Phillips-Van Heusen Raises Full-year Outlook

NEW YORK (AP) — Clothing maker Phillips-Van Heusen Corp. said Wednesday that it was raising its full-year guidance after posting a better-than-expected second-quarter profit.

The company that makes Calvin Klein, Van Heusen and other clothing brands said it expects to earn between $2.16 per share and $2.26 per share for the year. That's up from its previously forecast profit of $1.93 to $2.18 per share.

Excluding one-time items, the company's forecast amounts to a profit between $2.30 and $2.40 per share.

The company expects revenue to slide between 6 and 7 percent, slightly less than its earlier estimate of 7 percent to 8 percent.

Including the impact of its decision to shut its Geoffrey Beene outlet division last year, the company expects revenue to fall 2 percent to 3 percent, to between $2.32 billion and $2.34 billion.

The retailer now expects same-store sales to fall between 3 percent to 4 percent, less severe that its earlier forecast of 6 percent to 7 percent. Same-store sales are an important retail industry metric of sales in stores open at least a year.