-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, jhiq5oy4RaTeNcqAPHvFupkWQ6lxApN4d+metVNTywJSBEeVfuRoZ0MzfzXE1H+O JFLYdE73NP/T9gqLU7L3Dg== 0000078239-95-000015.txt : 19950615 0000078239-95-000015.hdr.sgml : 19950615 ACCESSION NUMBER: 0000078239-95-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950430 FILED AS OF DATE: 19950614 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PHILLIPS VAN HEUSEN CORP /DE/ CENTRAL INDEX KEY: 0000078239 STANDARD INDUSTRIAL CLASSIFICATION: MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320] IRS NUMBER: 131166910 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07572 FILM NUMBER: 95547001 BUSINESS ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10104 BUSINESS PHONE: 2125415200 10-Q 1 SECURITIES & EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 1995 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-724 PHILLIPS-VAN HEUSEN CORPORATION (Exact name of registrant as specified in its charter) Delaware 13-1166910 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 1290 Avenue of the Americas New York, New York 10104 (Address of principal executive offices) (Zip Code) Registrant's telephone number (212) 541-5200 Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes X No The number of outstanding shares of common stock, par value $1.00 per share, of Phillips-Van Heusen Corporation as of May 31, 1995: 26,666,116 shares. PHILLIPS-VAN HEUSEN CORPORATION INDEX PART I -- FINANCIAL INFORMATION Independent Accountants' Review Report................................ 1 Consolidated Balance Sheets as of April 30, 1995 and January 29, 1995...................................................... 2 Consolidated Statements of Income for the thirteen weeks ended April 30, 1995 and May 1, 1994.................................. 3 Consolidated Statements of Cash Flows for the thirteen weeks ended April 30, 1995 and May 1, 1994........................................ 4 Notes to Consolidated Financial Statements............................ 5-6 Management's Discussion and Analysis of Results of Operations and Financial Condition............................................... 7-8 PART II -- OTHER INFORMATION ITEM 6 - Exhibits and Reports on Form 8-K............................. 9-11 Signatures............................................................ 12 Exhibit--Acknowledgment of Independent Accountants.................... 13 Exhibit--Financial Data Schedule...................................... 14 Independent Accountants' Review Report Stockholders and Board of Directors Phillips-Van Heusen Corporation We have reviewed the accompanying condensed consolidated balance sheet of Phillips-Van Heusen Corporation as of April 30, 1995, and the related condensed consolidated statements of income and cash flows for the three-month periods ended April 30, 1995 and May 1, 1994. These financial statements are the responsibility of the Company's management. We conducted our reviews in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, which will be performed for the full year with the objective of expressing an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed consolidated financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Phillips-Van Heusen Corporation as of January 29, 1995, and the related consolidated statements of income, stockholders' equity, and cash flows for the year then ended (not presented herein) and in our report dated March 14, 1995, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of January 29, 1995, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. ERNST & YOUNG LLP New York, New York May 16, 1995 -1- Phillips-Van Heusen Corporation Consolidated Balance Sheets (In thousands, except share data)
UNAUDITED AUDITED April 30, January 29, 1995 1995 ASSETS Current Assets: Cash, including cash equivalents of $9,438 and $68,586 $ 11,738 $ 80,473 Trade receivables, less allowances of $4,808 and $1,617 89,458 77,527 Inventories 338,341 255,244 Other, including deferred taxes of $7,108 21,228 16,426 Total Current Assets 460,765 429,670 Property, Plant and Equipment 142,573 136,297 Goodwill 124,734 17,733 Other Assets, including deferred taxes of $10,412 and $9,502 22,991 12,584 $751,063 $596,284 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes payable $ 84,855 $ 0 Accounts payable 49,034 38,759 Accrued expenses 95,326 75,014 Current portion of long-term debt 260 260 Total Current Liabilities 229,475 114,033 Long-Term Debt, less current portion 194,681 169,679 Other Liabilities 56,433 37,112 Stockholders' Equity: Preferred Stock, par value $100 per share; 150,000 shares authorized, no shares outstanding Common Stock, par value $1 per share; 100,000,000 shares authorized; shares issued 26,657,116 and 26,610,310 26,657 26,610 Additional Capital 113,128 112,801 Retained Earnings 130,689 136,049 Total Stockholders' Equity 270,474 275,460 $751,063 $596,284
