EXHIBIT 99.1



PHILLIPS-VAN HEUSEN CORPORATION

200 MADISON AVENUE

NEW YORK, N.Y. 10016







FOR IMMEDIATE RELEASE:

MAY 19, 2004

Contact:  	Emanuel Chirico

Executive Vice President & Chief Financial Officer

(212) 381-3503

www.pvh.com

PHILLIPS-VAN HEUSEN CORPORATION REPORTS

2004 FIRST QUARTER RESULTS

- FIRST QUARTER EPS AHEAD OF GUIDANCE AND CONSENSUS ESTIMATE
- FULL YEAR EPS GUIDANCE INCREASED



Phillips-Van Heusen Corporation reported first quarter net income of $1.6 million which, after deducting preferred stock
dividends, resulted in a net loss of $0.12 per diluted common share.  Excluding restructuring and other items, net income in the current year's
first quarter improved to $11.1 million, or $0.18 per diluted common share, which was $0.05 ahead of the Company's previous earnings guidance
and the First Call consensus estimate.  In the prior year's first quarter, net loss was $2.2 million, or $0.22 per diluted common share.
Excluding restructuring and other items, net income in the prior year's first quarter was $7.8 million, or $0.11 per diluted common share.



Restructuring and other items in the current year include the costs of (i) exiting the wholesale footwear business and
relocating the Company's retail footwear operations, (ii) closing underperforming retail outlet stores and (iii) debt extinguishment
associated with the Company's debt refinancing in February, 2004.  Restructuring and other items in the prior year include (i) the operating
losses of certain Calvin Klein businesses which the Company has closed or licensed, 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.



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The 42% improvement in first quarter net income, excluding restructuring and other items, was due to earnings increases in
both of the Company's operating segments.  Operating earnings in the Apparel and Related Products segment increased 37% over the prior year as
each of the Company's divisions registered earnings improvement.  The Company's wholesale apparel business continued its strong sales and
earnings growth, aided by excellent performance in dress shirts.  Positive comp store performance across the Company's retail businesses for
the quarter continued the favorable trends begun during last year's Christmas season and, coupled with clean inventories, yielded operating
income improvement.  Operating earnings in the Calvin Klein Licensing segment increased 7% over the prior year as the Company's growth
initiatives for that brand began to take hold.  (Please see Consolidated Income Statements and Segment Data below for a reconciliation of GAAP
amounts to non-GAAP financial measures.)



Total revenues in the first quarter decreased 1% to $381.3 million from $383.7 million in the prior year.  The prior year's
first quarter includes $20.5 million of revenues from the  wholesale footwear business and  $6.0 million from the Calvin Klein wholesale
collection apparel business. These businesses were exited as of the end of fiscal 2003.  Excluding these businesses, revenues from ongoing
operations increased 7% over the prior year.  This increase was driven by revenue growth in the Company's wholesale apparel, retail outlet and
Calvin Klein licensing businesses.



Commenting on these results, Bruce J. Klatsky, Chairman and Chief Executive Officer, noted that "We are extremely
pleased with our first quarter results.  The continued strong revenue and earnings growth exhibited by our wholesale apparel and Calvin Klein
licensing businesses, combined with earnings increases in our retail outlet businesses, enabled our earnings to be well ahead of our previous
earnings guidance.  In addition, we ended the quarter with a $78 million improvement in our net debt position over the prior year as our
strategic initiatives, which include exiting the wholesale footwear business and the closing of underperforming outlet stores across our retail
chains, helped contribute to a 15% decrease in receivables and a 23% decrease in inventories compared with the prior year."

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Mr. Klatsky continued, "Our focus remains on maximizing the growth opportunities of the Calvin Klein brands and our
existing wholesale dress shirt and sportswear businesses.  The Calvin Klein better women's sportswear line, licensed to a joint venture formed
by Kellwood and GAV, has received excellent response and sales have been strong since its launch in March.  Similarly, our bookings for the
launch of the Calvin Klein men's better sportswear line for Fall 2004 continue to exceed our initial plans.  We are also excited about our
three new dress shirt licensing arrangements with BCBG Max Azria, MICHAEL Michael Kors and Chaps which will all principally begin shipping in
late 2004."



