Exhibit 99.1

PHILLIPS-VAN HEUSEN CORPORATION

200 MADISON AVENUE

NEW YORK, N.Y. 10016





FOR IMMEDIATE RELEASE:

November 19, 2003





Contact:  	Emanuel Chirico

Executive Vice President & Chief Financial Officer

(212) 381-3503

www.pvh.com

PHILLIPS-VAN HEUSEN CORPORATION REPORTS 2003

THIRD QUARTER RESULTS

- RESULTS IN LINE WITH GUIDANCE
- CALVIN KLEIN INTEGRATION NEARS COMPLETION





Phillips-Van Heusen Corporation reported third quarter net income of $17.0 million, or $0.34 per
diluted common share.  Excluding integration costs associated with the acquisition of Calvin Klein, net income in the current year's third
quarter improved to $21.5 million, or $0.43 per diluted common share, which is in line with the Company's previous earnings guidance.  In the
prior year's third quarter, net income was $17.7 million, or $0.63 per diluted common share.



For the nine months, net income in the current year was $23.9 million, or $0.30 per diluted common share.  Excluding Calvin
Klein integration costs and a one-time gain resulting from the Company's sale of its investment in Gant, net income for the nine months was
$40.9 million, or $0.85 per diluted common share in the current year.  This compares with net income of $24.7 million, or $0.88 per diluted
common share for the prior year's nine month period.



The after-tax integration costs associated with the Calvin Klein acquisition were $4.4 million and $18.5 million in the
quarter and nine months ended November 2, 2003, respectively.  Such costs consist of (i) the operating losses of certain Calvin Klein
businesses which  the

-1-



Company will close or license, and associated costs in connection therewith, and (ii) the costs of certain duplicative
personnel and facilities incurred during the integration of various logistical and back office functions.  In the current year's second
quarter, the Company sold its minority interest in Gant Company AB for $17.2 million, after related fees and expenses, which resulted in a one-
time after-tax gain of $1.5 million.  (Please see Consolidated Income Statements below for a reconciliation of GAAP amounts to non-GAAP
financial measures.)



The improvement in third quarter net income, excluding Calvin Klein integration costs, was primarily due to $10.9 million of
operating earnings associated with the Calvin Klein Licensing segment.  Partially offsetting this increase was a $3.5 million increase in
interest expense associated with the financing of the Calvin Klein acquisition.  Also, partially offsetting this increase was a $1.4 million
decline in the operating earnings of the Apparel and Footwear segment, as the continued strong performance of our wholesale apparel businesses
was more than offset by sales and earnings declines experienced in the Company's retail businesses.



Third quarter net income per diluted common share was down compared with the prior year due to the assumed conversion of the
convertible preferred stock, coupled with the additional shares of common stock issued in connection with the Calvin Klein acquisition. These
transactions resulted in an increase of over 21 million common shares outstanding for earnings per share computations. (Please see Note 1 to
Consolidated Income Statements for details of earnings per share computations.)



Total revenues in the third quarter increased 11% to $453.3 million from $409.1 million in the prior year.  For the nine
months, total revenues were $1,207.4 million in 2003, an increase of 11% over the prior year's $1,089.7 million.  These increases were due
principally to the addition of royalty revenues generated by the Calvin Klein Licensing segment, as well as increases in the Company's
wholesale sportswear and dress shirt businesses.  These increases were partially offset by sales declines in the Company's retail
businesses.



-2-

Commenting on these results, Bruce J. Klatsky, Chairman and Chief Executive Officer, noted that "We are pleased with
our third quarter results, which were in line with previous guidance.  The trend of strong growth in our wholesale apparel businesses coupled
with the positive earnings impact of the Calvin Klein business continued to help minimize the impact of the earnings decline in our retail
businesses."



