Bolstered by global brand strength in its Calvin Klein label, apparel maker Phillips-Van Heusen reported fourth quarter earnings that exceeded Street expectations.
The company posted a net profit for its fourth quarter of $27 million, or 51 cents per share following a loss of $37.9 million, or 74 cents a share during the same year-ago period. Furthermore, increases in revenues resulted in a 9% bump, or $614.6 million from revenue on a non-GAAP basis of $561.3 million.
Expected to only register profits around 59 cents per share, Phillips-Van Heusen posted earnings of 61 cents per share following adjustments for restructuring costs. “We are extremely pleased with our 2009 results and the strong performance across all components of our business, said Emanuel Chirico, chairman and CEO.
Wholesale and retail numbers also experienced upward mobility. For the quarter, the company registered combined revenue growth of 10% compared to the prior year period’s non-GAAP amount, or 7% on a GAAP basis.
Recently, the company announced the acquisition of the Tommy Hilfiger brand a $3 billion cash and stock deal.
