Exhibit 99.1



PHILLIPS-VAN HEUSEN CORPORATION

200 MADISON AVENUE

NEW YORK, N.Y. 10016





FOR IMMEDIATE RELEASE:

August 18, 2004

Contact:  	Emanuel Chirico

Executive Vice President & Chief Financial Officer

(212) 381-3503

www.pvh.com

PHILLIPS-VAN HEUSEN CORPORATION REPORTS

2004 SECOND QUARTER RESULTS

- SECOND QUARTER EPS AHEAD OF GUIDANCE AND

FIRST CALL CONSENSUS ESTIMATE

- FULL YEAR REVENUE AND EPS GUIDANCE INCREASED



Phillips-Van Heusen Corporation reported 2004 second quarter net income of $13.0 million, or $0.24 per diluted common share
which compares to the prior year's second quarter net income of $9.0 million, or $0.13 per diluted common share.  Excluding restructuring and
other items, net income in the current year's second quarter improved to $14.2 million, or $0.28 per diluted common share, which was $0.03 or
12% ahead of the Company's previous earnings guidance and the First Call consensus estimate. Excluding restructuring and other items, net
income in the prior year's second quarter was $11.6 million, or $0.21 per diluted common share.



For the six months, net income in the current year was $14.6 million, or $0.13 per diluted common share which compares to
net income for the prior year's six months of $6.8 million, which after deducting preferred stock dividends, resulted in a net loss of $0.09
per diluted common share. Excluding restructuring and other items, net income for the current year's six months improved to $25.3 million, or
$0.46 per diluted common share.  Excluding restructuring and other items, net income for the prior year's six months was $19.4 million, or
$0.32 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

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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,
(ii) the costs of certain duplicative personnel and facilities incurred during the integration of various logistical and back office functions
in connection with the Calvin Klein acquisition and (iii) the gain resulting from the Company's sale of its minority interest in Gant Company
AB.  (Please see Consolidated Income Statements and Segment Data for a reconciliation of GAAP amounts to non-GAAP financial measures.)



The 22% improvement in second quarter net income, excluding restructuring and other items, was due to earnings increases in
both of the Company's operating segments, as well as lower overall interest expense.  Operating earnings for the Apparel and Related Products
segment increased 11% over the prior year due principally to the continued strong performance of the Company's wholesale dress shirt and
sportswear businesses.  The Calvin Klein Licensing segment recorded an 11% increase in operating earnings over the prior year as the Company's
growth initiatives for that brand continue to be realized.



Total revenues in the second quarter decreased 1% to $375.9 million from $379.4 million in the prior year.  The prior year's
second quarter includes revenues of $14.7 million from the wholesale footwear business and $4.4 million from the Calvin Klein wholesale
collection apparel business.  These businesses were exited as of the end of fiscal 2003.  Excluding the businesses exited, revenues increased
4% over the prior year.



For the six month period, total revenues were $754.2 million, a decrease of 1% from the prior year amount of $758.9 million.
The prior year's six month period includes revenues of $35.3 million from the wholesale footwear business and $10.1 million from the Calvin
Klein wholesale collection apparel business.  Excluding these businesses exited at the end of fiscal 2003, revenues increased 6% over the prior
year.

Commenting on these results, Bruce J. Klatsky, Chairman and Chief Executive Officer, noted, "We are extremely pleased
with our second quarter results.  The continued

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strong revenue and earnings growth exhibited by our wholesale apparel and Calvin Klein licensing businesses more than offset
an earnings decline in our factory outlet business, reinforcing our decision to contract this business, and enabled our earnings to be well
ahead of our previous guidance.  All of our businesses experienced significant gross margin improvement due to lower Spring clearance inventory
levels and more full priced selling.  In addition, we ended the quarter with a $62 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,
helped contribute to a 13% decrease in receivables and a 16% decrease in inventories compared with the prior year."