Mr. Klatsky continued, "The integration of the Calvin Klein operations is nearly complete and we are on target for the
launch of the men's and women's better sportswear lines next year.  The better women's line, licensed to a joint venture formed by Kellwood,
will launch in Spring 2004  and initial reaction from retailers previewing the line has been terrific. We will launch the better men's line in
Fall 2004.  We are now focusing our attention on expanding the global marketing opportunities for the Calvin Klein brands into both new product
categories and geographic regions and we are quite optimistic about the potential of these future efforts."



Mr. Klatsky further stated, "Our retail outlet business during the third quarter was inconsistent, with the best
performance occurring in September, as back to school and cooler weather spurred spending on seasonal merchandise.  Overall, however, the third
quarter performance was below plan, and without an improvement in this trend, full year earnings, excluding Calvin Klein integration costs and
the Gant gain, would be at the low end of our previous guidance of $0.95 to $1.00." (Please see Supplementary 2003 Earnings Guidance table
below for more details.)



Mr. Klatsky concluded by stating, "As we approach the end of 2003, we are very pleased that we have achieved the
milestones in the integration program and development of the Calvin Klein sportswear business that we articulated at the time of the
acquisition.  Further, we continue to be optimistic that, for next year and beyond, we can achieve earnings per share growth of 15% per
year."

-3-





The Company webcasts its conference calls to review its earnings releases.The Company's conference
call to review its third quarter earnings release is scheduled for Thursday, November 20, 2003 at 11:00 a.m. EST.  Please log on either to
our web site atwww.pvh.com and go to the News Release page or to CCBN's website at www.companyboardroom.com to listen to the live
webcast of the conference call.  The webcast will be available for replay for 30 days after it is held, commencing approximately two hours
after the live broadcast ends.  Please log on to



* * * * * * * *











-4-

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking
statements in this press release and made during the conference call / webcast, including, without limitation, statements relating to the
Company's plans, strategies, objectives, expectations and intentions, are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.  Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties,
many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, the following: (i)
the Company's plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company;
(ii) the levels of sales of the Company's apparel and footwear products, both to its wholesale customers and in its retail stores, and the
levels of sales of the Company's licensees at wholesale and retail, and the extent of discounts and promotional pricing in which the Company
and its licensees are required to engage, all of which can be affected by weather conditions, changes in the economy, fuel prices, reductions
in travel, fashion trends and other factors;  (iii) the Company's plans and results of operations will be affected by the Company's ability to
manage its growth and inventory, including the Company's ability to realize revenue growth, cost savings or synergies from integrating,
developing and growing Calvin Klein; (iv) the Company's operations and results could be affected by quota restrictions (which, among other
things, could limit the Company's ability to produce products in cost-effective countries that have the labor and technical expertise needed),
the availability and cost of raw materials (particularly petroleum-based synthetic fabrics, which are currently in high demand), the Company's
ability to adjust timely to changes in trade regulations and the migration and development of manufacturers (which can affect where the
Company's products can best be produced), and civil conflict, war or terrorist acts, the threat of any of the foregoing or political and labor
instability in the United States or any of the countries where the Company's products are or are planned to be produced; (v) disease epidemics
and health related concerns, which could result in closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargoing
of goods produced in infected areas; (vi) acquisitions and issues arising with acquisitions and proposed transactions, including without
limitation, the ability to integrate an acquired entity into the Company with no substantial adverse affect on the acquired entity's, or the
Company's existing operations, employee relationships, vendor relationships, customer relationships or financial performance; (vii) the failure
of our licensees to market successfully licensed products or to preserve the value of our brands, or their misuse of our brands and (viii)
other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission.

This press release includes certain non-GAAP financial measures, as defined under SEC rules.  A reconciliation of these measures is included
in the financial information later in this release.

The Company does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate
regarding revenues or earnings, whether as a result of the receipt of new information, future events or otherwise.

