PHILLIPS-VAN HEUSEN CORPORATION


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934




Date of Report (Date of earliest event reported)

September 10, 2010



PHILLIPS-VAN HEUSEN CORPORATION
(Exact name of registrant as specified in its charter)


         Delaware

         001-07572

13-1166910

(State or other jurisdiction of incorporation)

          (Commission File Number)

(IRS Employer Identification No.)

        200 Madison Avenue, New York, New York

         10016

(Address of principal executive offices)

          (Zip Code)


Registrant’s telephone number, including area code  (212)-381-3500

Not Applicable

(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

     (17 CFR 240.14d-2(b))

¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

     (17 CFR 240.13e-4(c))





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ITEM 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Phillips-Van Heusen Corporation (the “Company”) completed its acquisition of Tommy Hilfiger B.V. and certain affiliated companies on May 6, 2010.  The acquisition has significantly impacted the way the Company and its chief operating decision maker manage, analyze and discuss its operating results and business and, as a result, the Company has re-cast its segments.  The Company’s Form 10-Q for the period ended August 1, 2010, which was filed on September 10, 2010, includes a discussion of the Company’s new segments, as well as a presentation of revenue and earnings (loss) before interest and taxes by segment for the thirteen and twenty-six week periods ended August 1, 2010 and August 2, 2009.

In order to assist investors in understanding the Company’s historical results for 2009 in the new segment format, the Company is furnishing the below schedules, which present the Company’s 2009 quarterly and annual revenue and earnings (loss) before interest and taxes by segment.

The information in this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, regardless of any general incorporation language in such filing.


Presentation of Non-GAAP Amounts

The amounts referred to as non-GAAP in the following schedules exclude the costs incurred in connection with the Company’s restructuring initiatives announced in the fourth quarter of 2008 and executed during 2009, including the shutdown of the Company’s domestic production of machine-made neckwear, a realignment of the Company’s global sourcing organization, reductions in warehousing capacity, lease termination fees for the majority of the Company’s Calvin Klein specialty retail stores and other initiatives to reduce corporate and administrative expenses. The Company believes presenting its 2009 results excluding these costs provides useful additional information to investors. The Company also believes that the exclusion of such amounts facilitates comparing past results against future results by eliminating amounts that it believes are not comparable between periods, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company. The Company further believes that investors often look at ongoing operations of an enterprise as a measure of assessing performance. The Company uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company’s Board of Directors and others. The Company’s results excluding these costs are also the basis for certain incentive compensation calculations.

 




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PHILLIPS-VAN HEUSEN CORPORATION

Segment Data

(In thousands)


REVENUE BY SEGMENT


 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Year

 

Ended

 

Ended

 

Ended

 

Ended

 

Ended

 

5/3/09

 

8/2/09

 

11/1/09

 

1/31/10

 

1/31/10

Heritage Brand Wholesale Dress Furnishings










Net sales

$   120,857


$     99,372


$   146,499


$   123,117


$   489,845

Royalty revenue

1,601


1,390


1,411


1,457


5,859

Advertising and other revenue

            423


            309


            415


            534


         1,681

Total

122,881


101,071


148,325


125,108


497,385

 










Heritage Brand Wholesale Sportswear










Net sales

124,121


88,817


148,721


111,442


473,101

Royalty revenue

2,487


2,948


2,345


2,353


10,133

Advertising and other revenue

            735


              87


            665


            444


         1,931

Total

127,343


91,852


151,731


114,239


485,165

 










Heritage Brand Retail










Net sales

126,297


158,746


161,491


163,803


610,337

Royalty revenue

1,002


1,330


1,036


993


4,361

Advertising and other revenue

            287


              40


            306


             162


            795

Total

127,586


160,116


162,833


164,958


615,493

 










Total Heritage Brands










Net sales

371,275


346,935


456,711


398,362


1,573,283

Royalty revenue

5,090


5,668


4,792


4,803


20,353

Advertising and other revenue

         1,445


            436


         1,386


          1,140


         4,407

Total

377,810


353,039


462,889


404,305


1,598,043

 










Other (Calvin Klein Apparel)










Net sales

       97,500


     105,242


     134,617


     127,416


     464,775

Total

97,500


105,242


134,617


127,416


464,775

 










Calvin Klein Licensing










Net sales

6,970


5,233


12,288


8,205


32,696

Royalty revenue

53,828


46,903


65,808


55,134


221,673

Advertising and other revenue

       21,317


        18,866


       21,838


       19,523


       81,544

Total

82,115


71,002


99,934


82,862


335,913

 










Total Calvin Klein










Net sales

104,470


110,475


146,905


135,621


497,471

Royalty revenue

53,828


46,903


65,808


55,134


221,673

Advertising and other revenue

       21,317


       18,866


       21,838


       19,523


       81,544

Total

179,615


176,244


234,551


210,278


800,688

 










Total Revenue










Net sales

475,745


457,410


603,616


533,983


2,070,754

Royalty revenue

58,918


52,571


70,600


59,937


242,026

Advertising and other revenue

       22,762


       19,302


       23,224


       20,663


       85,951

Total

$   557,425


$   529,283


$   697,440


$   614,583


$2,398,731

 