Mr. Klatsky concluded, "Given our first quarter results, we are raising our 2004 earnings per share guidance (excluding
restructuring and other items) to a range of $1.13 to $1.18, with second quarter earnings in the range of $0.24 to $0.25 per share.  Including
restructuring and other items, we anticipate that GAAP earnings per share in 2004 will be in the range of $0.53 to $0.58, with second quarter
earnings in the range of $0.17 to $0.18 per share. Total revenues in 2004 are expected to be $1.610 billion to $1.625 billion, or an increase
of approximately 1.75% - 2.75% over 2003.  Revenues for 2004 are being impacted by the exiting of the wholesale footwear business and the
retail store closing program." (Please see reconciliation of GAAP to non-GAAP earnings per share estimates at the end of this press
release.)



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 Thursday, May 20, 2004 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



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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 revenues 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) the levels of sales of the Company's apparel and related 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 from 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 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 (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.

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PHILLIPS-VAN HEUSEN CORPORATION

Consolidated Income Statements

(In thousands, except per share data)



|                                | Quarter Ended |               | Quarter Ended
|------------------------------- | ------------- | ------------- | -------------
|                                | 5/2/04        |               | 5/4/03       
|                                |               |               | Results      
|                                |               |               | Excluding    
|                                | Results       | Restructuring | Restructuring
|                                | Under         | and Other     | and Other    
|                                | GAAP          | Items(1)      | Items(1)     
|                                |               |               |              
|Net sales                       | $339,623      |               | $339,623     
|Royalty and other revenues      | 41,660        |               | 41,660       
|Total revenues                  | $381,283      |               | $381,283     
|                                |               |               |              
|Gross profit on net sales       | $131,672      |               | $131,672     
|Gross profit on royalty and     |               |               |              
|other revenues                  | 41,660        |               | 41,660       
|Total gross profit              | 173,332       |               | 173,332      
|                                |               |               |              
|Selling, general and            |               |               |              
|administrative expenses         | 153,038       | $    5,271    | 147,767      
|                                |               |               |              
|Earnings (loss) before interest |               |               |              
|and taxes                       | 20,294        | (5,271)       | 25,565       
|                                |               |               |              
|Interest expense, net           | 17,843        | 9,374         | 8,469        
|                                |               |               |              
|Pre-tax income (loss)           | 2,451         | (14,645)      | 17,096       
|                                |               |               |              
|Income tax expense (benefit)    | 858           | (5,126)       | 5,984        
|                                |               |               |              
|Net income (loss)               | 1,593         | (9,519)       | 11,112       
|                                |               |               |              
|Preferred stock dividends       | 5,281         |               | 5,281        
|                                |               |               |              
|Net income (loss) available to  |               |               |              
|common stockholders             | $   (3,688)   | $  (9,519)    | $    5,831   
|                                |               |               |              
|Basic net income (loss) per     |               |               |              
|common share(3)                 | $     (0.12)  |               | $      0.19  
|                                |               |               |              
|Diluted net income (loss) per   |               |               |              
|common share(3)                 | $     (0.12)  |               | $      0.18  
|                                |               |               |              

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(1)



·
	Pre-tax costs of $5.3 million associated with (a) licensing the Bass brand for wholesale distribution to Brown Shoe Company and exiting the
wholesale footwear business and relocating the Company's retail footwear operations and (b) closing underperforming retail outlet stores.



·
	Pre-tax debt extinguishment costs of $9.4 million associated with the Company's debt refinancing in February, 2004.



(2)



(3)

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Notes to Consolidated Income Statements:



1. The Company believes presenting its results excluding restructuring and other items provides useful information to
investors because many investors make decisions based on the ongoing operations of an enterprise.  The Company believes that investors often
look at ongoing operations as a measure of assessing performance and as a basis for comparing past results against future results.  The Company
uses its results excluding restructuring and other items 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.



2. The Company computed its basic and diluted net income (loss) per common share as follows:

(In thousands, except per share data)



