-----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, Y/n6oXm9dsacrcdvCWiyvy9bL5cHJC+5gHoc9vHmVY7c35WjBe35ApR+unxIwd23 sN0/hQOEykFq3G5LQXfZwQ== 0000078239-94-000031.txt : 19941220 0000078239-94-000031.hdr.sgml : 19941220 ACCESSION NUMBER: 0000078239-94-000031 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941030 FILED AS OF DATE: 19941214 DATE AS OF CHANGE: 19941219 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PHILLIPS VAN HEUSEN CORP /DE/ CENTRAL INDEX KEY: 0000078239 STANDARD INDUSTRIAL CLASSIFICATION: 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: 94564822 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 October 30, 1994 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 November 28, 1994: 26,602,208 shares. PHILLIPS-VAN HEUSEN CORPORATION INDEX PART I -- FINANCIAL INFORMATION Independent Auditors Review Report.................................... 1 Consolidated Balance Sheets as of October 30, 1994 and January 30, 1994...................................................... 2 Consolidated Statements of Income for the thirteen weeks and thirty-nine weeks ended October 30, 1994 and October 31, 1993......... 3 Consolidated Statements of Cash Flows for the thirty-nine weeks ended October 30, 1994 and October 31, 1993........................... 4 Notes to Consolidated Financial Statements............................ 5-6 Management's Discussion and Analysis of Results of Operations and Financial Condition............................................... 7-10 PART II -- OTHER INFORMATION ITEM 6 - Exhibits and Reports on Form 8-K............................. 11-12 Signatures............................................................ 13 Exhibit--Computation of Earnings per Share............................ 14 Exhibit--Acknowledgment of Independent Auditors....................... 15 Exhibit--Financial Data Schedule...................................... 16 Independent Auditors 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 October 30, 1994, and the related condensed consolidated statements of income and cash flows for the 13 and 39 week periods ended October 30, 1994 and October 31, 1993. 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 30, 1994, 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 17, 1994, 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 30, 1994, 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 November 17, 1994 -1- Phillips-Van Heusen Corporation Consolidated Balance Sheets (In thousands, except share data) UNAUDITED AUDITED October 30, January 30, 1994 1994
ASSETS Current Assets: Cash, including cash equivalents of $28,713 and $66,064 $ 32,271 $ 68,070 Trade receivables, less allowances of $1,433 and $2,171 101,024 61,986 Other receivables 5,959 3,847 Inventories 290,372 269,871 Other, including deferred taxes of $5,727 17,964 14,928 Total Current Assets 447,590 418,702 Property, Plant and Equipment 128,098 109,506 Intangibles Applicable to Businesses Acquired 17,847 18,189 Other Assets, including deferred taxes of $4,608 7,951 8,374 $601,486 $554,771 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 51,673 $ 42,188 Accrued expenses 71,600 60,696 Accrued income taxes 9,941 6,027 Current portion of long-term debt 260 245 Total Current Liabilities 133,474 109,156 Long-Term Debt, less current portion 169,678 169,934 Other Liabilities 34,468 28,882 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 26,601,908 and 33,190,750 26,602 33,191 Additional Capital 111,176 118,360 Retained Earnings 126,088 269,055 263,866 420,606 Less: 6,728,576 shares of common stock held in treasury as of January 30, 1994--at cost 0 (173,807) Total Stockholders' Equity 263,866 246,799 $601,486 $554,771 See accompanying notes.
-2- Phillips-Van Heusen Corporation Consolidated Statements of Income Unaudited (In thousands, except per share amounts)
Thirteen Weeks Thirty-Nine Weeks Ended Ended October 30, October 31, October 30, October 31, 1994 1993 1994 1993 Net sales $379,406 $357,389 $902,074 $843,329 Cost of goods sold 258,117 233,117 606,862 548,146 Gross profit 121,289 124,272 295,212 295,183 Selling, general and administrative expenses 91,484 83,674 255,314 238,033 Income before interest and taxes 29,805 40,598 39,898 57,150 Interest expense, net 3,377 4,613 10,061 13,111 Income before taxes 26,428 35,985 29,837 44,039 Income taxes 8,578 11,465 9,783 13,970 Net income 17,850 24,520 20,054 30,069 Net income per share $ 0.66 $ 0.91 $ 0.74 $ 1.11 Cash dividends per share $ 0.0375 $ 0.0375 $ 0.1125 $ 0.1125 See accompanying notes.