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PHILLIPS-VAN HEUSEN CORPORATION

Segment Data (Continued)

(In thousands)


EARNINGS (LOSS) BEFORE INTEREST AND TAXES BY SEGMENT


 

Quarter Ended

 

Quarter Ended

 

5/3/09

 

8/2/09

 

Results

 

 

 

Results

 

 

 

Under

 

Non-GAAP

 

Under

 

Non-GAAP

 

GAAP

Adjustments(1)

Results

 

GAAP

Adjustments(1)

Results

 








Heritage Brand Wholesale Dress Furnishings

$   16,168

$       (541)

$  16,709


$    4,161


$    4,161

 








Heritage Brand Wholesale Sportswear

16,600

(513)

17,113


11,249

$     (188)

11,437

 








Heritage Brand Retail

     (3,779)

(1,691)

     (2,088)


    11,737

       (650)

    12,387

 








Total Heritage Brands

28,989

(2,745)

31,734


27,147

(838)

27,985

 








Other (Calvin Klein Apparel)

957

(1,202)

2,159


7,598

(1,094)

8,692

 








Calvin Klein Licensing

    33,951

               

    33,951


    35,775

             

    35,775

 








Total Calvin Klein

34,908

(1,202)

36,110


43,373

(1,094)

44,467

 








Corporate

   (14,783)

        (773)

   (14,010)


   (19,071)

    (4,324)

   (14,747)

 








Total earnings (loss) before interest








  and taxes

$   49,114

$    (4,720)

$  53,834


$  51,449

$  (6,256)

$  57,705

 









(1)

Adjustments for the quarters ended May 3, 2009 and August 2, 2009 represent the elimination of the costs incurred in these quarters in connection with the Company’s restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of domestic production of machine-made neckwear, a realignment of the Company’s global sourcing organization, reductions in warehousing capacity and other initiatives to reduce corporate and administrative expenses.




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PHILLIPS-VAN HEUSEN CORPORATION

Segment Data (Continued)

(In thousands)


EARNINGS (LOSS) BEFORE INTEREST AND TAXES BY SEGMENT


 

Quarter Ended

 

Quarter Ended

 

11/1/09

 

1/31/10

 

Results

 

 

 

Results

 

 

 

Under

 

Non-GAAP

 

Under

 

Non-GAAP

 

GAAP

Adjustments(1)

Results

 

GAAP

Adjustments(1)

Results

 








Heritage Brand Wholesale Dress Furnishings

$   25,224


$  25,224


$  10,513


$   10,513

 








Heritage Brand Wholesale Sportswear

20,686


20,686


2,902


2,902

 








Heritage Brand Retail

     11,312


    11,312


      9,559


       9,559

 








Total Heritage Brands

57,222


57,222


22,974


22,974

 








Other (Calvin Klein Apparel)

5,649

$  (6,091)

11,740


2,991

$   (8,747)

11,738

 








Calvin Klein Licensing

     45,043

              

    45,043


    40,065

             

     40,065

 








Total Calvin Klein

50,692

(6,091)

56,783


43,056

(8,747)

51,803

 








Corporate

    (17,478)

         (83)

   (17,395)


   (13,217)

              

    (13,217)

 








Total earnings (loss) before interest








  and taxes

$   90,436

$  (6,174)

$  96,610


$  52,813

$  (8,747)

$   61,560

 









(1)

Adjustments for the quarters ended November 1, 2009 and January 31, 2010 represent the elimination of the costs incurred in these quarters in connection with the Company’s restructuring initiatives announced in the fourth quarter of 2008, principally related to lease termination fees for Calvin Klein specialty retail stores.


5



PHILLIPS-VAN HEUSEN CORPORATION

Segment Data (Continued)

(In thousands)


EARNINGS (LOSS) BEFORE INTEREST AND TAXES BY SEGMENT


 

Year Ended

 

1/31/10

 

Results

 

 

 

Under

 

Non-GAAP

 

GAAP

Adjustments(1)

Results

 




Heritage Brand Wholesale Dress Furnishings

$   56,066

$       (541)

$   56,607

 




Heritage Brand Wholesale Sportswear

51,437

(701)

52,138

 




Heritage Brand Retail

   28,829

      (2,341)

     31,170

 




Total Heritage Brands

136,332

(3,583)

139,915

 




Other (Calvin Klein Apparel)

17,195

(17,134)

34,329

 




Calvin Klein Licensing

   154,834

                

   154,834

 




Total Calvin Klein

172,029

(17,134)

189,163

 




Corporate

    (64,549)

     (5,180)

   (59,369)

 




Total earnings (loss) before interest




  and taxes

$  243,812

$  (25,897)

$ 269,709

 





(1)

Adjustments for the year ended January 31, 2010 represent the elimination of the costs incurred in connection with the Company’s restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of domestic production of machine-made neckwear, a realignment of the Company’s global sourcing organization, reductions in warehousing capacity, lease termination fees for the majority of the Company’s Calvin Klein specialty retail stores and other initiatives to reduce corporate and administrative expenses.



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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PHILLIPS-VAN HEUSEN CORPORATION

 

By:      /s/ Bruce Goldstein             

Bruce Goldstein

Senior Vice President and Controller

 

Date: September 10, 2010




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