| w   | TOMMY HILFIGER AND CALVIN KLEIN OPERATING RESULTS DRIVE STRONG REVENUE AND EARNINGS GROWTH |
|---------------|--------------------------------------------------------------------------------------------|

| w   | RECORD FIRST QUARTER REVENUE OF $1.37 BILLION AND NON-GAAP EPS OF $1.23; GAAP EPS OF $0.79 |
|---------------|--------------------------------------------------------------------------------------------|

| w   | ANNUAL REVENUE GUIDANCE RAISED TO $5.70 BILLION TO $5.75 BILLION |
|---------------|------------------------------------------------------------------|

| w   | ANNUAL NON-GAAP EPS GUIDANCE INCREASED TO $4.80 TO $5.00; GAAP EPS GUIDANCE REVISED TO $4.08 TO $4.28 |
|---------------|-------------------------------------------------------------------------------------------------------|

| ·   | Earnings per share was $1.23 on a non-GAAP basis, which exceeded the Company’s guidance and the consensus estimate and represents an increase of 48%, as compared to the prior year’s first quarter non-GAAP earnings per share of $0.83. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | GAAP earnings per share was $0.79, as compared to the prior year’s first quarter GAAP loss per share of $(0.53) and to the Company’s guidance of at least $0.84.  The $0.79 included higher than estimated financing fee write-offs in connection with amending and restating the Company’s credit facility in the first quarter. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Revenue was $1,369.2 million as compared to the prior year’s first quarter revenue of $619.0 million.  The revenue increase of $750.1 million, or 121%, is principally attributable to (i) $715.4 million of revenue generated by the Company’s Tommy Hilfiger business, which was acquired in the second quarter of 2010; and (ii) an increase of $35.5 million, or 17%, in the revenue of the Company’s Calvin Klein business. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

