Phillips-Van Heusen 1Q Earnings Slide 47 Percent

NEW YORK (AP) — Phillips-Van Heusen Corp., which makes Calvin Klein, Van Heusen and other clothing brands, said first-quarter earnings slid 47 percent amid lower revenue and restructuring costs, but results still topped Wall Street expectations.

Profit sank to $24.7 million, or 48 cents per share, from $46.8 million, or 90 cents per share, last year.

Excluding restructuring charges and costs related to closing its Geoffrey Beene outlet retail division, net income totaled $27.6 million, or 53 cents per share.

Sales declined nearly 11 percent to $557.4 million from $625.7 million a year earlier.

Analysts polled by Thomson Reuters expected a more modest 47 cents per share and revenue of $536.9 million. Those estimates usually exclude one-time charges.

Fragrance sales were hurt by lower travel and discretionary consumer spending.

Wholesale and retail revenue fell 8 percent as the company closed its Geoffrey Beene outlet retail division.

The company's Calvin Klein brand has also been hurt by a slowing economy and a stronger dollar.

Chief Executive Emanuel Chirico said business remains challenging, but the company is focusing on keeping a strong balance sheet and diversifying its business strategy.

Looking ahead, the company raised the low end of its 2009 profit forecast, and predicted better-than-expected revenue in the second quarter.