-3- Phillips-Van Heusen Corporation Consolidated Statements of Cash Flows Unaudited (In Thousands) Thirty-Nine Weeks Ended October 30, October 31, 1994 1993 OPERATING ACTIVITIES: Net Income $20,054 $ 30,069 Adjustments to reconcile net income to net cash used by operating activities: Depreciation and amortization 17,273 13,608 Other-net (3,135) (1,670) Changes in operating assets and liabilities: Receivables (41,150) (39,689) Inventories (20,501) (48,592) Accounts payable and accrued expenses 22,692 20,044 Other-net (3,036) (581) Net Cash Used By Operating Activities (7,803) (26,811) INVESTING ACTIVITIES: Plant and equipment acquired (37,233) (35,601) Contributions from landlords 10,561 7,683 Other-net 1,908 3,040 Net Cash Used By Investing Activities (24,764) (24,878) FINANCING ACTIVITIES: Proceeds from revolving line of credit and long- term borrowings 41,600 Payments on revolving line of credit and long- term borrowings (245) (43,347) Exercise of stock options 996 1,435 Payment of dividends (3,983) (3,912) Net Cash Used By Financing Activities (3,232) (4,224) DECREASE IN CASH (35,799) (55,913) Cash at beginning of period 68,070 77,063 Cash at end of period $32,271 $ 21,150 See accompanying notes. -4- Phillips-Van Heusen Corporation Notes To Consolidated Financial Statements (In Thousands) 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 30, 1994. The results of operations for the thirteen and thirty-nine weeks ended October 30, 1994 and October 31, 1993 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 for the thirteen and thirty-nine weeks ended October 31, 1993 to present that information on a basis consistent with the thirteen and thirty-nine weeks ended October 30, 1994. INVENTORIES Inventories are summarized as follows: October 30, January 30, 1994 1994 Raw materials $ 16,375 $ 16,710 Work in process 24,054 13,941 Finished goods 249,943 239,220 Total $290,372 $269,871 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). Cost for the footwear business is determined using the first-in first-out method (FIFO). Inventories would have been $14,691 and $11,500 higher than reported at October 30, 1994 and January 30, 1994, respectively, if the FIFO method of inventory accounting had been used for the 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 and women's apparel to traditional wholesale accounts 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 traditional wholesale accounts 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 Thirty-Nine Weeks Ended Ended October 30, October 31, October 30, October 31, 1994 1993 1994 1993 Net sales-apparel $271,524 $253,005 $621,762 $571,016 Net sales-footwear 107,882 104,384 280,312 272,313 Total net sales $379,406 $357,389 $902,074 $843,329 Operating income-apparel $ 20,076 $ 30,369 $ 22,379 $ 36,164 Operating income-footwear 13,086 14,215 25,441 29,755 Total operating income 33,162 44,584 47,820 65,919 Corporate expenses (3,357) (3,986) (7,922) (8,769) Interest expense, net (3,377) (4,613) (10,061) (13,111) Income before taxes $ 26,428 $ 35,985 $ 29,837 $ 44,039 -6- MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS Thirteen Weeks Ended October 30, 1994 Compared to Thirteen Weeks Ended October 31, 1993 APPAREL Net sales of the Company's apparel segment in the third quarter were $271.5 million in 1994 and $253.0 million last year, an increase of approximately 7.3%. Growth of the Company's retail operations and the expanded offering of apparel in the Company's Bass stores accounted for this increase. Operating income of the apparel segment decreased to $20.1 million in the third quarter of 1994 from $30.4 million in the third quarter of 1993. The 7.3% increase in sales was offset by significant costs associated with the introduction of the Company's new "Wrinkle-Free" dress shirts and reduced margins from extensive promotional selling in the Company's retail stores. In addition, the third quarter LIFO charge was $1.0 million in 1994 compared to $0.3 million last year. FOOTWEAR Net sales of the Company's footwear segment, conducted through its Bass division, were $107.9 million in the third quarter of 1994 and $104.4 million last year, an increase of approximately 3.4%. Growth of the Company's retail operations and an increase in sales to traditional wholesale customers accounted for this increase. Operating