Phillips-Van Heusen adjusted profit beats Street-UPDATE 1

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Wednesday September 08, 2010 06:49:20 PM GMT

* Adjusted Q2 EPS 72 cents

* Revenue $1.1 billion, driven by Tommy Hilfiger brand

* Sees Q3 adjusted EPS $1.37-$1.42

* Shares rise after hours

SAN FRANCISCO, Sept 7 (Reuters) - Apparel maker Phillips-Van Heusen Corp posted an adjusted quarterly profit that surpassed analysts' expectations, helped by revenue gains in all three units, including its newly-acquired Tommy Hilfiger brand.

Shares rose 1.6 percent after hours.

The company had a net loss in the second quarter ended Aug. 1 of $54.6 million, or 83 cents per share, compared with a year-ago net profit of $26.6 million, or 51 cents per share.

Adjusting for the acquisition and integration of Tommy Hilfiger, the company posted earnings of 72 cents. Analysts, on average, had been expecting adjusted earnings of 54 cents per share, according to Thomson Reuters I/B/E/S.

The Tommy Hilfiger deal, which closed in May, is expected to double the company's revenue while allowing for global expansion. The company also owns the Calvin Klein label and other sportswear brands.

Revenue rose 108 percent to $1.1 billion in the quarter, driven by $532 million from Tommy Hilfiger and an 8 percent increase in revenue from the company's Calvin Klein and Heritage brands businesses.

The company said it expects third-quarter adjusted earnings per share of between $1.37 and $1.42 on revenue of $1.42 billion to $1.44 billion.

Shares rose to $51.31 after closing at $50.50, down 1.2 percent, on the New York Stock Exchange. (Reporting by Alexandria Sage; editing by Carol Bishopric)

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