| ·   | Pre-tax costs of $338.3 million incurred in 2010 in connection with the acquisition and integration of Tommy Hilfiger, including the following: |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | a loss of $140.5 million associated with hedges against Euro to U.S. dollar exchange rates relating to the purchase price, of which $52.4 million was recorded in the first quarter and $88.1 million was recorded in the second quarter; |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | transaction, related restructuring and debt extinguishment costs of approximately $121.0 million, of which $51.6 million was incurred in the first quarter, $24.6 million was incurred in the second quarter, $13.7 million was incurred in the third quarter and $31.0 million was incurred in the fourth quarter; |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | short-lived non-cash valuation amortization charges of approximately $76.8 million, of which $53.3 million was recorded in the second quarter and $23.5 million was recorded in the third quarter. |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Pre-tax costs of $6.6 million incurred in the fourth quarter of 2010 in connection with the Company’s exit from its United Kingdom and Ireland Van Heusen dress furnishings and accessories business, principally consisting of non-cash charges. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A tax benefit of approximately $7.9 million in 2010 (recorded in the third quarter) related to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Pre-tax costs of approximately $59 million expected to be incurred in 2011 in connection with the integration of Tommy Hilfiger and related restructuring, of which $30.5 million was incurred in the first quarter and approximately $15 million is expected to be incurred in the second quarter. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Pre-tax costs of approximately $16.2 million incurred in the first quarter of 2011 in connection with the modification of the Company’s credit facility. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | Estimated tax effects associated with the above pre-tax costs, which are based on the Company’s assessment of deductibility.  In making this assessment, the Company evaluated each item that it has recorded as a restructuring, acquisition, integration or debt modification cost to determine if such cost is tax deductible, and if so, in what jurisdiction the deduction would occur.  All items above were identified as either primarily tax deductible in the United States, in which case the Company assumed a tax rate of 38.0%, or as non-deductible, in which case the Company assumed no tax benefit.  The assumptions used were consistently applied for both GAAP and non-GAAP earnings amounts. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| The Company webcasts its conference calls to review its earnings releases.  The Company’s conference call to review its first quarter earnings release is scheduled for Wednesday, June 1, 2011 at 9:00 a.m. EDT.  Please log on either to the Company’s web site at www.pvh.com and go to the News Releases page under the Investor Relations tab or to www.companyboardroom.com to listen to the live webcast of the conference call.  The webcast will be available for replay for one year after it is held, commencing approximately two hours after the live broadcast ends.  Please log on to www.pvh.com or www.companyboardroom.com as described above to listen to the replay.  In addition, an audio replay of the conference call is available for 48 hours starting approximately two hours after it is held.  The replay of the conference call can be accessed by calling (domestic) 888-203-1112 and (international) 719-457-0820 and using passcode #3590211.  The conference call and webcast consist of copyrighted material.  They may not be re-recorded, reproduced, re-transmitted, rebroadcast or otherwise used without the Company’s express written permission.  Your participation represents your consent to these terms and conditions, which are governed by New York law. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 future revenue and earnings, 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) in connection with the acquisition of Tommy Hilfiger B.V. and certain affiliated companies (collectively, “Tommy Hilfiger”), the Company borrowed significant amounts, may be considered to be highly leveraged, and will have to use a significant portion of its cash flows to service such indebtedness, as a result of which the Company might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past; (iii) the levels of sales of the Company’s apparel, footwear and related products, both to its wholesale customers and in its retail stores, 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 and other business partners are required to engage, all of which can be affected by weather conditions, changes in the economy, fuel prices, reductions in travel, fashion trends, consolidations, repositionings and bankruptcies in the retail industries, repositionings of brands by the Company’s licensors and other factors; (iv) 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 continue to develop and grow the Calvin Klein businesses in terms of revenue and profitability, and its ability to realize benefits from Tommy Hilfiger; (v) the Company’s operations and results could be affected by quota restrictions and the imposition of safeguard controls (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, 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), changes in available factory and shipping capacity, wage and shipping cost escalation, and civil conflict, war or terrorist acts, the threat of any of the foregoing, or political and labor instability in any of the countries where the Company’s or its licensees’ or other business partners’ products are sold, produced or are planned to be sold or produced; (vi) 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, as well as reduced consumer traffic and purchasing, as consumers limit or cease shopping in order to avoid exposure or become ill; (vii) acquisitions and issues arising with acquisitions and proposed transactions, including without limitation, the ability to integrate an acquired entity, such as Tommy Hilfiger, 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; (viii) the failure of the Company’s licensees to market successfully licensed products or to preserve the value of the Company’s brands, or their misuse of the Company’s brands and (ix) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission. This press release includes, and the conference call / webcast will include, 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, as well as in the Company’s Current Report on Form 8-K furnished to the SEC in connection with this earnings release, which is available on the Company’s website at www.pvh.com and on the SEC’s website at www.sec.gov. The Company does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenue or earnings, whether as a result of the receipt of new information, future events or otherwise. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                   |   |
|--------------------------------------------------------|--------|
|                                                   |   | Quarter Ended |   |
|                                                   |   | 5/1/11 |   |   | 5/2/10 |   |
|                                                   |   |   |   |   |   |   |
| Net sales                                              |   | $ | 1,256,986 |   |   | $ | 530,688 |   |
| Royalty revenue                                        |   |   | 82,882 |   |   |   | 64,859 |   |
| Advertising and other revenue                          |   |   | 29,316 |   |   |   | 23,497 |   |
| Total revenue                                          |   | $ | 1,369,184 |   |   | $ | 619,044 |   |
|                                                   |   |   |   |   |   |   |   |   |
| Gross profit on net sales                              |   | $ | 616,381 |   |   | $ | 228,677 |   |
| Gross profit on royalty, advertising and other revenue |   |   | 112,198 |   |   |   | 88,356 |   |
| Total gross profit                                     |   |   | 728,579 |   |   |   | 317,033 |   |
|                                                   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses           |   |   | 591,902 |   |   |   | 287,200 |   |
|                                                   |   |   |   |   |   |   |   |   |
| Debt modification costs                                |   |   | 16,233 |   |   |   |   |   |
|                                                   |   |   |   |   |   |   |   |   |
| Other loss                                             |   |   |   |   |   |   | 52,390 |   |
|                                                   |   |   |   |   |   |   |   |   |
| Earnings (loss) before interest and taxes              |   |   | 120,444 |   |   |   | (22,557 | ) |
|                                                   |   |   |   |   |   |   |   |   |
| Interest expense, net                                  |   |   | 33,070 |   |   |   | 8,275 |   |
|                                                   |   |   |   |   |   |   |   |   |
| Pre-tax income (loss)                                  |   |   | 87,374 |   |   |   | (30,832 | ) |
|                                                   |   |   |   |   |   |   |   |   |
| Income tax expense (benefit)                           |   |   | 29,707 |   |   |   | (3,219 | ) |
|                                                   |   |   |   |   |   |   |   |   |
| Net income (loss)                                      |   | $ | 57,667 |   |   | $ | (27,613 | ) |
|                                                   |   |   |   |   |   |   |   |   |
| Diluted net income (loss) per common share(1)          |   | $ | 0.79 |   |   | $ | (0.53 | ) |
|                                                   |   |   |   |   |   |   |   |   |
|                                                   |   |
| Supplemental information:                              |   |
|                                                   |   | Quarter Ended |   |
|                                                   |   | 5/1/11 |   |   | 5/2/10 |   |
|                                                   |   |   |   |   |   |   |   |   |
| Depreciation and amortization expense                  |   | $ | 34,481 |   |   | $ | 12,066 |   |
|                                                   |   |