Mr. Klatsky continued, "We remain focused on maximizing the growth opportunities for Calvin Klein and our existing
wholesale dress shirt and sportswear businesses.  The initial launch of our Calvin Klein better men's sportswear line is just underway and
second half bookings are exceeding our expectations.  The Calvin Klein better women's sportswear line, licensed to a joint venture formed by
Kellwood and GAV, continues to perform well and is also well ahead of initial sales estimates.  In addition, we continue to be excited about
our four new dress shirt licensing arrangements: BCBG Max Azria and MICHAEL Michael Kors which were launched in the second quarter, as well as
Chaps and SEAN JOHN, which will begin shipping in late 2004."



Mr. Klatsky concluded, "Given our second quarter results, we are raising our 2004 earnings per share guidance
(excluding restructuring and other items) to a range of $1.18 to $1.21, with third and fourth quarter earnings in the range of $0.49 to $0.51
and $0.15 to $0.16 per share, respectively.  Including restructuring and other items, we anticipate that GAAP earnings per share in 2004 will
be in the range of $0.71 to $0.74, with third and fourth quarter GAAP earnings in the range of $0.43 to $0.45 and $0.07 to $0.08 per share,
respectively.  We are increasing our 2004 revenue guidance to a range of $1.630 billion to $1.640 billion, which represents an increase of
approximately 4.0% - 4.5% over 2003.  Revenue growth in 2004 is being driven by Calvin Klein and our wholesale apparel businesses, partially
offset 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.)



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The Company webcasts its conference calls to review its earnings releases.The Company's conference
call to review its second quarter earnings release is scheduled for Thursday, August 19, 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, 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 Reports
on Form 8-K filed with the SEC in connection with its earnings releases.

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
|--------------------------- | ------------- | ------------- | -------------
|                            | 8/1/04        |               | 8/3/03       
|                            |               |               | Results      
|                            |               |               | Excluding    
|                            | Results       | Restructuring | Restructuring
|                            | Under         | and Other     | and Other    
|                            | GAAP          | Items(1)      | Items(1)     
|                            |               |               |              
|Net sales                   | $336,137      |               | $336,137     
|Royalty and other revenues  | 39,787        |               | 39,787       
|Total revenues              | $375,924      |               | $375,924     
|                            |               |               |              
|Gross profit on net sales   | $133,216      |               | $133,216     
|Gross profit on royalty and |               |               |              
|other revenues              | 39,787        |               | 39,787       
|Total gross profit          | 173,003       |               | 173,003      
|                            |               |               |              
|Selling, general and        |               |               |              
|administrative expenses     | 144,483       | $ 1,874       | 142,609      
|                            |               |               |              
|Gain on sale of investment  |               |               |              
|                            |               |               |              
|Earnings before interest    |               |               |              
|and taxes                   | 28,520        | (1,874)       | 30,394       
|                            |               |               |              
|Interest expense, net       | 8,535         |               | 8,535        
|                            |               |               |              
|Pre-tax income              | 19,985        | (1,874)       | 21,859       
|                            |               |               |              
|Income tax expense          | 6,995         | (656)         | 7,651        
|                            |               |               |              
|Net income                  | 12,990        | (1,218)       | 14,208       
|                            |               |               |              
|Preferred stock dividends   | 5,280         |               | 5,280        
|                            |               |               |              
|Net income available to     |               |               |              
|common stockholders         | $    7,710    | $(1,218)      | $    8,928   
|                            |               |               |              
|Basic net income per        |               |               |              
|common share(3)             | $      0.25   |               | $      0.29  
|                            |               |               |              
|Diluted net income per      |               |               |              
|common share(3)             | $      0.24   |               | $      0.28  
|                            |               |               |              

(1)

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(2)



(3)







































































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PHILLIPS-VAN HEUSEN CORPORATION

