Philips-Van Heusen Corporation (PVH) nearly doubled revenues and beat earnings expectations in the fourth quarter to January 30, following its $3bn (£1.87bn) purchase of Tommy Hilfiger last May.
Turnover increased 93% from $27m (£16.8m) to $52.2m (£32.6m) during the period and full year turnover rose from $2.40bn (£1.50bn) to $4.64bn (£2.90bn).
The company, which also owns Calvin Klein, said it was on track to notch up between $5.58bn (£3.48bn) and $5.66bn (£3.53bn) turnover in its current financial year, which ends January 30, 2012, and that this would be the first to truly reflect its ownership of Tommy Hilfiger.
PVH was upbeat about Tommy Hilfiger’s performance following its expansion in Europe and Asia, despite the impact to business of the earthquake in Japan. The disaster is expected to reduce its Japanese operating income for Tommy Hilfiger by 25%, or $5m (£3.12m), PVH said.
PVH predicted a $4m (£2.50m) reduction in Japanese royalty revenues for Calvin Klein during the year, but said global royalty revenues for the brand would still rise between 7% and 8% by the financial year end.