| (1) | Please see Note A to the Notes to Consolidated GAAP Income Statements for reconciliations of diluted net income (loss) per common share. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                       |   |          |      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                                                                       |   | Quarter Ended |      |
|                                                                                                                                                                                                                                                       |   | 5/1/11        |      |   | 5/2/10 |   |
|                                                                                                                                                                                                                                                       |   |          |      |   |   |   |
| GAAP total revenue                                                                                                                                                                                                                                         |   | $             | 1,369,184 |   |   | $ | 619,044 |   |
|                                                                                                                                                                                                                                                       |   |          |      |   |   |   |   |   |
| Non-GAAP Measures                                                                                                                                                                                                                                          |   |          |      |   |   |   |   |   |
| Selling, general and administrative expenses(1)                                                                                                                                                                                                            |   |          | 561,443   |   |   |   | 235,562 |   |
| Earnings before interest and taxes(2)                                                                                                                                                                                                                      |   |          | 167,136   |   |   |   | 81,471 |   |
| Income tax expense(3)                                                                                                                                                                                                                                      |   |          | 44,510    |   |   |   | 28,370 |   |
| Net income(4)                                                                                                                                                                                                                                              |   |          | 89,556    |   |   |   | 44,826 |   |
| Diluted net income per common share(5)                                                                                                                                                                                                                     |   | $             | 1.23      |   |   | $ | 0.83 |   |
|                                                                                                                                                                                                                                                       |   |          |      |   |   |   |   |   |
| Depreciation and amortization(6)                                                                                                                                                                                                                           |   | $             | 33,311    |   |   |   |   |   |
|                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                       |
| (1) Please see Table 3 for reconciliation of GAAP to non-GAAP selling, general and administrative expenses (“SG&A”).                                                                                                                  |
| (2) Please see Table 2 for reconciliation of GAAP earnings (loss) before interest and taxes to non-GAAP earnings before interest and taxes.                                                                                                           |
| (3)Please see Table 4 for reconciliation of GAAP income tax expense (benefit) to non-GAAP income tax expense and an explanation of the calculation of the tax effects associated with acquisition, integration, restructuring and debt modification costs. |
| (4)Please see Table 1 for reconciliation of GAAP net income (loss) to non-GAAP net income.                                                                                                                                                                 |
| (5) Please see Note A to the Notes to Consolidated GAAP Income Statements for reconciliations of diluted net income (loss) per common share.                                                                                                          |
| (6) Please see Table 5 for reconciliation of GAAP depreciation and amortization to non-GAAP depreciation and amortization.                                                                                                                            |

----

| Table 1 - Reconciliation of GAAP net income (loss) to non-GAAP net income                                                                       |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                            |   | Quarter Ended |   |
|                                                                                                                                            |   | 5/1/11 |   |   | 5/2/10 |   |
|                                                                                                                                            |   |   |   |   |   |   |
| Net income (loss)                                                                                                                               |   | $ | 57,667 |   |   | $ | (27,613 | ) |
|                                                                                                                                            |   |   |   |   |   |   |   |   |
| Diluted net income (loss) per common share(1)                                                                                                   |   | $ | 0.79 |   |   | $ | (0.53 | ) |
|                                                                                                                                            |   |   |   |   |   |   |   |   |
| Items excluded from GAAP net income (loss):                                                                                                     |   |   |   |   |   |   |   |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |
| SG&A expenses associated with Tommy Hilfiger acquisition, integration and related restructuring                                             |   |   | 30,459 |   |   |   | 51,638 |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |
| Debt modification costs                                                                                                                         |   |   | 16,233 |   |   |   |   |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |
| Losses on hedges against Euro to U.S. dollar exchange rates relating to Tommy Hilfiger purchase price                                           |   |   |   |   |   |   | 52,390 |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |
| Tax effect on the items above(2)                                                                                                                |   |   | (14,803 | ) |   |   | (31,589 | ) |
|                                                                                                                                            |   |   |   |   |   |   |   |   |
| Non-GAAP net income                                                                                                                             |   | $ | 89,556 |   |   | $ | 44,826 |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |
| Non-GAAP diluted net income per common share(1)                                                                                                 |   | $ | 1.23 |   |   | $ | 0.83 |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                            |   |
| (1)Please see Note A to the Notes to the Consolidated GAAP Income Statements for reconciliations of diluted net income (loss) per common share. |   |
| (2) Please see Table 4 for an explanation of the calculation of the tax effects of the above items.                                        |   |