|                                    | Quarter Ended |               | Quarter Ended
|----------------------------------- | ------------- | ------------- | -------------
|                                    | 5/2/04        |               | 5/4/03       
|                                    |               | Results       |              
|                                    |               | Excluding     |              
|                                    | Results       | Restructuring |              
|                                    | Under         | and Other     |              
|                                    | GAAP          | Items         |              
|                                    |               |               |              
|Net income (loss)                   | $  1,593      | $11,112       |              
|                                    |               |               |              
|Less: Preferred stock dividends     | 5,281         | 5,281         |              
|                                    |               |               |              
|Net income (loss) available to      |               |               |              
|common stockholders for basic       |               |               |              
|and diluted net income (loss)       |               |               |              
|per common share                    | $ (3,688)     | $  5,831      |              
|                                    |               |               |              
|Weighted average common shares      |               |               |              
|outstanding for basic net income    |               |               |              
|(loss) per common share             | 30,715        | 30,715        |              
|                                    |               |               |              
|Impact of dilutive employee stock   |               |               |              
|options                             |               | 1,349         |              
|                                    |               |               |              
|Total shares for diluted net income |               |               |              
|(loss) per common share             | 30,715        | 32,064        |              
|                                    |               |               |              
|                                    |               |               |              
|Basic net income (loss) per         |               |               |              
|common share                        | $   (0.12)    | $    0.19     |              
|                                    |               |               |              
|Diluted net income (loss) per       |               |               |              
|common share                        | $   (0.12)    | $    0.18     |              
|                                    |               |               |              

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3. EBITDA is a "non-GAAP financial measure" which represents net income (loss) before net 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 (loss) 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 (loss) is reconciled to EBITDA as follows:



|                              | Quarter Ended |               | Quarter Ended
|----------------------------- | ------------- | ------------- | -------------
|                              | 5/2/04        |               | 5/4/03       
|                              |               |               | Results      
|                              |               |               | Excluding    
|                              | Results       | Restructuring | Restructuring
|                              | Under         | and Other     | and Other    
|                              | GAAP          | Items         | Items        
|($000)                        |               |               |              
|Net income (loss)             | $  1,593      | $ (9,519)     | $11,112      
|Plus:                         |               |               |              
|Income tax expense (benefit)  | 858           | (5,126)       | 5,984        
|Interest expense, net         | 17,843        | 9,374         | 8,469        
|Depreciation and amortization | 7,056         |               | 7,056        
|EBITDA                        | $27,350       | $ (5,271)     | $32,621      
|                              |               |               |              

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PHILLIPS-VAN HEUSEN CORPORATION

Consolidated Balance Sheets

(In thousands)



|                                                        | May 2,      | May 4,      
|------------------------------------------------------- | ----------- | ------------
|                                                        | 2004        | 2003        
|ASSETS                                                  |             |             
|Current Assets:                                         |             |             
|Cash and Cash Equivalents                               | $   122,985 | $     19,567
|Receivables                                             | 114,832     | 134,574     
|Inventories                                             | 194,026     | 251,353     
|Other, including deferred taxes of $17,164 and $27,404  | 32,394      | 44,672      
|Total Current Assets                                    | 464,237     | 450,166     
|Property, Plant and Equipment                           | 136,416     | 139,787     
|Goodwill and Other Intangible Assets                    | 794,409     | 545,370     
|Other, including deferred taxes of $45,429 at           |             |             
|May 4, 2003                                             | 26,655      | 78,780      
|                                                        | $1,421,717  | $1,214,103  
|                                                        |             |             
|LIABILITIES AND STOCKHOLDERS' EQUITY                    |             |             
|Accounts Payable and Accrued Expenses                   | $   163,972 | $   165,431 
|Long-Term Debt                                          | 399,504     | 374,033     
|Other Liabilities, including deferred taxes of $178,918 |             |             
|at May 2, 2004                                          | 301,448     | 126,062     
|Series B Convertible Redeemable Preferred Stock         | 264,746     | 254,493     
|Stockholders' Equity                                    | 292,047     | 294,084     
|                                                        | $1,421,717  | $1,214,103  





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PHILLIPS-VAN HEUSEN CORPORATION

Segment Data

(In thousands)



|                                       | Quarter Ended |               | Quarter Ended
|-------------------------------------- | ------------- | ------------- | -------------
|                                       | 5/2/04        |               | 5/4/03       
|                                       |               |               | Results      
|                                       |               |               | Excluding    
|                                       | Results       | Restructuring | Restructuring
|                                       | Under         | and Other     | and Other    
|                                       | GAAP          | Items         | Items        
|                                       |               |               |              
|Revenues - Apparel and RelatedProducts |               |               |              
|Net sales                              | $336,703      |               | $336,703     
|Royalty and other revenues             | 3,608         |               | 3,608        
|Total                                  | 340,311       |               | 340,311      
|                                       |               |               |              
|Revenues - Calvin Klein Licensing      |               |               |              
|Net sales                              | 2,920         |               | 2,920        
|Royalty and other revenues             | 38,052        |               | 38,052       
|Total                                  | 40,972        |               | 40,972       
|                                       |               |               |              
|Total Revenues                         |               |               |              
|Net sales                              | 339,623       |               | 339,623      
|Royalty and other revenues             | 41,660        |               | 41,660       
|Total                                  | $381,283      |               | $381,283     
|                                       |               |               |              
|                                       |               |               |              
|Operating earnings (loss) - Apparel    |               |               |              
|and Related Products                   | $  15,267     | $(5,271)      | $  20,538    
|                                       |               |               |              
|Operating earnings (loss) -            |               |               |              
|Calvin Klein Licensing                 | 13,246        |               | 13,246       
|                                       |               |               |              
|Corporate expenses                     | 8,219         |               | 8,219        
|                                       |               |               |              
|Earnings (loss) before                 |               |               |              
|interest and taxes                     | $  20,294     | $(5,271)      | $  25,565    
|                                       |               |               |              