Consolidated Income Statements

(In thousands, except per share data)



|                               | Six Months Ended |               | Six Months Ended
|------------------------------ | ---------------- | ------------- | ----------------
|                               | 8/1/04           |               | 8/3/03          
|                               |                  |               | Results         
|                               |                  |               | Excluding       
|                               | Results          | Restructuring | Restructuring   
|                               | Under            | and Other     | and Other       
|                               | GAAP             | Items(2)      | Items(2)        
|                               |                  |               |                 
|Net sales(1)                   | $672,715         |               | $672,715        
|Royalty and other revenues     | 81,447           |               | 81,447          
|Total revenues(1)              | $754,162         |               | $754,162        
|                               |                  |               |                 
|Gross profit on net sales(1)   | $261,842         |               | $261,842        
|Gross profit on royalty and    |                  |               |                 
|other revenues                 | 81,447           |               | 81,447          
|Total gross profit(1)          | 343,289          |               | 343,289         
|                               |                  |               |                 
|Selling, general and           |                  |               |                 
|administrative expenses        | 294,475          | $    7,145    | 287,330         
|                               |                  |               |                 
|Gain on sale of investment     |                  |               |                 
|                               |                  |               |                 
|Earnings before interest       |                  |               |                 
|and taxes                      | 48,814           | (7,145)       | 55,959          
|                               |                  |               |                 
|Interest expense, net          | 26,378           | 9,374         | 17,004          
|                               |                  |               |                 
|Pre-tax income                 | 22,436           | (16,519)      | 38,955          
|                               |                  |               |                 
|Income tax expense             | 7,853            | (5,782)       | 13,635          
|                               |                  |               |                 
|Net income                     | 14,583           | (10,737)      | 25,320          
|                               |                  |               |                 
|Preferred stock dividends      | 10,561           |               | 10,561          
|                               |                  |               |                 
|Net income (loss) available to |                  |               |                 
|common stockholders            | $    4,022       | $(10,737)     | $  14,759       
|                               |                  |               |                 
|Basic net income (loss) per    |                  |               |                 
|common share(4)                | $      0.13      |               | $      0.48     
|                               |                  |               |                 
|Diluted net income (loss) per  |                  |               |                 
|common share(4)                | $      0.13      |               | $      0.46     
|                               |                  |               |                 

(1)

(2)

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- Pre-tax costs of $7.1 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.



(3)



(4)











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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
|----------------------------------- | ------------- | ------------- | -------------
|                                    | 8/1/04        |               | 8/3/03       
|                                    |               | Results       |              
|                                    |               | Excluding     |              
|                                    | Results       | Restructuring |              
|                                    | Under         | and Other     |              
|                                    | GAAP          | Items         |              
|                                    |               |               |              
|Net income                          | $12,990       | $14,208       |              
|                                    |               |               |              
|Less: Preferred stock dividends     | 5,280         | 5,280         |              
|                                    |               |               |              
|Net income available to             |               |               |              
|common stockholders for basic       |               |               |              
|and diluted net income              |               |               |              
|per common share                    | $  7,710      | $  8,928      |              
|                                    |               |               |              
|Weighted average common shares      |               |               |              
|outstanding for basic net income    |               |               |              
|per common share                    | 30,885        | 30,885        |              
|                                    |               |               |              
|Impact of dilutive stock options    | 1,269         | 1,269         |              
|                                    |               |               |              
|Total shares for diluted net income |               |               |              
|per common share                    | 32,154        | 32,154        |              
|                                    |               |               |              
|                                    |               |               |              
|Basic net income per                |               |               |              
|common share                        | $    0.25     | $    0.29     |              
|                                    |               |               |              
|Diluted net income per              |               |               |              
|common share                        | $    0.24     | $    0.28     |              
|                                    |               |               |              