income of the footwear segment decreased to $13.1 million in the third quarter of 1994 from $14.2 million in the third quarter of 1993. Promotional selling in the Company's retail stores and reduced margins on sales to traditional wholesale customers accounted for this decrease. INTEREST EXPENSE Net interest expense was $3.4 million in the third quarter of 1994 compared with $4.6 million last year. This decrease resulted from the Company's issuance of $100 million of 7.75% Debentures due 2023 in the fourth quarter of 1993 and the use of the net proceeds to redeem higher cost long-term debt. INCOME TAXES Income tax was estimated at rates of 32.5% and 32.8% for the third quarter and year of 1994 compared with last year's rates of 31.9% and 32.0% for the third quarter and year, respectively. -7- CORPORATE EXPENSES Corporate expenses were $3.4 million in the third quarter of 1994 compared to $4.0 million in 1993. A modest increase in Corporate expenses was offset by a reduction to the Company's unfunded supplemental savings plan liability. Thirty-Nine Weeks Ended October 30, 1994 Compared to Thirty-Nine Weeks Ended October 31, 1993 APPAREL Net sales of the Company's apparel segment were $621.8 million during the first nine months of 1994, an increase of approximately 8.9% from the prior year's $571.0 million. Growth of the Company's retail operations and the expanded offering of apparel in the Company's Bass stores accounted for this increase. Operating income of the apparel segment was $22.4 million in the nine month period, compared to $36.2 million in the prior year. The 8.9% increase in sales was offset by significant costs associated with the introduction of the Company's new "Wrinkle-Free" dress shirts and reduced margins from extensive promotional selling in the Company's retail stores. In addition, the current year includes a LIFO charge of $3.2 million compared with a charge of $1.8 million in the prior year. FOOTWEAR Net sales of the Company's footwear segment were $280.3 million, an increase of approximately 2.9% over the prior year's $272.3 million. Growth of the Company's retail operations and an increase in sales to traditional wholesale customers accounted for this increase. Operating income of the footwear segment decreased approximately 14.5% to $25.4 million compared with $29.8 million in the prior year. Promotional selling in the Company's retail stores and reduced margins on sales to traditional wholesale customers accounted for this decrease. INTEREST EXPENSE Net interest expense was $10.1 million in the first nine months of 1994 compared with $13.1 million last year. This decrease resulted from the Company's issuance of $100 million of 7.75% Debentures due 2023 in the fourth quarter of 1993 and the use of the net proceeds to redeem higher cost long- term debt. INCOME TAXES Income tax was estimated at a rate of 32.8% for the first three quarters and year of 1994 compared with last year's rates of 31.7% and 32.0% for the first three quarters and year, respectively. -8- CORPORATE EXPENSES Corporate expenses were $7.9 million in the first three quarters of 1994 compared to $8.8 million in 1993. A modest increase in Corporate expenses was offset by a reduction to the Company's unfunded supplemental savings plan liability. SUBSEQUENT EVENTS Subsequent to October 30, 1994, the Company formalized and adopted a plan to realign and restructure certain managerial and administrative functions associated with its retail apparel operations. The Company estimates that the cost to execute this plan is approximately $1.5 million, principally relating to severance benefits. In the fourth quarter, certain other events have occured which will allow the Company to utilize previously established restructuring reserves to cover these costs. As part of its ongoing focus on managing expenses, the Company is evaluating its operating structure and processes for opportunities to improve efficiency and reduce costs. SEASONALITY The Company's business is seasonal, with higher sales and income during its third and fourth fiscal quarters. This reflects primarily the Company's significantly higher sales and operating margins during 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 fiscal quarter is the high volume of fall shipments to customers of each wholesale division. Fall shipments are larger in volume and profitability than first fiscal quarter spring shipments. The slower spring selling season at wholesale combined with retail seasonality makes the first fiscal quarter particularly weak. As the Company continues to expand its retail business, these seasonal differences are expected to become more significant. 