----

| Table 2 - Reconciliation of GAAP earnings (loss) before interest and taxes to non-GAAP earnings before interest and taxes |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                      |   | Quarter Ended |   |
|                                                                                                                      |   | 5/1/11 |   |   | 5/2/10 |   |
|                                                                                                                      |   |   |   |   |   |   |
| Earnings (loss) before interest and taxes                                                                                 |   | $ | 120,444 |   |   | $ | (22,557 | ) |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Items excluded from GAAP earnings (loss) before interest and taxes:                                                       |   |   |   |   |   |   |   |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| SG&A expenses associated with Tommy Hilfiger acquisition, integration and related restructuring                       |   |   | 30,459 |   |   |   | 51,638 |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Debt modification costs                                                                                                   |   |   | 16,233 |   |   |   |   |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Losses on hedges against Euro to U.S. dollar exchange rates relating to Tommy Hilfiger purchase price                     |   |   |   |   |   |   | 52,390 |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Non-GAAP earnings before interest and taxes                                                                               |   | $ | 167,136 |   |   | $ | 81,471 |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |

| Table 3 - Reconciliation of GAAP SG&A to non-GAAP SG&A                                      |   |
|-----------------------------------------------------------------------------------------------------|--------|
|                                                                                                |   | Quarter Ended |   |
|                                                                                                |   | 5/1/11 |   |   | 5/2/10 |   |
|                                                                                                |   |   |   |   |   |   |
| SG&A                                                                                            |   | $ | 591,902 |   |   | $ | 287,200 |   |
|                                                                                                |   |   |   |   |   |   |   |   |
| Items excluded from GAAP SG&A:                                                                  |   |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |   |
| SG&A expenses associated with Tommy Hilfiger acquisition, integration and related restructuring |   |   | (30,459 | ) |   |   | (51,638 | ) |
|                                                                                                |   |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |   |
| Non-GAAP SG&A                                                                                   |   | $ | 561,443 |   |   | $ | 235,562 |   |
|                                                                                                |   |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |   |

----

| Table 4 - Reconciliation of GAAP income tax expense (benefit) to non-GAAP income tax expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Quarter Ended |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 5/1/11 |   |   | 5/2/10 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Income tax expense (benefit)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | 29,707 |   |   | $ | (3,219 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Items excluded from GAAP income tax expense (benefit):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Income tax effect of Tommy Hilfiger acquisition, integration and restructuring costs and debt modification costs(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 14,803 |   |   |   | 31,589 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Non-GAAP income tax expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $ | 44,510 |   |   | $ | 28,370 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| (1)The estimated tax effects of the Company’s acquisition, integration, restructuring and debt modification costs are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated each item that it has recorded as an acquisition, integration, restructuring and debt modification cost to determine if such cost is tax deductible, and if so, in what jurisdiction the deduction would occur. All of the Company’s acquisition, integration, restructuring and debt modification costs were identified as either primarily tax deductible in the United States, in which case the Company assumed a tax rate of 38.0%, or as non-deductible, in which case the Company assumed no tax benefit. The assumptions used were consistently applied for both GAAP and non-GAAP amounts. |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |

| Table 5 - Reconciliation of GAAP depreciation and amortization to non-GAAP depreciation and amortization |   |
|----------------------------------------------------------------------------------------------------------|--------|
|                                                                                                     |   | Quarter Ended |   |
|                                                                                                     |   | 5/1/11 |   |
|                                                                                                     |   |   |   |
| Depreciation and amortization                                                                            |   | $ | 34,481 |   |
|                                                                                                     |   |   |   |   |
| Items excluded from GAAP depreciation and amortization:                                                  |   |   |   |   |
|                                                                                                     |   |   |   |   |
| Depreciation and amortization related to Tommy Hilfiger acquisition                                      |   |   | (1,170 | ) |
|                                                                                                     |   |   |   |   |
| Non-GAAP depreciation and amortization                                                                   |   | $ | 33,311 |   |
|                                                                                                     |   |   |   |   |