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|                                    | Six Months Ended |               | Six Months Ended
|----------------------------------- | ---------------- | ------------- | ----------------
|                                    | 8/1/04           |               | 8/3/03          
|                                    |                  | Results       |                 
|                                    |                  | Excluding     |                 
|                                    | Results          | Restructuring |                 
|                                    | Under            | and Other     |                 
|                                    | GAAP             | Items         |                 
|                                    |                  |               |                 
|Net income                          | $14,583          | $25,320       |                 
|                                    |                  |               |                 
|Less: Preferred stock dividends     | 10,561           | 10,561        |                 
|                                    |                  |               |                 
|Net income (loss) available to      |                  |               |                 
|common stockholders for basic       |                  |               |                 
|and diluted net income (loss)       |                  |               |                 
|per common share                    | $  4,022         | $14,759       |                 
|                                    |                  |               |                 
|Weighted average common shares      |                  |               |                 
|outstanding for basic net income    |                  |               |                 
|(loss) per common share             | 30,800           | 30,800        |                 
|                                    |                  |               |                 
|Impact of dilutive stock options    | 1,309            | 1,309         |                 
|                                    |                  |               |                 
|Total shares for diluted net income |                  |               |                 
|(loss) per common share             | 32,109           | 32,109        |                 
|                                    |                  |               |                 
|                                    |                  |               |                 
|Basic net income (loss) per         |                  |               |                 
|common share                        | $    0.13        | $    0.48     |                 
|                                    |                  |               |                 
|Diluted net income (loss) per       |                  |               |                 
|common share                        | $    0.13        | $    0.46     |                 
|                                    |                  |               |                 



-11-



3. EBITDA is a "non-GAAP financial measure" which represents net income 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 as an indicator of the Company's operating performance, or as an alternative to cash flows from operating activities as a measure of
the Company's liquidity, as determined in accordance with generally accepted accounting principles.  The Company may calculate EBITDA
differently than other companies. Net income is reconciled to EBITDA as follows:



|                              | Quarter Ended |               | Quarter Ended
|----------------------------- | ------------- | ------------- | -------------
|                              | 8/1/04        |               | 8/3/03       
|                              |               |               | Results      
|                              |               |               | Excluding    
|                              | Results       | Restructuring | Restructuring
|                              | Under         | and Other     | and Other    
|                              | GAAP          | Items         | Items        
|($000)                        |               |               |              
|Net income                    | $12,990       | $(1,218)      | $14,208      
|Plus:                         |               |               |              
|Income tax expense            | 6,995         | (656)         | 7,651        
|Interest expense, net         | 8,535         |               | 8,535        
|Depreciation and amortization | 7,050         |               | 7,050        
|EBITDA                        | $35,570       | $ (1,874)     | $37,444      
|                              |               |               |              





|                              | Six Months Ended |               | Six Months Ended
|----------------------------- | ---------------- | ------------- | ----------------
|                              | 8/1/04           |               | 8/3/03          
|                              |                  |               | Results         
|                              |                  |               | Excluding       
|                              | Results          | Restructuring | Restructuring   
|                              | Under            | and Other     | and Other       
|                              | GAAP             | Items         | Items           
|($000)                        |                  |               |                 
|Net income                    | $14,583          | $(10,737)     | $25,320         
|Plus:                         |                  |               |                 
|Income tax expense            | 7,853            | (5,782)       | 13,635          
|Interest expense, net         | 26,378           | 9,374         | 17,004          
|Depreciation and amortization | 14,106           |               | 14,106          
|EBITDA                        | $62,920          | $  (7,145)    | $70,065         
|                              |                  |               |                 



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PHILLIPS-VAN HEUSEN CORPORATION

