EXHIBIT 99.1



PHILLIPS-VAN HEUSEN CORPORATION

200 MADISON AVENUE

NEW YORK, N.Y. 10016



FOR IMMEDIATE RELEASE:

November 16, 2004

Contact:  	Emanuel Chirico

Executive Vice President & Chief Financial Officer

(212) 381-3503

www.pvh.com

PHILLIPS-VAN HEUSEN CORPORATION REPORTS

2004 THIRD QUARTER RESULTS

- Third Quarter EPS Ahead of Guidance
- Earnings Exceed First Call Consensus Estimate by 18%
- Full Year EPS Guidance Increased



Phillips-Van Heusen Corporation reported 2004 third quarter net income of $26.7 million, or $0.52 per diluted common share,
which compares with the prior year's third quarter net income of $17.0 million, or $0.34 per diluted common share.  Excluding restructuring and
other items, net income in the current year's third quarter improved to $30.6 million, or $0.59 per diluted common share, which was $0.09 or
18% ahead of the Company's previous earnings guidance and the First Call consensus estimate, and was an improvement of 37% over last year.
Excluding restructuring and other items, net income in the prior year's third quarter was $21.5 million, or $0.43 per diluted common share.



For the nine months, net income in the current year was $41.3 million, or $0.79 per diluted common share, which compares
with net income for the prior year's nine months of $23.9 million, or $0.30 per diluted common share. Excluding restructuring and other items,
net income for the current year's nine months improved to $55.9 million, or $1.09 per diluted common share, which was an improvement of 28%
over last year.  Excluding restructuring and other items, net income for the prior year's nine months was $40.9 million, or $0.85 per diluted
common share.



-1-



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, (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
in the second quarter of 2003.  (Please see Consolidated Income Statements and Segment Data for a reconciliation of GAAP amounts to non-GAAP
financial measures.)



The improvement in third quarter net income, excluding restructuring and other items, was due to earnings increases in both
of the Company's business segments.  Operating earnings for the Apparel and Related Products segment increased 30% over the prior year due
principally to the continued strong performance of the Company's wholesale apparel business and improvement in the Company's retail outlet
business.  The Calvin Klein Licensing segment recorded a 40% increase in operating earnings over the prior year due to growth exhibited by new
and existing licensees.



Total revenues in the third quarter increased 4% to $473.5 million from $453.6 million in the prior year.  The prior year's
third quarter includes revenues of $13.7 million from the wholesale footwear business and $6.3 million from the Calvin Klein wholesale
collection apparel business. The Company exited these businesses by licensing them to third parties as of the end of fiscal 2003.  Excluding
these businesses, revenues increased 9% over the prior year.  This increase was driven by the Calvin Klein licensing and Calvin Klein
sportswear businesses, as well as the Company's other sportswear businesses.



For the nine month period, total revenues were $1,227.6 million, an increase of 1% from the prior year amount of $1,212.5
million.  The prior year's nine month period includes revenues of $49.0 million from the wholesale footwear business and $16.4

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million from the Calvin Klein wholesale collection apparel business.  Excluding these businesses exited as of the end of
fiscal 2003, revenues increased 7% over the prior year.

Commenting on these results, Bruce J. Klatsky, Chairman and Chief Executive Officer, noted, "We are extremely pleased with
our third quarter results.  Strong revenue and earnings growth exhibited by both of our business segments enabled our earnings to be well ahead
of our previous earnings guidance.  The earnings growth in our Apparel segment was driven by increased revenue and higher gross margins due to
more full priced selling and the introduction of the higher margin Calvin Klein better men's sportswear line.  In addition, the improvement in
our existing retail business, and the closing of underperforming retail outlet stores, coupled with the limited rollout of Calvin Klein retail
outlet stores in premium outlet malls, enabled us to achieve earnings growth in our retail outlet business. Our Calvin Klein Licensing segment
benefited from revenue increases from existing licensees, as well as the growth initiatives we have undertaken."



Mr. Klatsky continued, "Our strategy of maximizing the growth opportunities for Calvin Klein and our existing wholesale
dress shirt and sportswear businesses has enabled us to once again achieve strong earnings growth.  The launch of our Calvin Klein better men's
sportswear line and the Calvin Klein better women's sportswear line, licensed to a joint venture formed by Kellwood and GAV, continue to
perform well and contributed to our revenue and earnings increases.  We also remain excited about our four new dress shirt licensing
agreements:  BCBG Max Azria and MICHAEL Michael Kors which were launched in the second quarter of this year, as well as Chaps and SEAN JOHN,
which will principally begin shipping in the fourth quarter of this year."