----

|                                                                      |   | Quarter Ended |             |   | Quarter Ended |   |
|---------------------------------------------------------------------------|--------|---------------|------------------|--------|---------------|--------|
|                                                                      |   | 5/1/11        |             |   | 5/2/10        |   |
|                                                                      |   | Results       |             |   |          |   |   |   |   |   | Results |   |   |   |   |   |   |   |
|                                                                      |   | Under         |             |   |          |   |   | Non-GAAP |   |   | Under |   |   |   |   |   | Non-GAAP |   |
|                                                                      |   | GAAP          |             |   | Adjustments   |   |   | Results |   |   | GAAP |   |   | Adjustments |   |   | Results |   |
|                                                                      |   |          |             |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                         |   | $             | 57,667           |   |          | $      | (31,889 | )(1) |   | $ | 89,556 |   |   | $ | (27,613 | ) |   | $ | (72,439 | )(2) |   | $ | 44,826 |   |
|                                                                      |   |          |             |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares                                            |   |          | 66,798           |   |          |   |   |   |   |   | 66,798 |   |   |   | 52,279 |   |   |   |   |   |   |   | 52,279 |   |
| Weighted average dilutive securities                                      |   |          | 1,605            |   |          |   |   |   |   |   | 1,605 |   |   |   |   |   |   |   |   |   |   |   | 1,596 |   |
| Weighted average impact of assumed convertible preferred stock conversion |   |          | 4,189            |   |          |   |   |   |   |   | 4,189 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total shares                                                              |   |          | 72,592           |   |          |   |   |   |   |   | 72,592 |   |   |   | 52,279 |   |   |   |   |   |   |   | 53,875 |   |
|                                                                      |   |          |             |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income (loss) per common share                                |   | $             |   0.79 |   |          |   |   |   |   | $ | 1.23 |   |   | $ |  (0.53 | ) |   |   |   |   |   | $ | 0.83 |   |
|                                                                      |   |          |             |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1) | Represents the impact on net income in the quarter ended May 1, 2011 from the elimination of (i) the costs incurred in connection with the Company’s integration of Tommy Hilfiger and related restructuring; (ii) the costs incurred in connection with the Company’s modification of its credit facility; and (iii) the tax effects associated with these costs.  Please see Table 1 for a reconciliation of GAAP net income to non-GAAP net income. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Represents the impact on net income in the quarter ended May 2, 2010 from the elimination of the costs incurred in connection with the Company’s acquisition of Tommy Hilfiger, including transaction costs and the effects of hedges against Euro to U.S. dollar exchange rates relating to the purchase price, and tax effects associated with these costs.  Please see Table 1 for a reconciliation of GAAP net loss to non-GAAP net income. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | PHILLIPS-VAN HEUSEN CORPORATION |
|--------|---------------------------------|

|                                       |   | May 1, |      |   | May 2, |   |
|--------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                       |   | 2011   |      |   | 2010   |   |
| ASSETS                                     |   |   |      |   |   |   |
| Current Assets:                            |   |   |      |   |   |   |
| Cash and Cash Equivalents                  |   | $      | 294,958   |   |   | $      | 791,595 |   |
| Receivables                                |   |   | 512,185   |   |   |   | 241,496 |   |
| Inventories                                |   |   | 685,035   |   |   |   | 284,840 |   |
| Other Current Assets                       |   |   | 166,166   |   |   |   | 58,456 |   |
| Total Current Assets                       |   |   | 1,658,344 |   |   |   | 1,376,387 |   |
| Property, Plant and Equipment              |   |   | 418,224   |   |   |   | 161,452 |   |
| Goodwill and Other Intangible Assets       |   |   | 4,628,070 |   |   |   | 1,166,584 |   |
| Other Assets                               |   |   | 129,414   |   |   |   | 25,594 |   |
|                                       |   | $      | 6,834,052 |   |   | $      | 2,730,017 |   |
|                                       |   |   |      |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |   |   |      |   |   |   |   |   |
| Accounts Payable and Accrued Expenses      |   | $      | 797,965   |   |   | $      | 397,468 |   |
| Short-Term Borrowings                      |   |   | 12,277    |   |   |   |   |   |
| Current Portion of Long-Term Debt          |   |   | 46,298    |   |   |   |   |   |
| Other Liabilities                          |   |   | 1,098,332 |   |   |   | 419,713 |   |
| Long-Term Debt                             |   |   | 2,208,191 |   |   |   | 399,588 |   |
| Stockholders’ Equity                 |   |   | 2,670,989 |   |   |   | 1,513,248 |   |
|                                       |   | $      | 6,834,052 |   |   | $      | 2,730,017 |   |