Consolidated Balance Sheets

(In thousands)



|                                                        | August 1,   | August 3,   
|------------------------------------------------------- | ----------- | ------------
|                                                        | 2004        | 2003        
|ASSETS                                                  |             |             
|Current Assets:                                         |             |             
|Cash and Cash Equivalents                               | $   143,703 | $     81,344
|Receivables                                             | 109,416     | 126,383     
|Inventories                                             | 217,379     | 258,809     
|Other, including deferred taxes of $17,164 and $29,404  | 32,464      | 46,519      
|Total Current Assets                                    | 502,962     | 513,055     
|Property, Plant and Equipment                           | 141,137     | 140,310     
|Goodwill and Other Intangible Assets                    | 799,250     | 546,519     
|Other, including deferred taxes of $39,906 at           |             |             
|August 3, 2003                                          | 27,034      | 64,365      
|                                                        | $1,470,383  | $1,264,249  
|                                                        |             |             
|LIABILITIES AND STOCKHOLDERS' EQUITY                    |             |             
|Accounts Payable and Accrued Expenses                   | $   189,656 | $   178,609 
|Other Liabilities, including deferred taxes of $185,702 |             |             
|at August 1, 2004                                       | 314,259     | 129,045     
|Long-Term Debt                                          | 399,507     | 399,055     
|Series B Convertible Redeemable Preferred Stock         | 264,746     | 259,569     
|Stockholders' Equity                                    | 302,215     | 297,971     
|                                                        | $1,470,383  | $1,264,249  







-13-





PHILLIPS-VAN HEUSEN CORPORATION

Segment Data

(In thousands)



|                                       | Quarter Ended |               | Quarter Ended
|-------------------------------------- | ------------- | ------------- | -------------
|                                       | 8/1/04        |               | 8/3/03       
|                                       |               |               | Results      
|                                       |               |               | Excluding    
|                                       | Results       | Restructuring | Restructuring
|                                       | Under         | and Other     | and Other    
|                                       | GAAP          | Items         | Items        
|                                       |               |               |              
|Revenues - Apparel and RelatedProducts |               |               |              
|Net sales                              | $333,207      |               | $333,207     
|Royalty and other revenues             | 5,205         |               | 5,205        
|Total                                  | 338,412       |               | 338,412      
|                                       |               |               |              
|Revenues - Calvin Klein Licensing      |               |               |              
|Net sales                              | 2,930         |               | 2,930        
|Royalty and other revenues             | 34,582        |               | 34,582       
|Total                                  | 37,512        |               | 37,512       
|                                       |               |               |              
|Total Revenues                         |               |               |              
|Net sales                              | 336,137       |               | 336,137      
|Royalty and other revenues             | 39,787        |               | 39,787       
|Total                                  | $375,924      |               | $375,924     
|                                       |               |               |              
|                                       |               |               |              
|Operating earnings - Apparel           |               |               |              
|and Related Products                   | $  23,815     | $(1,874)      | $  25,689    
|                                       |               |               |              
|Operating earnings -                   |               |               |              
|Calvin Klein Licensing                 | 12,215        |               | 12,215       
|                                       |               |               |              
|Corporate expenses(1)                  | 7,510         |               | 7,510        
|                                       |               |               |              
|Earnings before                        |               |               |              
|interest and taxes                     | $ 28,520      | $(1,874)      | $  30,394    
|                                       |               |               |              

(1)



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PHILLIPS-VAN HEUSEN CORPORATION

Segment Data

(In thousands)