-5-



PHILLIPS-VAN HEUSEN CORPORATION

Consolidated Income Statements

(In thousands, except per share data)



|                                    | Quarter Ended |                          |                         
|----------------------------------- | ------------- | ------------------------ | ------------------------
|                                    | 11/2/03       |                          |                         
|                                    |               |                          | Results                 
|                                    |               |                          | Excluding               
|                                    | Results
Under | Calvin Klein
Integration | Calvin Klein
Integration
|                                    | GAAP          | Costs                    | Costs                   
|                                    |               |                          |                         
|Net sales                           | $421,443      | $  6,522                 | $414,921                
|Royalty and other revenues          | 31,848        |                          | 31,848                  
|Total revenues                      | $453,291      | $  6,522                 | $446,769                
|                                    |               |                          |                         
|Gross profit on net sales           | $146,171      | $ (2,186)                | $148,357                
|Gross profit on royalty and         |               |                          |                         
|other revenues                      | 31,848        |                          | 31,848                  
|Total gross profit                  | 178,019       | (2,186)                  | 180,205                 
|                                    |               |                          |                         
|Selling, general and                |               |                          |                         
|administrative expenses             | 142,349       | 3,844                    | 138,505                 
|                                    |               |                          |                         
|Earnings (loss) before interest and |               |                          |                         
|taxes                               | 35,670        | (6,030)                  | 41,700                  
|                                    |               |                          |                         
|Interest expense, net               | 9,184         |                          | 9,184                   
|                                    |               |                          |                         
|Pre-tax income (loss)               | 26,486        | (6,030)                  | 32,516                  
|                                    |               |                          |                         
|Income tax expense (benefit)        | 9,452         | (1,604)                  | 11,056                  
|                                    |               |                          |                         
|Net income (loss)                   | 17,034        | (4,426)                  | 21,460                  
|                                    |               |                          |                         
|Preferred stock dividends           | 5,177         |                          | 5,177                   
|                                    |               |                          |                         
|Net income (loss) available to      |               |                          |                         
|common stockholders                 | $  11,857     | $ (4,426)                | $  16,283               
|                                    |               |                          |                         
|Basic net income per                |               |                          |                         
|common share (1)                    | $      0.39   |                          | $      0.54             
|                                    |               |                          |                         
|Diluted net income per              |               |                          |                         
|common share (1)                    | $      0.34   |                          | $      0.43             
|                                    |               |                          |                         

(1)

-6-



PHILLIPS-VAN HEUSEN CORPORATION

Consolidated Income Statements

(In thousands, except per share data)



|                                    | Nine Months Ended |                          |                         
|----------------------------------- | ----------------- | ------------------------ | ------------------------
|                                    | 11/2/03           |                          |                         
|                                    |                   |                          | Results                 
|                                    |                   |                          | Excluding               
|                                    | Results           | Calvin Klein
Integration | Calvin Klein
Integration
|                                    | Under             | Costs and                | Costs and               
|                                    | GAAP              | Gant Gain                | Gant Gain               
|                                    |                   |                          |                         
|Net sales                           | $1,117,314        | $  17,201                | $1,100,113              
|Royalty and other revenues          | 90,091            |                          | 90,091                  
|Total revenues                      | $1,207,405        | $  17,201                | $1,190,204              
|                                    |                   |                          |                         
|Gross profit on net sales           | $   398,684       | $   (2,583)              | $   401,267             
|Gross profit on royalty and         |                   |                          |                         
|other revenues                      | 90,091            |                          | 90,091                  
|Total gross profit                  | 488,775           | (2,583)                  | 491,358                 
|                                    |                   |                          |                         
|Selling, general and                |                   |                          |                         
|administrative expenses             | 427,751           | 25,772                   | 401,979                 
|                                    |                   |                          |                         
|Gain on sale of investment          | 3,496             | 3,496                    |                         
|                                    |                   |                          |                         
|Earnings (loss) before interest and |                   |                          |                         
|taxes                               | 64,520            | (24,859)                 | 89,379                  
|                                    |                   |                          |                         
|Interest expense, net               | 27,410            |                          | 27,410                  
|                                    |                   |                          |                         
|Pre-tax income (loss)               | 37,110            | (24,859)                 | 61,969                  
|                                    |                   |                          |                         
|Income tax expense (benefit)        | 13,252            | (7,818)                  | 21,070                  
|                                    |                   |                          |                         
|Net income (loss)                   | 23,858            | (17,041)                 | 40,899                  
|                                    |                   |                          |                         
|Preferred stock dividends           | 14,746            |                          | 14,746                  
|                                    |                   |                          |                         
|Net income (loss) available to      |                   |                          |                         
|common stockholders                 | $       9,112     | $(17,041)                | $    26,153             
|                                    |                   |                          |                         
|Basic net income                    |                   |                          |                         
|per common share (1)                | $        0.30     |                          | $       0.87            
|                                    |                   |                          |                         
|Diluted net income                  |                   |                          |                         
|per common share (1)                | $        0.30     |                          | $       0.85            
|                                    |                   |                          |                         

