Calvin Klein of the Phillip Van Heusen Corp (PVH:NYSE) royalty revenue grew 9% for the third quarter. This growth was due fundamentally to growth of 7% on a constant exchange rate basis, which included (i) strength in footwear, women’s apparel and outerwear, (ii) a single-digit reduction in the global fragrance business, which was an improvement from the double-digit decrease that was experienced in the first half of the year, and (iii) relatively flat performance in jeans and underwear, as strong international performance was offset by an expected decline in the U.S. A weaker U.S. dollar in the quarter provided a benefit of $1.2 million.
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Commenting on these results, Emanuel Chirico, Chairman and Chief Executive Officer, noted, “We are extremely pleased with our third quarter results. The improvement in business trends we experienced in the second quarter intensified during the third quarter and enabled us to significantly exceed our previous revenue and earnings guidance. We are fortunate to have such a strong stable of brands. The global strength of the Calvin Klein brand was evident in this quarter’s 9% growth in royalty revenue. Additionally, as consumers have demanded more and more value in order to drive their purchases, our IZOD, ARROW and Van Heusen brands have likewise benefitted.” Mr. Chirico continued, “This strong performance by all of our brands indicates the beneficial impact of our continued investment in advertising through this most difficult economic environment. We have launched a number of innovative programs that connect our brands with both our retail customers and our end consumers, such as the IZOD IndyCar Series campaign with Macy’s and our more recent collaboration with the Pro Football Hall of Fame and JC Penney for the Van Heusen brand. We expect to invest significantly in these programs, as well as in advertising for our other brands, including Calvin Klein, during the fourth quarter.”
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