Mr. Klatsky concluded, "Given our third quarter results, we are raising our 2004 earnings per share guidance (excluding
restructuring and other items) to $1.29 to $1.30, with fourth quarter earnings of $0.15 to $0.16 per share.  Including restructuring and other
items, we anticipate that GAAP earnings per share in 2004 will be $0.88 to $0.89, with fourth quarter GAAP earnings per share of $0.10 to
$0.11.  We are increasing our 2004 revenue guidance to a range of $1.650 billion to $1.660 billion, which represents an increase of
approximately 5% - 6% over 2003. Revenue growth in

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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). Looking
beyond this year, we continue to be very comfortable in our ability to grow earnings at 15% to 20% per year while our revenues grow 5% to 6%
per year.





The Company webcasts its conference calls to review its earnings releases.The Company's conference
call to review its third quarter earnings release is scheduled for Wednesday, November 17, 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 one year 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.

-5-



PHILLIPS-VAN HEUSEN CORPORATION

Consolidated Income Statements

(In thousands, except per share data)



|                            | Quarter Ended |               | Quarter Ended
|--------------------------- | ------------- | ------------- | -------------
|                            | 10/31/04      |               | 11/2/03      
|                            |               |               | Results      
|                            |               |               | Excluding    
|                            | Results       | Restructuring | Restructuring
|                            | Under         | and Other     | and Other    
|                            | GAAP          | Items(1)      | Items(1)     
|                            |               |               |              
|Net sales                   | $422,652      |               | $422,652     
|Royalty and other revenues  | 50,804        |               | 50,804       
|Total revenues              | $473,456      |               | $473,456     
|                            |               |               |              
|Gross profit on net sales   | $159,108      |               | $159,108     
|Gross profit on royalty and |               |               |              
|other revenues              | 50,804        |               | 50,804       
|Total gross profit          | 209,912       |               | 209,912      
|                            |               |               |              
|Selling, general and        |               |               |              
|administrative expenses     | 160,408       | $  5,950      | 154,458      
|                            |               |               |              
|                            |               |               |              
|Earnings before interest    |               |               |              
|and taxes                   | 49,504        | (5,950)       | 55,454       
|                            |               |               |              
|Interest expense, net       | 8,365         |               | 8,365        
|                            |               |               |              
|Pre-tax income              | 41,139        | (5,950)       | 47,089       
|                            |               |               |              
|Income tax expense          | 14,398        | (2,082)       | 16,480       
|                            |               |               |              
|Net income                  | 26,741        | (3,868)       | 30,609       
|                            |               |               |              
|Preferred stock dividends   | 5,280         |               | 5,280        
|                            |               |               |              
|Net income available to     |               |               |              
|common stockholders         | $  21,461     | $ (3,868)     | $  25,329    
|                            |               |               |              
|Basic net income per        |               |               |              
|common share(3)             | $      0.69   |               | $      0.82  
|                            |               |               |              
|Diluted net income per      |               |               |              
|common share(3)             | $      0.52   |               | $      0.59  
|                            |               |               |              

(1)

-6-



(2)

(3)







































-7-



PHILLIPS-VAN HEUSEN CORPORATION

Consolidated Income Statements

(In thousands, except per share data)



|                            | Nine Months Ended |               | Nine Months Ended
|--------------------------- | ----------------- | ------------- | -----------------
|                            | 10/31/04          |               | 11/2/03          
|                            |                   |               | Results          
|                            |                   |               | Excluding        
|                            | Results           | Restructuring | Restructuring    
|                            | Under             | and Other     | and Other        
|                            | GAAP              | Items(1)      | Items(1)         
|                            |                   |               |                  
|Net sales                   | $1,095,367        |               | $1,095,367       
|Royalty and other revenues  | 132,251           |               | 132,251          
|Total revenues              | $1,227,618        |               | $1,227,618       
|                            |                   |               |                  
|Gross profit on net sales   | $   420,950       |               | $   420,950      
|Gross profit on royalty and |                   |               |                  
|other revenues              | 132,251           |               | 132,251          
|Total gross profit          | 553,201           |               | 553,201          
|                            |                   |               |                  
|Selling, general and        |                   |               |                  
|administrative expenses     | 454,883           | $  13,095     | 441,788          
|                            |                   |               |                  
|Gain on sale of investment  |                   |               |                  
|                            |                   |               |                  
|Earnings before interest    |                   |               |                  
|and taxes                   | 98,318            | (13,095)      | 111,413          
|                            |                   |               |                  
|Interest expense, net       | 34,743            | 9,374         | 25,369           
|                            |                   |               |                  
|Pre-tax income              | 63,575            | (22,469)      | 86,044           
|                            |                   |               |                  
|Income tax expense          | 22,251            | (7,864)       | 30,115           
|                            |                   |               |                  
|Net income                  | 41,324            | (14,605)      | 55,929           
|                            |                   |               |                  
|Preferred stock dividends   | 15,841            |               | 15,841           
|                            |                   |               |                  
|Net income available to     |                   |               |                  
|common stockholders         | $     25,483      | $(14,605)     | $     40,088     
|                            |                   |               |                  
|Basic net income per        |                   |               |                  
|common share(3)             | $         0.82    |               | $         1.30   
|                            |                   |               |                  
|Diluted net income per      |                   |               |                  
|common share(3)             | $         0.79    |               | $         1.09   
|                            |                   |               |                  