(1)

-7-

Notes to Consolidated Income Statements:



1. The Company computed its basic and diluted net income per common share as follows:

(In thousands, except per share data)



|                                    | Quarter Ended
|----------------------------------- | -------------
|                                    | 11/2/03      
|                                    |              
|                                    |              
|                                    | Results
Under
|                                    | GAAP         
|                                    |              
|Net income                          | $17,034      
|                                    |              
|Less: Preferred stock dividends     | 5,177        
|                                    |              
|Net income available to common      |              
|stockholders for basic net income   |              
|per common share                    | 11,857       
|                                    |              
|Add back preferred stock dividends  | 5,177        
|                                    |              
|Net income available to common      |              
|stockholders for diluted net income |              
|per common share                    | $17,034      
|                                    |              
|Weighted average common shares      |              
|outstanding for basic net income    |              
|per common share                    | 30,398       
|                                    |              
|Impact of dilutive employee stock   |              
|options                             | 787          
|                                    |              
|Impact of assumed preferred stock   |              
|conversion                          | 18,541       
|                                    |              
|Total shares for diluted net income |              
|per common share                    | 49,726       
|                                    |              
|                                    |              
|Basic net income per common share   | $    0.39    
|                                    |              
|Diluted net income per common share | $    0.34    
|                                    |              

-8-

|                                    | Nine Months Ended
|----------------------------------- | -----------------
|                                    |                  
|                                    |                  
|                                    |                  
|                                    | Results          
|                                    | Under            
|                                    | GAAP             
|                                    |                  
|Net income                          | $23,858          
|                                    |                  
|Less: Preferred stock dividends     | 14,746           
|                                    |                  
|Net income available to common      |                  
|stockholders for basic net income   |                  
|per common share                    | 9,112            
|                                    |                  
|Add back preferred stock dividends  |                  
|                                    |                  
|Net income available to common      |                  
|stockholders for diluted net income |                  
|per common share                    | $  9,112         
|                                    |                  
|Weighted average common shares      |                  
|outstanding for basic net income    |                  
|per common share                    | 30,228           
|                                    |                  
|Impact of dilutive employee stock   |                  
|options                             | 521              
|                                    |                  
|Impact of assumed preferred stock   |                  
|conversion                          |                  
|                                    |                  
|Total shares for diluted net income |                  
|per common share                    | 30,749           
|                                    |                  
|                                    |                  
|Basic net income per common share   | $    0.30        
|                                    |                  
|Diluted net income per common share | $    0.30        
|                                    |                  



The sum of the first three quarters diluted net income per common share does not equal the year to date total due to
applying the if-converted method to the Company's Convertible Redeemable Preferred Stock.