See accompanying notes. -2- Phillips-Van Heusen Corporation Consolidated Statements of Income Unaudited (In thousands, except per share amounts) Thirteen Weeks Ended April 30, May 1, 1995 1994 Net sales $282,987 $238,897 Cost of goods sold 185,584 159,735 Gross profit 97,404 79,162 Selling, general and administrative expenses 97,756 81,371 Loss before interest and taxes (352) (2,209) Interest expense, net 4,783 3,322 Loss before taxes (5,135) (5,531) Income taxes 1,775 2,000 Net loss $ (3,360) $ (3,531) Net loss per share $ (0.13) $ (0.13) Cash dividends per share $ 0.0375 $ 0.0375 See accompanying notes. -3- Phillips-Van Heusen Corporation Consolidated Statements of Cash Flows Unaudited (In Thousands) Thirteen Weeks Ended April 30, May 1, 1995 1994 OPERATING ACTIVITIES: Net Loss $ (3,360) $ (3,531) Adjustments to reconcile net loss to net cash used by operating activities: Depreciation and amortization 8,188 5,875 Other-net (2,841) (993) Changes in operating assets and liabilities: Receivables 10,201 (3,165) Inventories (45,253) (3,001) Accounts payable and accrued expenses (15,234) (12,156) Other-net (7,319) (582) Net Cash Used By Operating Activities (55,618) (17,553) INVESTING ACTIVITIES: Acquisition of Crystal Brands (114,503) Plant and equipment acquired (10,137) (8,158) Contributions from landlords 2,049 1,219 Other-net 1,244 1,484 Net Cash Used By Investing Activities (121,347) (5,455) FINANCING ACTIVITIES: Borrowings from revolving credit facility 109,856 Exercise of stock options 374 594 Payment of dividends (2,000) (1,990) Net Cash Provided (Used) By Financing Activities 108,230 (1,396) DECREASE IN CASH (68,735) (24,404) Cash at beginning of period 80,473 68,070 Cash at end of period $ 11,738 $ 43,666 See accompanying notes. -4- PHILLIPS-VAN HEUSEN CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) GENERAL The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not contain all disclosures required by generally accepted accounting principles for complete financial statements. Reference should be made to the annual financial statements, including the footnotes thereto, included in the Company's Annual Report to Stockholders for the year ended January 29, 1995. The results of operations for the thirteen weeks ended April 30, 1995 and May 1, 1994 are not necessarily indicative of those for a full fiscal year because of seasonal factors. The data contained in these financial statements are unaudited and are subject to year-end adjustments; however, in the opinion of management, all known adjustments (which consist only of normal recurring accruals) have been made to present fairly the consolidated operating results for the unaudited periods. Certain reclassifications have been made to the segment information for the quarter ended May 1, 1994 to present that information on a basis consistent with the quarter ended April 30, 1995. INVENTORIES Inventories are summarized as follows: April 30, January 29, 1995 1995 Raw materials $ 16,432 $ 19,849 Work in process 17,827 17,026 Finished goods 304,082 218,369 Total $338,341 $255,244 Inventories are stated at the lower of cost or market. Cost for the apparel business is determined principally using the last-in first-out method (LIFO), except for certain sportswear inventories which are determined using the first-in first-out method (FIFO). Cost for the footwear business is determined using FIFO. Inventories would have been $13,580 and $12,700 higher than reported at April 30, 1995 and January 29, 1995, respectively, if the FIFO method of inventory accounting had been used for the entire apparel business. The determination of cost of sales and inventories under the LIFO method can only be made at the end of each fiscal year based on inventory cost and quantities on hand. Interim LIFO determinations are based on management's estimates of expected year-end inventory levels and costs. Such estimates are subject to revision at the end of each quarter. Since estimates of future inventory levels and costs are subject to external factors, interim financial results are subject to year-end LIFO inventory adjustments. -5- SEGMENT DATA The Company operates in two industry segments: (i) apparel - the manufacture, procurement for sale and marketing of a broad range of men's, women's and children's apparel to wholesale customers as well as through Company-owned retail stores, and (ii) footwear - the manufacture, procurement for sale and marketing of a broad range of men's, women's and children's shoes to wholesale customers as well as through Company-owned retail stores. Operating income represents net sales less operating expenses. Excluded from operating results of the segments are interest expense, net, corporate expenses and income taxes. Thirteen Weeks Ended April 30, May 1, 1995 1994 Net sales-apparel $204,991 $159,103 Net sales-footwear 77,996 79,794 Total net sales $282,987 $238,897 Operating loss-apparel $ (1,333) $ (1,724) Operating income-footwear 