(1)

- Pre-tax costs of $13.1 million associated with (a) licensing the Bass brand for wholesale distribution of footwear 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.

-8-

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

(2)

(3)



































-9-

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 per common share as follows:

(In thousands, except per share data)



|                                    | Quarter Ended |               | Quarter Ended
|----------------------------------- | ------------- | ------------- | -------------
|                                    | 10/31/04      |               | 11/2/03      
|                                    |               | Results       |              
|                                    |               | Excluding     |              
|                                    | Results       | Restructuring |              
|                                    | Under         | and Other     |              
|                                    | GAAP          | Items         |              
|                                    |               |               |              
|Net income                          | $26,741       | $30,609       |              
|                                    |               |               |              
|Less: Preferred stock dividends     | 5,280         | 5,280         |              
|                                    |               |               |              
|Net income available to             |               |               |              
|common stockholders for basic       |               |               |              
|net income per common share         | 21,461        | 25,329        |              
|                                    |               |               |              
|Add back preferred stock dividends  | 5,280         | 5,280         |              
|                                    |               |               |              
|Net income available to common      |               |               |              
|stockholders for diluted net        |               |               |              
|income per common share             | $26,741       | $30,609       |              
|                                    |               |               |              
|Weighted average common shares      |               |               |              
|outstanding for basic net income    |               |               |              
|per common share                    | 31,066        | 31,066        |              
|                                    |               |               |              
|Impact of dilutive stock options    | 1,635         | 1,635         |              
|                                    |               |               |              
|Impact of assumed preferred         |               |               |              
|stock conversion                    | 18,910        | 18,910        |              
|                                    |               |               |              
|Total shares for diluted net income |               |               |              
|per common share                    | 51,611        | 51,611        |              
|                                    |               |               |              
|                                    |               |               |              
|Basic net income per                |               |               |              
|common share                        | $    0.69     | $    0.82     |              
|                                    |               |               |              
|Diluted net income per              |               |               |              
|common share                        | $    0.52     | $    0.59     |              
|                                    |               |               |              



-10-



|                                    | Nine Months Ended |               | Nine Months Ended
|----------------------------------- | ----------------- | ------------- | -----------------
|                                    | 10/31/04          |               | 11/2/03          
|                                    |                   | Results       |                  
|                                    |                   | Excluding     |                  
|                                    | Results           | Restructuring |                  
|                                    | Under             | and Other     |                  
|                                    | GAAP              | Items         |                  
|                                    |                   |               |                  
|Net income                          | $41,324           | $55,929       |                  
|                                    |                   |               |                  
|Less: Preferred stock dividends     | 15,841            | 15,841        |                  
|                                    |                   |               |                  
|Net income available to             |                   |               |                  
|common stockholders for basic       |                   |               |                  
|net income per common share         | 25,483            | 40,088        |                  
|                                    |                   |               |                  
|Add back preferred stock dividends  |                   | 15,841        |                  
|                                    |                   |               |                  
|Net income available to common      |                   |               |                  
|stockholders for diluted net        |                   |               |                  
|income per common share             | $25,483           | $55,929       |                  
|                                    |                   |               |                  
|Weighted average common shares      |                   |               |                  
|outstanding for basic net income    |                   |               |                  
|per common share                    | 30,889            | 30,889        |                  
|                                    |                   |               |                  
|Impact of dilutive stock options    | 1,418             | 1,418         |                  
|                                    |                   |               |                  
|Impact of assumed preferred         |                   |               |                  
|stock conversion                    |                   | 18,910        |                  
|                                    |                   |               |                  
|Total shares for diluted net income |                   |               |                  
|per common share                    | 32,307            | 51,217        |                  
|                                    |                   |               |                  
|                                    |                   |               |                  
|Basic net income per                |                   |               |                  
|common share                        | $    0.82         | $    1.30     |                  
|                                    |                   |               |                  
|Diluted net income per              |                   |               |                  
|common share                        | $    0.79         | $    1.09     |                  
|                                    |                   |               |                  

The sum of the first three quarters diluted net income per common share does not equal the year-to-date total due to applying the if-
converted method to the Company's convertible redeemable preferred stock.





