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Apparel maker

Phillips-Van Heusen

(PVH) - Get PVH Corp. Report

nearly halved its profit in the first quarter, but still managed to beat Wall Street's forecast.

During the quarter, the company earned $24.7 million, or 48 cents a share, down from $46.8 million, or 90 cents, in the year-ago period.

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Excluding one-time items, earnings would have been 53 cents a share, higher than analysts' target of 48 cents.

Revenue declined 11% to $557.4 million from $625.7 million last year.

Looking forward, the company expects full-year earnings in the range of $2.05 to $2.30 a share. Earnings in the second quarter are forecast between 35 cents and 45 cents.

Shares of the company ended the day up 1% to $27.88.

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