----

|                                       |   | Quarter Ended |      |   | Quarter Ended |   |
|--------------------------------------------|--------|---------------|-----------|--------|---------------|--------|
|                                       |   | 5/1/11        |      |   | 5/2/10        |   |
| Heritage Brand Wholesale Dress Furnishings |   |          |      |   |          |   |
| Net sales                                  |   | $             | 134,689   |   |          | $      | 132,171 |   |
| Royalty revenue                            |   |          | 1,485     |   |          |   | 1,465 |   |
| Advertising and other revenue              |   |          | 404       |   |          |   | 379 |   |
| Total                                      |   |          | 136,578   |   |          |   | 134,015 |   |
|                                       |   |          |      |   |          |   |   |   |
| Heritage Brand Wholesale Sportswear        |   |          |      |   |          |   |   |   |
| Net sales                                  |   |          | 135,454   |   |          |   | 135,330 |   |
| Royalty revenue                            |   |          | 2,441     |   |          |   | 2,477 |   |
| Advertising and other revenue              |   |          | 406       |   |          |   | 458 |   |
| Total                                      |   |          | 138,301   |   |          |   | 138,265 |   |
|                                       |   |          |      |   |          |   |   |   |
| Heritage Brand Retail                      |   |          |      |   |          |   |   |   |
| Net sales                                  |   |          | 131,677   |   |          |   | 135,183 |   |
| Royalty revenue                            |   |          | 1,298     |   |          |   | 1,183 |   |
| Advertising and other revenue              |   |          | 241       |   |          |   | 260 |   |
| Total                                      |   |          | 133,216   |   |          |   | 136,626 |   |
|                                       |   |          |      |   |          |   |   |   |
| Total Heritage Brands                      |   |          |      |   |          |   |   |   |
| Net sales                                  |   |          | 401,820   |   |          |   | 402,684 |   |
| Royalty revenue                            |   |          | 5,224     |   |          |   | 5,125 |   |
| Advertising and other revenue              |   |          | 1,051     |   |          |   | 1,097 |   |
| Total                                      |   |          | 408,095   |   |          |   | 408,906 |   |
|                                       |   |          |      |   |          |   |   |   |
| Other (Calvin Klein Apparel)               |   |          |      |   |          |   |   |   |
| Net sales                                  |   |          | 146,431   |   |          |   | 119,050 |   |
| Total                                      |   |          | 146,431   |   |          |   | 119,050 |   |
|                                       |   |          |      |   |          |   |   |   |
| Calvin Klein Licensing                     |   |          |      |   |          |   |   |   |
| Net sales                                  |   |          | 7,442     |   |          |   | 8,954 |   |
| Royalty revenue                            |   |          | 65,774    |   |          |   | 59,734 |   |
| Advertising and other revenue              |   |          | 25,999    |   |          |   | 22,400 |   |
| Total                                      |   |          | 99,215    |   |          |   | 91,088 |   |
|                                       |   |          |      |   |          |   |   |   |
| Total Calvin Klein                         |   |          |      |   |          |   |   |   |
| Net sales                                  |   |          | 153,873   |   |          |   | 128,004 |   |
| Royalty revenue                            |   |          | 65,774    |   |          |   | 59,734 |   |
| Advertising and other revenue              |   |          | 25,999    |   |          |   | 22,400 |   |
| Total                                      |   |          | 245,646   |   |          |   | 210,138 |   |
|                                       |   |          |      |   |          |   |   |   |
| Tommy Hilfiger North America               |   |          |      |   |          |   |   |   |
| Net sales                                  |   |          | 267,637   |   |          |   |   |   |
| Royalty revenue                            |   |          | 2,861     |   |          |   |   |   |
| Advertising and other revenue              |   |          | 1,286     |   |          |   |   |   |
| Total                                      |   |          | 271,784   |   |          |   |   |   |
|                                       |   |          |      |   |          |   |   |   |
| Tommy Hilfiger International               |   |          |      |   |          |   |   |   |
| Net sales                                  |   |          | 433,656   |   |          |   |   |   |
| Royalty revenue                            |   |          | 9,023     |   |          |   |   |   |
| Advertising and other revenue              |   |          | 980       |   |          |   |   |   |
| Total                                      |   |          | 443,659   |   |          |   |   |   |
|                                       |   |          |      |   |          |   |   |   |
| Total Tommy Hilfiger                       |   |          |      |   |          |   |   |   |
| Net sales                                  |   |          | 701,293   |   |          |   |   |   |
| Royalty revenue                            |   |          | 11,884    |   |          |   |   |   |
| Advertising and other revenue              |   |          | 2,266     |   |          |   |   |   |
| Total                                      |   |          | 715,443   |   |          |   |   |   |
|                                       |   |          |      |   |          |   |   |   |
| Total Revenue                              |   |          |      |   |          |   |   |   |
| Net sales                                  |   |          | 1,256,986 |   |          |   | 530,688 |   |
| Royalty revenue                            |   |          | 82,882    |   |          |   | 64,859 |   |
| Advertising and other revenue              |   |          | 29,316    |   |          |   | 23,497 |   |
| Total                                      |   | $             | 1,369,184 |   |          | $      | 619,044 |   |
|                                       |   |          |      |   |          |   |   |   |