|                                       | Six Months Ended |               | Six Months Ended
|-------------------------------------- | ---------------- | ------------- | ----------------
|                                       | 8/1/04           |               | 8/3/03          
|                                       |                  |               | Results         
|                                       |                  |               | Excluding       
|                                       | Results          | Restructuring | Restructuring   
|                                       | Under            | and Other     | and Other       
|                                       | GAAP             | Items         | Items           
|                                       |                  |               |                 
|Revenues - Apparel and RelatedProducts |                  |               |                 
|Net sales(1)                           | $666,864         |               | $666,864        
|Royalty and other revenues             | 8,813            |               | 8,813           
|Total(1)                               | 675,677          |               | 675,677         
|                                       |                  |               |                 
|Revenues - Calvin Klein Licensing      |                  |               |                 
|Net sales(1)                           | 5,851            |               | 5,851           
|Royalty and other revenues             | 72,634           |               | 72,634          
|Total(1)                               | 78,485           |               | 78,485          
|                                       |                  |               |                 
|Total Revenues                         |                  |               |                 
|Net sales                              | 672,715          |               | 672,715         
|Royalty and other revenues             | 81,447           |               | 81,447          
|Total                                  | $754,162         |               | $754,162        
|                                       |                  |               |                 
|                                       |                  |               |                 
|Operating earnings - Apparel           |                  |               |                 
|and Related Products                   | $  39,082        | $(7,145)      | $  46,227       
|                                       |                  |               |                 
|Operating earnings -                   |                  |               |                 
|Calvin Klein Licensing                 | 25,461           |               | 25,461          
|                                       |                  |               |                 
|Corporate expenses(2)                  | 15,729           |               | 15,729          
|                                       |                  |               |                 
|Earnings before                        |                  |               |                 
|interest and taxes                     | $ 48,814         | $(7,145)      | $  55,959       
|                                       |                  |               |                 

(1)



(2)

-15-



PHILLIPS-VAN HEUSEN CORPORATION

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



|                                                                                                                                                                 | 2004 Full Year
|---------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------
|                                                                                                                                                                 |               
|Estimated diluted net income                                                                                                                                     |               
|per common share under GAAP                                                                                                                                      | $0.71 - $0.74 
|                                                                                                                                                                 |               
|Will be classified as Operating Expenses:                                                                                                                        |               
|Add back estimated pre-tax costs of $16 million associated
with (a) closing underperforming retail outlet stores and
(b) exiting the wholesale footwear business | 0.28          
|                                                                                                                                                                 |               
|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)                                                                                                                             | $1.18 - $1.21 





|                                                                                                                                                                | 2004 Third Quarter
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------
|                                                                                                                                                                |                   
|Estimated diluted net income                                                                                                                                    |                   
|per common share under GAAP                                                                                                                                     | $0.43 - $0.45     
|                                                                                                                                                                |                   
|Will be classified as Operating Expenses:                                                                                                                       |                   
|Add back estimated pre-tax costs of $5 million associated
with (a) closing underperforming retail outlet stores and
(b) exiting the wholesale footwear business | 0.06              
|                                                                                                                                                                |                   
|Estimated diluted net income per common share                                                                                                                   |                   
|excluding the above items (non-GAAP)                                                                                                                            | $0.49 - $0.51     





|                                                                                                                                                                | 2004 Fourth Quarter
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------
|                                                                                                                                                                |                    
|Estimated diluted net income                                                                                                                                    |                    
|per common share under GAAP                                                                                                                                     | $0.07 - $0.08      
|                                                                                                                                                                |                    
|Will be classified as Operating Expenses:                                                                                                                       |                    
|Add back estimated pre-tax costs of $4 million associated
with (a) closing underperforming retail outlet stores and
(b) exiting the wholesale footwear business | 0.08               
|                                                                                                                                                                |                    
|Estimated diluted net income per common share                                                                                                                   |                    
|excluding the above items (non-GAAP)                                                                                                                            | $0.15 - $0.16      





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PHILLIPS-VAN HEUSEN CORPORATION

Reconciliation of 2004 EBITDA Estimate



The Company's 2004 full year EBITDA estimate is $155.6-$159.6 million, excluding restructuring and other items relating to licensing the
Bass brand for wholesale distribution to Brown Shoe Company,  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 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  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 to EBITDA of $157.6 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, 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                    | $  44,700 | $(16,500)     | $  61,200    
|                              |           |               |              
|Plus:                         |           |               |              
|Income tax expense            | 24,100    | (8,900)       | 33,000       
|Interest expense, net         | 43,200    | 9,400         | 33,800       
|Depreciation and amortization | 29,600    |               | 29,600       
|EBITDA                        | $141,600  | $(16,000)     | $157,600     







-17-