3,357 1,917 Total operating income 2,024 193 Corporate expenses 2,376 2,402 Interest expense, net 4,783 3,322 Loss before taxes $ (5,135) $ (5,531) ACQUISITION On February 17, 1995, the Company completed the acquisition of the Apparel Group of Crystal Brands, Inc. for $114,503 in cash, net of cash acquired, and subject to certain adjustments. This acquisition was accounted for as a purchase. The acquired operations are included in the Company's consolidated financial statements since February 17, 1995. The Company acquired assets with a fair value estimated to be $134,503 (including $106,400 of excess of cost over net assets acquired) and assumed liabilities of $20,000. The Company has not yet determined the final value of the assets acquired and liabilities assumed, and, accordingly, adjustments to certain amounts in the consolidated balance sheet at April 30, 1995 may be required. If the acquisition had occurred on the first day of fiscal 1994 instead of on February 17, 1995, the Company's proforma consolidated results of operations would have been: Thirteen Weeks Ended April 30, May 1, 1995 1994 Net sales $289,118 $292,029 Net loss $ (3,423) $ (4,107) Net loss per share $ (0.13) $ (0.15) -6- MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS Thirteen Weeks Ended April 30, 1995 Compared to Thirteen Weeks Ended May 1, 1994 APPAREL Net sales of the Company's apparel segment in the first quarter were $205.0 million in 1995 and $159.1 million last year, an increase of approximately 28.8%. The acquisition of the Apparel Group of Crystal Brands, Inc. on February 17, 1995, coupled with the growth in the Company's Geoffrey Beene and Bass Apparel retail operations, accounted for this increase. Gross profit on apparel sales was 32.6% in the first quarter of 1995 compared with 32.2% in the prior year. Improved margins on Bass Apparel sales and better margins on merchandise sold under the labels acquired from Crystal Brands were offset, in part, by reduced margins on sales of private label apparel and by an increased LIFO charge of $0.9 million in this year's first quarter compared with $0.4 million in last year's quarter. Selling, general and administrative expenses as a percent of apparel sales in the first quarter were 33.2% in both the current and prior year. FOOTWEAR Net sales of the Company's footwear segment were basically flat at $78.0 million in the first quarter of 1995 compared with $79.8 million last year. Gross profit on footwear sales was 39.2% in the current quarter compared with 35.1% in the prior year's quarter. The prior year's quarter was negatively impacted by significant clearance markdowns to remove slower moving merchandise from inventory. The Company began the current year with a much improved inventory mix, which in turn reduced overall markdowns. Selling, general and administrative expenses as a percent of footwear sales were 34.9% in the current quarter compared with 32.7% in the prior year's quarter. Growth of the Company's retail operations, which are seasonally weak in the first quarter, accounted for this increase. INTEREST EXPENSE Net interest expense was $4.8 million in the first quarter of 1995 compared with $3.3 million last year. This increase resulted from the cash purchase of the Apparel Group of Crystal Brands, Inc. INCOME TAXES Income tax was estimated at a rate of 34.6% for the first quarter and year of 1995 compared with last year's rates of 36.2% and 18.7% for the first quarter and year, respectively. The effective rate for the full year 1994, excluding the effect of reversals of estimated tax liabilities and restructuring expenses, would have been approximately 31.5%. The increase in the 1995 rate is due principally to normally taxed income increasing more rapidly than tax exempt income from operations in Puerto Rico. -7- CORPORATE EXPENSES Corporate expenses were $2.4 million in the first quarter of both 1995 and 1994. SEASONALITY The Company's business is seasonal, with higher sales and income during its third and fourth quarters, which coincide with the Company's two peak retail selling seasons: the first running from the start of the summer vacation period in late May and continuing through September; the second being the Christmas selling season beginning with the weekend following Thanksgiving and continuing through the week after Christmas. Also contributing to the strength of the third quarter is the high volume of fall shipments to wholesale customers which are more profitable than spring shipments. The slower spring selling season at wholesale combined with retail seasonality makes the first quarter particularly weak. LIQUIDITY AND CAPITAL RESOURCES The seasonal nature of the Company's business typically requires the use of cash to fund a build up in the Company's inventory in the first half of each fiscal year. During the third and fourth quarters, the Company's higher level of sales tends to reduce its