----

|                                            |   | Quarter Ended |    |   | Quarter Ended  |   |
|-------------------------------------------------|--------|---------------|---------|--------|----------------|--------|
|                                            |   | 5/1/11        |    |   | 5/2/10         |   |
|                                            |   | Results       |    |   |           |   |   |   |   |   | Results |   |   |   |   |   |
|                                            |   | Under         |    |   |           |   |   | Non-GAAP |   |   | Under |   |   |   | Non-GAAP |   |
|                                            |   | GAAP          |    |   | Adjustments(1) |   |   | Results |   |   | GAAP |   | Adjustments(2) |   | Results |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Heritage Brand Wholesale Dress Furnishings      |   | $             | 20,432  |   |           |   |   |   | $ | 20,432 |   |   | $ | 18,460 |   |   |   | $ | 18,460 |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Heritage Brand Wholesale Sportswear             |   |          | 13,682  |   |           |   |   |   |   | 13,682 |   |   |   | 20,888 |   |   |   |   | 20,888 |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Heritage Brand Retail                           |   |          | 4,527   |   |           |   |   |   |   | 4,527 |   |   |   | 8,684 |   |                   |   |   | 8,684 |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Heritage Brands                           |   |          | 38,641  |   |           |   |   |   |   | 38,641 |   |   |   | 48,032 |   |   |   |   | 48,032 |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other (Calvin Klein Apparel)                    |   |          | 20,941  |   |           |   |   |   |   | 20,941 |   |   |   | 13,705 |   |                   |   |   | 13,705 |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Calvin Klein Licensing                          |   |          | 34,142  |   |           |   |   |   |   | 34,142 |   |   |   | 36,983 |   |                   |   |   | 36,983 |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Calvin Klein                              |   |          | 55,083  |   |           |   |   |   |   | 55,083 |   |   |   | 50,688 |   |   |   |   | 50,688 |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tommy Hilfiger North America                    |   |          | (12,321 | )      |           | $      | (23,491 | ) |   |   | 11,170 |   |   |   |   |   |   |   |   |   |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tommy Hilfiger International                    |   |          | 78,982  |   |           |   | (448 | ) |   |   | 79,430 |   |   |   |   |   |   |   |   |   |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Tommy Hilfiger                            |   |          | 66,661  |   |           |   | (23,939 | ) |   |   | 90,600 |   |   |   |   |   |   |   |   |   |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                                       |   |          | (39,941 | )      |           |   | (22,753 | ) |   |   | (17,188 | ) |   |   | (121,277 | ) | $                   (104,028) |   |   | (17,249 | ) |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total earnings (loss) before interest and taxes |   | $             | 120,444 |   |           | $      | (46,692 | ) |   | $ | 167,136 |   |   | $ | (22,557 | ) | $                 (104,028) |   | $ | 81,471 |   |
|                                            |   |          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1) | Adjustments for the quarter ended May 1, 2011 represent the elimination of the costs incurred in connection with (i) the Company’s integration of Tommy Hilfiger and related restructuring; and (ii) the Company’s modification of its credit facility. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Adjustments for the quarter ended May 2, 2010 represent the elimination of the costs incurred in connection with the Company’s acquisition of Tommy Hilfiger, including transaction costs and the effects of hedges against Euro to U.S. dollar exchange rates relating to the purchase price. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                              |   | Full Year   |           |   | Second Quarter |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|----------------|--------|----------------|--------|
|                                                                                                                                              |   | 2011        |           |   | 2011           |   |
|                                                                                                                                              |   | (Estimated) |           |   | (Estimated)    |   |
| Full Year and Second Quarter 2011 Guidance Assumptions                                                                                            |   |        |           |   |           |   |
|                                                                                                                                              |   |        |           |   |           |   |
| Net interest expense                                                                                                                              |   | $           | 132.5 - $134.5 |   |           | $      | 32.5 - $33.5 |   |
|                                                                                                                                              |   |        |           |   |           |   |   |   |
| Tax rate range                                                                                                                                    |   |        | 29.0% - 31.0   | %      |           |   | 31.0% - 32.0 | % |
|                                                                                                                                              |   |        |           |   |           |   |   |   |
| Diluted shares outstanding                                                                                                                        |   |        | 72.9           |   |           |   | 72.8 |   |
|                                                                                                                                              |   |        |           |   |           |   |   |   |
|                                                                                                                                              |   |        |           |   |           |   |   |   |
| 2011 Integration, Restructuring and Debt Modification Costs and Earnings Per Share Reconciliations                                                |   |
|                                                                                                                                              |   |        |           |   |           |   |   |   |
| Integration, restructuring and debt modification costs expected to be incurred (please see “Non-GAAP Exclusions” section for detail): |   |        |           |   |           |   |   |   |
| Pre-tax                                                                                                                                           |   | $           | 75.0           |   |           | $      | 15.0 |   |
| Tax impacts                                                                                                                                       |   |        | (22.5          | )      |           |   | (5.0 | ) |
| After tax                                                                                                                                         |   | $           | 52.5           |   |           | $      | 10.0 |   |
|                                                                                                                                              |   |        |           |   |           |   |   |   |
| GAAP earnings per common share                                                                                                                    |   | $           | 4.08 - $4.28   |   |           | $      | 0.79 - $0.81 |   |
| Estimated per common share impact of after tax integration,  restructuring and debt modification costs                                  |   | $           | 0.72           |   |           | $      | 0.14 |   |
| Earnings per common share excluding impact of integration, restructuring and debt modification costs                                              |   | $           | 4.80 - $5.00   |   |           | $      | 0.93 - $0.95 |   |