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 three quarters totalled $7.8 million in 1994 and $26.8 million last year. This improvement was achieved as a result of the Company's focus on inventory management. Although the Company anticipates double-digit percentage sales growth in the fourth quarter of 1994, inventories are 5.5% lower at the end of the current quarter compared to the end of last year's third quarter. -9- For short-term liquidity, the Company has a revolving credit agreement under which the Company may, at its option, borrow and repay amounts up to a maximum of $85 million, except that for the Company's third quarter, during which period its cash needs peak, the maximum amount available to the Company is $100 million. The Company does not presently have any outstanding borrowings from its revolving credit facility and does not contemplate borrowing from this facility in the immediate future. The Company's ability to generate earnings has enabled it to reduce its net debt (total debt less invested cash) as a percentage of net capital (net debt plus stockholders' equity) to 34.9% at the end of the current quarter compared to 40.9% at the end of last year's third quarter. -10- 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 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). 4.7 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). 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). -11- 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). 11. Computation of Earnings per Share. 15. Acknowledgement of Independent Auditors. 27. Financial Data Schedule. (b) Reports on Form 8-K No reports have been filed on Form 8-K during the quarter covered by this report. -12- 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 December 9, 1994 /s/ Emanuel Chirico Emanuel Chirico, Controller Vice President and Chief Accounting Officer -13- Exhibit 11 PHILLIPS-VAN HEUSEN CORPORATION COMPUTATION OF EARNINGS PER SHARE (In thousands, except per share amounts)
Thirteen Weeks Thirty-Nine Weeks Ended Ended Oct. 30, Oct. 31, Oct. 30, Oct. 31, 1994 1993 1994 1993 Primary: Net income $17,850 $24,520 $20,054 $30,069 Common shares and equivalents: Weighted average number of shares outstanding 26,572 26,150 26,549 26,083 Shares issuable upon exercise of dilutive stock options, net of shares assumed to be repurchased (at the average period market price) out of proceeds obtained therefrom 521 940 654 982 Total common shares and equivalents 27,093 27,090 27,203 27,065 Net income per share and equivalents $ 0.66 $ 0.91 $ 0.74 $ 1.11 Fully diluted: Net income $17,850 $24,520 $20,054 $30,069 Total common shares and equivalents (see above) 27,093 27,090 27,203 27,065 Additional shares issuable upon the exercise of dilutive stock options, net of shares assumed to be repurchased (at the greater of average period or period end market price) 0 56 0 18 Total common shares and equivalents assuming full dilution 27,093 27,146 27,203 27,083 Net income per share and equivalents (1) (1) (1) (1) (1) Amounts not shown since results are not materially different from primary net income per share.
-14- Exhibit 15 November 17, 1994 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. 33-59602), 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 November 17, 1994 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 and nine month periods ended October 30, 1994. 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 -15- 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 OCTOBER 30, 1994 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS JAN-29-1995 OCT-30-1994 32,271 0 108,416 (1,433) 290,372 447,590 128,098 0 601,486 133,474 169,678 26,602 0 0 237,264 601,486 902,074 902,074 606,862 606,862 255,314 0 10,061 29,837 9,783 0 0 0 0 20,054 .74 .74 Property, plant and equipment is presented net of accumulated depreciation. Provision for doubtful accounts is included in other costs and expenses.
-----END PRIVACY-ENHANCED MESSAGE-----