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PHILLIPS-VAN HEUSEN CORPORATION

Reconciliation of GAAP to non-GAAP 2004 Earnings Per Share Estimates





|                                                                                                                                                                | 2004 Second Quarter
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------
|                                                                                                                                                                |                    
|Estimated diluted net income                                                                                                                                    |                    
|per common share under GAAP                                                                                                                                     | $0.17 - $0.18      
|                                                                                                                                                                |                    
|Will be classified as Operating Expenses:                                                                                                                       |                    
|Add back estimated pre-tax costs of $3 million associated
with (a) closing underperforming retail outlet stores and
(b) exiting the wholesale footwear business | 0.07               
|                                                                                                                                                                |                    
|Estimated diluted net income per common share                                                                                                                   |                    
|excluding the above items (non-GAAP)                                                                                                                            | $0.24 - $0.25      









|                                                                                                                                                                 | 2004 Full Year
|---------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------
|                                                                                                                                                                 |               
|Estimated diluted net income                                                                                                                                     |               
|per common share under GAAP                                                                                                                                      | $0.53 - $0.58 
|                                                                                                                                                                 |               
|Will be classified as Operating Expenses:                                                                                                                        |               
|Add back estimated pre-tax costs of $21 million associated
with (a) closing underperforming retail outlet stores and
(b) exiting the wholesale footwear business | 0.41          
|                                                                                                                                                                 |               
|Will be classified as Interest Expense:                                                                                                                          |               
|Add back $9.4 million (pre-tax) of debt extinguishment
costs associated with the refinancing of the Company's
9 1/2% senior subordinated notes                   | 0.19          
|                                                                                                                                                                 |               
|Estimated diluted net income per common share                                                                                                                    |               
|excluding the above items (non-GAAP)                                                                                                                             | $1.13 - $1.18 

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PHILLIPS-VAN HEUSEN CORPORATION

Reconciliation of 2004 EBITDA Estimate



The Company's 2004 full year EBITDA estimate is $152.0-$156.0 million, excluding restructuring and other items relating to licensing the
Bass brand for wholesale distribution to Brown Shoe Company and exiting the wholesale footwear business and relocating the Company's retail
footwear operations, closing underperforming retail outlet stores and debt extinguishment costs associated with its recent bond refinancing.
EBITDA is a "non-GAAP financial measure" which represents net income (loss) before net 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.  EBITDA should not be construed as an alternative to net income (loss) 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.  Set forth below is the Company's reconciliation of net income (loss) to EBITDA of $154.0 million which is the midpoint of the range
provided.  It is not possible to provide a reconciliation for the entire range without unreasonable effort due to the number of elements which
comprise EBITDA, including net income (loss), income taxes, net interest expense and depreciation and amortization, each of which is subject to
a range of estimates.

|                              |           |               | Estimated    
|----------------------------- | --------- | ------------- | -------------
|                              |           |               | Results      
|                              | Estimated | Estimated     | Excluding    
|                              | Results   | Restructuring | Restructuring
|(In $000's)                   | Under     | and Other     | and Other    
|                              | GAAP      | Items         | Items        
|                              |           |               |              
|Net income (loss)             | $  40,400 | $(18,700)     | $  59,100    
|                              |           |               |              
|Plus:                         |           |               |              
|Income tax expense (benefit)  | 21,700    | (10,100)      | 31,800       
|Interest expense, net         | 43,400    | 9,400         | 34,000       
|Depreciation and amortization | 29,100    |               | 29,100       
|EBITDA                        | $134,600  | $(19,400)     | $154,000     



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