Phillips-Van Heusen Corporation in conjunction with its presentation by Company management at the Cowen & Co. 5th Annual Consumer Conference stated that it expects to at least meet the Company's earnings guidance provided on November 20, 2006 for the fourth quarter of 2006 ending February 4, 2007.
The webcast of the conference can be accessed by logging onto company's website and going to the “News Release” page under the “Investor Relations” tab.
For the quarter, the Company is estimating that GAAP earnings per share will be at least $0.43, as previously announced. This compares to 2005 fourth quarter earnings per share of $0.41, which did not include the impact of expensing stock options.
If stock options were expensed in the fourth quarter 2005, the impact would have been $0.05 per share under the provisions of SFAS 123.
The Company's estimate for the fourth quarter 2006 includes an increase over the prior year of $25 million in national advertising to support the Calvin Klein, Van Heusen, IZOD and Arrow brands, up from a $20 million increase previously projected.
The Company's acquisition of substantially all of the assets of Superba Inc was completed at the beginning of January and, as noted in its November 20, 2006 press release, is not expected to have a material effect on 2006 results.
Phillips-Van Heusen Corporation
marketing@alchempro.com