2. The after-tax integration costs associated with the Calvin Klein acquisition were $4.4 million and $18.5 million in
the quarter and nine months ended November 2, 2003.  Such costs consist of (i) the operating results of certain Calvin Klein businesses which
the Company will close or license, and associated costs in connection therewith, and (ii) the costs of certain duplicative personnel and
facilities during the integration of various logistical and back office functions.  During the second quarter of 2003, the Company sold its
minority interest in Gant Company AB for $17.2 million, after related fees and expenses, which resulted in a one-time after-tax gain of $1.5
million.



-9-

The Company believes presenting its results excluding Calvin Klein integration costs and the Gant gain provides useful
information to investors because many investors make decisions based on the ongoing operations of an enterprise.  Investors often believe that
ongoing operations provide the best measure of assessing performance and provide a more meaningful basis to compare against future results.
The Company uses its results excluding Calvin Klein integration costs and the Gant gain to discuss its business with investment institutions,
the Company's Board of Directors and others.  Such results are also the basis for certain incentive compensation calculations.



3. EBITDA is a "non-GAAP financial measure" which represents net income before interest expense, income taxes, depreciation
and amortization. EBITDA is provided because the Company believes it is an important measure of liquidity.  The Company uses EBITDA in
connection with certain covenants relating to the Company's outstanding debt.  You should not construe EBITDA as an alternative to net income
as an indicator of the Company's operating performance, or as an alternative to cash flows from operating activities as a measure of the
Company's liquidity, as determined in accordance with generally accepted accounting principles.  The Company may calculate EBITDA differently
than other companies. Net income is reconciled to EBITDA as follows:



|                              | Quarter Ended |              |             
|----------------------------- | ------------- | ------------ | ------------
|                              | 11/2/03       |              |             
|                              |               |              | Results     
|                              |               |              | Excluding   
|                              | Results       | Calvin Klein | Calvin Klein
|                              | Under         | Integration  | Integration 
|                              | GAAP          | Costs        | Costs       
|($000)                        |               |              |             
|Net income (loss)             | $17,034       | $ (4,426)    | $21,460     
|Plus:                         |               |              |             
|Income tax expense (benefit)  | 9,452         | (1,604)      | 11,056      
|Interest expense, net         | 9,184         |              | 9,184       
|Depreciation and amortization | 6,872         |              | 6,872       
|EBITDA                        | $42,542       | $(6,030)     | $48,572     

|                              | Nine Months Ended |              |             
|----------------------------- | ----------------- | ------------ | ------------
|                              | 11/2/03           |              |             
|                              |                   |              | Results     
|                              |                   |              | Excluding   
|                              |                   | Calvin Klein | Calvin Klein
|                              | Results           | Integration  | Integration 
|                              | Under             | Costs and    | Costs and   
|                              | GAAP              | Gant Gain    | Gant Gain   
|($000)                        |                   |              |             
|Net income (loss)             | $23,858           | $(17,041)    | $  40,899   
|Plus:                         |                   |              |             
|Income tax expense (benefit)  | 13,252            | (7,818)      | 21,070      
|Interest expense, net         | 27,410            |              | 27,410      
|Depreciation and amortization | 20,543            |              | 20,543      
|EBITDA                        | $85,063           | $(24,859)    | $109,922    





-10-



PHILLIPS-VAN HEUSEN CORPORATION

Consolidated Balance Sheets

(In thousands)



|                                                        | November 2,   | November 3,
|------------------------------------------------------- | ------------- | -----------
|                                                        | 2003          | 2002       
|ASSETS                                                  |               |            
|Current Assets:                                         |               |            
|Cash and Cash Equivalents                               | $      82,087 | $  63,385  
|Receivables                                             | 184,021       | 136,789    
|Inventories                                             | 233,412       | 222,170    
|Other, including deferred taxes of $27,454 and $19,656  | 43,523        | 32,296     
|Total Current Assets                                    | 543,043       | 454,640    
|Property, Plant and Equipment                           | 142,364       | 135,011    
|Goodwill and Other Intangible Assets                    | 782,097       | 112,975    
|Other, including deferred taxes of $17,036 at           |               |            
|November 3, 2002                                        | 25,126        | 47,126     
|                                                        | $1,492,630    | $749,752   
|                                                        |               |            
|LIABILITIES AND STOCKHOLDERS' EQUITY                    |               |            
|Accounts Payable and Accrued Expenses                   | $   189,460   | $128,795   
|Long-Term Debt                                          | 399,076       | 248,993    
|Other Liabilities, including deferred taxes of $198,378 |               |            
|at November 2, 2003                                     | 330,396       | 83,769     
|Series B Convertible Redeemable Preferred Stock         | 264,746       |            
|Stockholders' Equity                                    | 308,952       | 288,195    
|                                                        | $1,492,630    | $749,752   



