Phillips-Van Heusen posts Q4 loss on charges
today Mar 23, 2009
SAN FRANCISCO (Reuters) - Apparel maker Phillips-Van Heusen Corp (PVH.N) swung into a quarterly loss after swallowing one-time charges and expenses mainly related to its retail stores and closing U.S. production of neckwear.
Van Heusen Studio - pvh.com
The owner of the Calvin Klein label said on Monday March 23 its net loss in the fourth quarter came to $37.94 million, or 74 cents per share, compared with a net income of $30.3 million, or 55 cents per share, in the same period a year earlier.
But stripping out one-time items, the company beat expectations with fourth-quarter income of 30 cents per share. Analysts, on average, had expected adjusted earnings of 28 cents per share, according to Reuters Estimates.
Phillips-Van Heusen shares dropped 2.5 percent after-hours, but that slide came after the stock had jumped 9 percent during the regular session.
The company, which makes shirts for owned and licensed brands from Van Heusen to Geoffrey Beene, said revenues fell 1 percent to $577.8 million in the fourth quarter.
Looking ahead, Phillips-Van Heusen expects first-quarter earnings to range between 33 cents and 43 cents per share, or 40 cents to 50 cents on an adjusted basis.
Its fourth-quarter net loss included impairment charges related to retail stores, restructuring costs related to the closure of the company's machine-made neckwear production in the United States, costs associated with job cuts, and exit costs from the Geoffrey Beene unit.
Its shares fell to $18.48 after closing up 9 percent at $18.97 during a broad market rally .
(Reporting by Alexandria Sage; Editing by Gary Hill)
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