----

| Phillips-Van Heusen CorporationFull Year and Second Quarter 2011 Guidance Assumptions and Reconciliations of GAAP to Non-GAAP Amounts (Continued) Full Year and Second Quarter 2010 Reconciliation of GAAP Diluted Net Income (Loss) Per Common Share to Non-GAAP Diluted Net Income Per Common Share |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                       |   | Full Year 2010 |   |   | Second Quarter 2010 |   |
|                                                                                                                                                                                                                                                                                                       |   | (Actual) |   |   | (Actual) |   |
|                                                                                                                                                                                                                                                                                                       |   | Results Under GAAP |   |   | Adjustments |   |   | Non-GAAP Results |   |   | Results Under GAAP |   |   | Adjustments |   |   | Non-GAAP Results |   |
|                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                                                                                                                                                                                                                                                          |   | $ | 53.8 |   |   | $ | (233.2 | )(1)   |   | $ | 287.0 |   |   | $ | (54.6 | )  |   | $ | (106.2 | )(2)   |   | $ | 51.6 |   |
| Total weighted average shares                                                                                                                                                                                                                                                                              |   |   | 67.4 |   |   |   |   |   |   |   | 67.4 |   |   |   | 65.9 |   |   |   | 5.5 |   |   |   | 71.4 |   |
|                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income (loss) per common share                                                                                                                                                                                                                                                                 |   | $ | 0.80 |   |   |   |   |   |   | $ | 4.26 |   |   | $ | (0.83 | )  |   |   |   |   |   | $ | 0.72 |   |

| (1)   | Represents the impact on net income in the year ended January 30, 2011 from the elimination of (i) costs incurred in connection with the Company’s acquisition and integration of Tommy Hilfiger, including transaction, restructuring and debt extinguishment costs, short-lived non-cash valuation amortization charges and the effects of hedges against Euro to U.S. dollar exchange rates relating to the purchase price; (ii) the costs incurred in connection with the Company’s exit from its United Kingdom and Ireland Van Heusen dress furnishings and accessories business; and (iii) a tax benefit related to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Represents the impact on net loss in the quarter ended August 2, 2010 from the elimination of costs incurred in connection with the Company’s acquisition and integration of Tommy Hilfiger, including transaction, restructuring and debt extinguishment costs, short-lived non-cash valuation amortization charges and the effects of hedges against Euro to U.S. dollar exchange rates relating to the purchase price. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|