As of November 2, 2003, receivables and inventories include $41,961 and $12,854, respectively, related to the Calvin Klein
businesses.



The increases in goodwill and other intangible assets and other liabilities relate to recording the intangible assets
acquired in the acquisition of Calvin Klein.















-11-



PHILLIPS-VAN HEUSEN CORPORATION

Segment Data

(In thousands)



|                                            | Quarter Ended |                          |                         
|------------------------------------------- | ------------- | ------------------------ | ------------------------
|                                            | 11/2/03       |                          |                         
|                                            |               |                          | Results                 
|                                            |               |                          | Excluding               
|                                            | Results
Under | Calvin Klein
Integration | Calvin Klein
Integration
|                                            | GAAP          | Costs                    | Costs                   
|                                            |               |                          |                         
|Revenues - Apparel and Footwear             |               |                          |                         
|Net sales                                   | $411,491      |                          | $411,491                
|Royalty and other revenues                  | 2,798         |                          | 2,798                   
|Total                                       | 414,289       |                          | 414,289                 
|                                            |               |                          |                         
|Revenues - Calvin Klein Licensing           |               |                          |                         
|Net sales                                   | 9,952         | $  6,522                 | 3,430                   
|Royalty and other revenues                  | 29,050        |                          | 29,050                  
|Total                                       | 39,002        | 6,522                    | 32,480                  
|                                            |               |                          |                         
|Total Revenues                              |               |                          |                         
|Net sales                                   | 421,443       | 6,522                    | 414,921                 
|Royalty and other revenues                  | 31,848        |                          | 31,848                  
|Total                                       | $453,291      | $ 6,522                  | $446,769                
|                                            |               |                          |                         
|                                            |               |                          |                         
|Operating earnings - Apparel and            |               |                          |                         
|Footwear                                    | $  36,110     |                          | $ 36,110                
|                                            |               |                          |                         
|Operating earnings (loss) - Calvin          |               |                          |                         
|Klein Licensing                             | 4,895         | $(6,030)                 | 10,925                  
|                                            |               |                          |                         
|Corporate expenses                          | 5,335         |                          | 5,335                   
|                                            |               |                          |                         
|                                            |               |                          |                         
|Earnings (loss) before interest and   taxes | $  35,670     | $(6,030)                 | $ 41,700                
|                                            |               |                          |                         



-12-



PHILLIPS-VAN HEUSEN CORPORATION

Segment Data

(In thousands)