inventory and generate cash from operations. Cash used by operations in the first quarter totalled $55.6 million in 1995 and $17.6 million last year. The seasonal build up in inventory for sales planned for the second quarter and balance of the year has increased in the current quarter due to the growth of the Company's business and due to the Company ending 1994 with approximately $13 million less inventory than 1993. The Company has a revolving credit agreement under which the Company may, at its option, borrow and repay amounts up to a maximum of $185 million, except that for the Company's third quarter, during which period its borrowings peak, the maximum amount available to the Company is $200 million. The acquisition of Crystal Brands for cash was funded from the Company's cash reserves and from borrowings under this facility. The Company believes that its borrowing capacity under this facility is adequate for its 1995 peak seasonal needs. At the end of the first quarter, the Company estimated that $25 million of the outstanding borrowings under this facility are non-current. The resulting increase in long-term debt, offset in part by earnings generated over the past year, has increased the Company's long-term debt (net of invested cash) as a percentage of total capital to 40.6% at the end of the current quarter compared with 34.6% at the end of last year's first quarter. -8- Part II - OTHER INFORMATION ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K (a) The following exhibits are included herein: 4.1 Specimen of Common Stock certificate (incorporated by reference to Exhibit 4 to the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 1981). 4.2 Preferred Stock Purchase Rights Agreement (the "Rights Agreement"), dated June 10, 1986 between PVH and The Chase Manhattan Bank, N.A. (incorporated by reference to Exhibit 3 to the Company's Quarterly Report as filed on Form 10-Q for the period ended May 4, 1986). 4.3 Amendment to the Rights Agreement, dated March 31, 1987 between PVH and The Chase Manhattan Bank, N.A. (incorporated by reference to Exhibit 4(c) to the Company's Annual Report on Form 10-K for the year ended February 2, 1987). 4.4 Supplemental Rights Agreement and Second Amendment to the Rights Agreement, dated as of July 30, 1987, between PVH and The Chase Manhattan Bank, N.A. (incorporated by reference to Exhibit (c)(4) to the Company's Schedule 13E-4, Issuer Tender Offer Statement, dated July 31,1987). 4.5 Credit Agreement, dated as of December 16, 1993, among PVH, Bankers Trust Company, The Chase Manhattan Bank, N.A., Citibank, N.A., The Bank of New York, Chemical Bank and Philadelphia National Bank, and Bankers Trust Company, as agent (incorporated by reference to Exhibit 4.5 to the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 1994). 4.6 First Amendment, dated as of February 13, 1995, to the Credit Agreement dated as of December 16, 1993 (incorporated by reference to Exhibit 4.6 to the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 1995). 4.7 Note Agreement, dated October 1, 1992, among PVH, The Equitable Life Assurance Society of the United States, Equitable Variable Life Insurance Company, Unum Life Insurance Company of America, Nationwide Life Insurance Company, Employers Life Insurance Company of Wausau and Lutheran Brotherhood (incorporated by reference to Exhibit 4.21 to the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 1993). 4.8 Indenture, dated as of November 1, 1993, between PVH and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.01 to the Company's Registration Statement on Form S-3 (Reg. No. 33- 50751) filed on October 26, 1993). -9- *10.1 1987 Stock Option Plan, including all amendments through March 30, 1993 (incorporated by reference to Exhibit 10.2 to the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 1994). *10.2 1973 Employees' Stock Option Plan (incorporated by reference to Exhibit 1 to the Company's Registration Statement on Form S-8 (Reg. No. 2-72959) filed on July 15, 1981). *10.3 Supplement to 1973 Employees' Stock Option Plan (incorporated by reference to the Company's Prospectus filed pursuant to Rule 424(c) to the Registration Statement on Form S-8 (Reg. No. 2-72959) filed on March 31, 1982). *10.4 Phillips-Van Heusen Corporation Special Severance Benefit Plan (incorporated by reference to the Company's Report on Form 8-K filed on January 16, 1987). *10.5 Phillips-Van Heusen Corporation Capital Accumulation Plan (incorporated by reference to the Company's Report on Form 8-K filed on January 16, 1987). *10.6 Phillips-Van Heusen Corporation Amendment to Capital Accumulation Plan (incorporated by reference to Exhibit 10(n) to the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 1987). *10.7 Form of Agreement amending Phillips-Van Heusen Corporation Capital Accumulation Plan with respect to individual participants (incorporated by reference to Exhibit 10(1) to the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 1988). *10.8 Phillips-Van Heusen Corporation Supplemental Defined Benefit Plan, dated January 1, 1991, as amended and restated on June 2, 1992 (incorporated by reference to Exhibit 10.10 to the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 1993). *10.9 Phillips-Van Heusen Corporation Supplemental Savings Plan, dated as of January 1, 1991 and amended and restated as of January 1, 1992 (incorporated by reference to Exhibit 10.29 to the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 1992). 