in jeans, underwear, fragrance, women's sportswear, dresses and outerwear.
For the preceding third quarter, New York-based Phillips-Van Heusen reported net income of $83.62 million or $1.58 per share on revenues of $697.44 million.
Further, Phillips-Van Heusen stated that it continues to project fiscal 2009 non-GAAP earnings of $2.80 per share and GAAP earnings of 3.05 per share. In fiscal 2008, the company reported GAAP earnings of $1.76 per share and non-GAAP earnings of $2.95 per share.
Total revenue for the full-year 2009 is estimated to be flat compared to the prior year non-GAAP revenue of $2.40 billion. GAAP revenue for the year ago quarter was $2.49 billion.
Analysts currently expect the company to report earnings of $2.80 per share for fiscal 2009 on revenues of $2.39 billion.
In addition, Phillips-Van Heusen stated that fiscal year 2010 non-GAAP earnings is still projected to be in the range of $3.20 - $3.25 per share, an increase of 14% to 16% over 2009. The company also confirmed its fiscal 2010 GAAP earnings growth outlook of 5% to 7% above 2009.
Following a very strong close to 2009, the company's revenue for fiscal 2010 is still expected to increase 3% to 4% from 2009.
Analysts currently expect the company to report earnings of $3.25 per share on revenues of $2.49 billion for the full-year 2010.
Among others in the sector, Polo Ralph Lauren Corp. (RL) recently reported a rise in third-quarter net profit, helped by improved gross margins and higher comparable store sales, despite a slight decline in net revenues. The retailer's net income was $111.1 million or $1.10 per share, compared with $105.3 million or $1.05 per share in the prior-year period. Net revenues declined to $1.24 billion from $1.25 billion a year ago.
PVH is trading at $47.77, up $1.49 or 3.22%, on a volume of 799,535 shares.
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