|                                            | Nine Months Ended |                          |                         
|------------------------------------------- | ----------------- | ------------------------ | ------------------------
|                                            | 11/2/03           |                          |                         
|                                            |                   |                          | Results                 
|                                            |                   |                          | Excluding               
|                                            | Results           | Calvin Klein
Integration | Calvin Klein
Integration
|                                            | Under             | Costs and                | Costs and               
|                                            | GAAP              | Gant Gain                | Gant Gain               
|                                            |                   |                          |                         
|Revenues - Apparel and Footwear             |                   |                          |                         
|Net sales                                   | $1,089,510        |                          | $1,089,510              
|Royalty and other revenues                  | 9,192             |                          | 9,192                   
|Total                                       | 1,098,702         |                          | 1,098,702               
|                                            |                   |                          |                         
|Revenues - Calvin Klein Licensing           |                   |                          |                         
|Net sales                                   | 27,804            | $  17,201                | 10,603                  
|Royalty and other revenues                  | 80,899            |                          | 80,899                  
|Total                                       | 108,703           | 17,201                   | 91,502                  
|                                            |                   |                          |                         
|Total Revenues                              |                   |                          |                         
|Net sales                                   | 1,117,314         | 17,201                   | 1,100,113               
|Royalty and other revenues                  | 90,091            |                          | 90,091                  
|Total                                       | $1,207,405        | $  17,201                | $1,190,204              
|                                            |                   |                          |                         
|                                            |                   |                          |                         
|Operating earnings - Apparel and            |                   |                          |                         
|Footwear                                    | $    73,158       |                          | $     73,158            
|                                            |                   |                          |                         
|Operating earnings (loss) - Calvin          |                   |                          |                         
|Klein Licensing                             | 6,010             | $(28,355)                | 34,365                  
|                                            |                   |                          |                         
|Corporate expenses                          | 14,648            | (3,496)                  | 18,144                  
|                                            |                   |                          |                         
|                                            |                   |                          |                         
|Earnings (loss) before interest and   taxes | $    64,520       | $(24,859)                | $     89,379            
|                                            |                   |                          |                         

Corporate expenses under GAAP are net of the $3,496 pre-tax Gant gain.

-13-





|Phillips-Van Heusen Corporation                                                                                                                                                                                                                                                                                                                                                           
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Supplementary Fiscal 2003 Earnings Guidance
Results Excluding Calvin Klein Integration Costs and Gant Gain(1)                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                          
|In millions, Except Per Share                                                                                                                                                                                                                                                                                                                                                             
|Sales                                                                                                                                                                                                                                                                                                                                                                                     
|Licensing revenues                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                          
|Earnings before interest                                                                                                                                                                                                                                                                                                                                                                  
|and taxes                                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                          
|Interest expense                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                          
|Pre-tax income                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                          
|Income taxes (34% rate)                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                          
|Net Income                                                                                                                                                                                                                                                                                                                                                                                
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|Preferred dividends                                                                                                                                                                                                                                                                                                                                                                       
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|Net income available to                                                                                                                                                                                                                                                                                                                                                                   
|common stockholders                                                                                                                                                                                                                                                                                                                                                                       
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|Average shares                                                                                                                                                                                                                                                                                                                                                                            
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|Diluted earnings per common share                                                                                                                                                                                                                                                                                                                                                         
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|Quarterly Data                                                                                                                                                                                                                                                                                                                                                                            
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|1st Quarter (actual)                                                                                                                                                                                                                                                                                                                                                                      
|2nd Quarter (actual)                                                                                                                                                                                                                                                                                                                                                                      
|3rd Quarter (actual)                                                                                                                                                                                                                                                                                                                                                                      
|4th Quarter (projected)                                                                                                                                                                                                                                                                                                                                                                   
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|The Company expects Calvin Klein integration costs and the Gant gain to approximate $20.0million, net of tax, or $0.65 per share. The revenues and operating results of the Calvin Klein integration and the Gant gain are excluded
from the above guidance. Please see the Notes to Consolidated Income Statements for a description of the Calvin Klein integration costs and
Gant gain.
|(2)  Earnings per share is computed as follows:                                                                                                                                                                                                                                                                                                                                           
|Third quarter EPS assumes conversion of the Preferred Stock into common shares because if conversion is not
assumed, EPS would increase to $0.52, which is anti-dilutive.                                                                                                                                                                                                                 
|The other three quarters and full year EPS projections treat preferred dividends as a reduction of net  income
as the assumed conversion of Preferred Stock in each of  these periods would increase EPS, which is anti-dilutive                                                                                                                                                          
|As a result of these differences in calculation, the sum of the quarters will not equal the full year
EPS.                                                                                                                                                                                                                                                                                



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