10.10 Asset Sale Agreement, dated January 24, 1995, Among the Company and Crystal Brands, Inc., Crystal Apparel, Inc., Gant Corporation, Crystal Sales, Inc., Eagle Shirtmakers, Inc., and Crystal Brands (Hong Kong) Limited (incorporated by reference to Exhibit 1 to the Company's Report on Form 8-K dated March 6, 1995). *10.11 Agreement, dated as of April 28, 1993, between Bruce J. Klatsky, Lawrence S. Phillips and the Company (incorporated by reference to Exhibit 10.11 to the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 1995). -10- *10.12 Non-Incentive Stock Option Agreement, dated as of April 28, 1993, between the Company and Bruce J. Klatsky. Non-Incentive Stock Option Agreement, dated as of December 3, 1993, between the Company and Bruce J. Klatsky (reload of April 28, 1993 Non-Incentive Stock Option Agreement) (incorporated by reference to Exhibit 10.12 to the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 1995). *10.13 Amendment, dated December 6, 1993, to the Agreement, dated April 28, 1993, between Bruce J. Klatsky, Lawrence S. Phillips and the Company (incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 1995). *10.14 Consulting and non-competition agreement, dated February 14, 1995, between the Company and Lawrence S. Phillips (incorporated by reference to Exhibit 10.14 to the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 1995). *10.15 Performance Restricted Stock Plan, effective as of April 18, 1995 (incorporated by reference to Exhibit 10.15 to the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 1995). 15. Acknowledgement of Independent Accountants. 27. Financial Data Schedule. * Management contract or compensatory plan or arrangement required to be identified pursuant to Item 14(a) of this report. (b) Reports on Form 8-K filed during the quarter ended April 30, 1995. Report on Form 8-K, Dated as of February 17, 1995, describing the acquisition of the Apparel Group of Crystal Brands, Inc. Amendment No. 1 to Report on Form 8-K, dated as of February 17, 1995, to include certain financial statements and pro forma financial information which were previously not available. -11- 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 thereunto duly authorized. PHILLIPS-VAN HEUSEN CORPORATION Registrant June 8, 1995 /s/ Emanuel Chirico Emanuel Chirico, Controller Vice President and Chief Accounting Officer -12- Exhibit 15 May 16, 1995 Stockholders and Board of Directors Phillips-Van Heusen Corporation We are aware of the incorporation by reference in the Registration Statement (Form S-8, No. 33-59101), Registration Statement (Form S-3, No. 33-50751), Registration Statement (Form S-8, No. 33-59602), Registration Statement (Form S-3, No. 33-46770), Registration Statement (Form S-8, No. 33-38698), Post- Effective amendment No. 1 to the Registration Statement (Form S-8, No. 33- 24057), Post-Effective amendment No. 2 to the Registration Statement (Form S- 8, No. 2-73803), Post-Effective amendment No. 4 to the Registration Statement (Form S-8, No. 2-72959), Post-Effective amendment No. 6 to the Registration Statement (Form S-8, No. 2-64564), and Post-Effective amendment No. 13 to the Registration Statement (Form S-8, No. 2-47910), of Phillips-Van Heusen Corporation of our report dated May 16, 1995 relating to the unaudited condensed consolidated interim financial statements of Phillips-Van Heusen Corporation which are included in its Form 10-Q for the three month period ended April 30, 1995. Pursuant to Rule 436(c) of the Securities Act of 1933, our report is not a part of the registration statements or post-effective amendments prepared or certified by accountants within the meaning of Section 7 or 11 of the Securities Act of 1933. ERNST & YOUNG LLP New York, New York -13- EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE PHILLIPS-VAN HEUSEN CORPORATION FINANCIAL STATEMENTS INCLUDED IN ITS 10-Q REPORT FOR THE QUARTER ENDED APRIL 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS JAN-28-1996 APR-30-1995 11,738 0 94,266 (4,808) 338,341 460,765 142,573 0 751,063 229,475 194,681 26,657 0 0 243,817 751,063 282,987 282,987 185,584 185,584 97,756 0 4,783 (5,135) 1,775 0 0 0 0 (3,360) (0.13) (0.13) Property, plant and equipment is presented net of accumulated depreciation. Provision for doubtful accounts is included in other costs and expenses.
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