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Phillips-Van Heusen out of the red

Calvin Klein owner Phillips-Van Heusen posted a profit of $27m (£17.9m) for the three months to January 31, against a $37.9m (£25.2m) loss for the same period last year.

Sales for the period rose 6% to $614.6m (£408.8m) against $577.8 (£384.3m) in 2009.

Phillips-Van Heusen (PVH) attributed the performance to an 18.4% uplift in royalties from branded merchandise. The Calvin Klein brand recorded a 21.5% leap in royalties as well as an 11% like for like sales gain at standalone, company-owned stores.

PVH acquired Tommy Hilfiger from Apax Partners last week for around £2bn, which will give PVH a combined turnover of £4.2bn.

PVH also owns brands including Kenneth Cole New York, Max Azria and Timberland.
Daniel Grieder, the European chief executive of Tommy Hilfiger, spoke to Drapers following the acquisition. Click here to read the interview.

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