-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
|----------------------------- | ------------- | ------------- | -------------
|                              | 10/31/04      |               | 11/2/03      
|                              |               |               | Results      
|                              |               |               | Excluding    
|                              | Results       | Restructuring | Restructuring
|                              | Under         | and Other     | and Other    
|                              | GAAP          | Items         | Items        
|($000)                        |               |               |              
|Net income                    | $26,741       | $(3,868)      | $30,609      
|Plus:                         |               |               |              
|Income tax expense            | 14,398        | (2,082)       | 16,480       
|Interest expense, net         | 8,365         |               | 8,365        
|Depreciation and amortization | 6,539         |               | 6,539        
|EBITDA                        | $56,043       | $(5,950)      | $61,993      
|                              |               |               |              





|                              | Nine Months Ended |               | Nine Months Ended
|----------------------------- | ----------------- | ------------- | -----------------
|                              | 10/31/04          |               | 11/2/03          
|                              |                   |               | Results          
|                              |                   |               | Excluding        
|                              | Results           | Restructuring | Restructuring    
|                              | Under             | and Other     | and Other        
|                              | GAAP              | Items         | Items            
|($000)                        |                   |               |                  
|Net income                    | $  41,324         | $(14,605)     | $  55,929        
|Plus:                         |                   |               |                  
|Income tax expense            | 22,251            | (7,864)       | 30,115           
|Interest expense, net         | 34,743            | 9,374         | 25,369           
|Depreciation and amortization | 20,645            |               | 20,645           
|EBITDA                        | $118,963          | $(13,095)     | $132,058         
|                              |                   |               |                  











-12-



PHILLIPS-VAN HEUSEN CORPORATION

Consolidated Balance Sheets

(In thousands)



|                                                        | October 31,  | November 2, 
|------------------------------------------------------- | ------------ | ------------
|                                                        | 2004         | 2003        
|ASSETS                                                  |              |             
|Current Assets:                                         |              |             
|Cash and Cash Equivalents                               | $     94,303 | $     82,087
|Receivables                                             | 160,213      | 184,021     
|Inventories                                             | 242,671      | 233,412     
|Other, including deferred taxes of $17,164 and $27,454  | 33,218       | 43,523      
|Total Current Assets                                    | 530,405      | 543,043     
|Property, Plant and Equipment                           | 146,263      | 142,364     
|Goodwill and Other Intangible Assets                    | 802,224      | 782,097     
|Other                                                   | 30,378       | 25,126      
|                                                        | $1,509,270   | $1,492,630  
|                                                        |              |             
|LIABILITIES AND STOCKHOLDERS' EQUITY                    |              |             
|Accounts Payable and Accrued Expenses                   | $   194,947  | $   189,460 
|Other Liabilities, including deferred taxes of $199,905 |              |             
|and $198,378                                            | 327,145      | 330,396     
|Long-Term Debt                                          | 399,510      | 399,076     
|Series B Convertible Redeemable Preferred Stock         | 264,746      | 264,746     
|Stockholders' Equity                                    | 322,922      | 308,952     
|                                                        | $1,509,270   | $1,492,630  























-13-





PHILLIPS-VAN HEUSEN CORPORATION

Segment Data

(In thousands)



|                                       | Quarter Ended |               | Quarter Ended
|-------------------------------------- | ------------- | ------------- | -------------
|                                       | 10/31/04      |               | 11/2/03      
|                                       |               |               | Results      
|                                       |               |               | Excluding    
|                                       | Results       | Restructuring | Restructuring
|                                       | Under         | and Other     | and Other    
|                                       | GAAP          | Items         | Items        
|                                       |               |               |              
|Revenues - Apparel and RelatedProducts |               |               |              
|Net sales                              | $420,117      |               | $420,117     
|Royalty and other revenues             | 5,094         |               | 5,094        
|Total                                  | 425,211       |               | 425,211      
|                                       |               |               |              
|Revenues - Calvin Klein Licensing      |               |               |              
|Net sales                              | 2,535         |               | 2,535        
|Royalty and other revenues             | 45,710        |               | 45,710       
|Total                                  | 48,245        |               | 48,245       
|                                       |               |               |              
|Total Revenues                         |               |               |              
|Net sales                              | 422,652       |               | 422,652      
|Royalty and other revenues             | 50,804        |               | 50,804       
|Total                                  | $473,456      |               | $473,456     
|                                       |               |               |              
|                                       |               |               |              
|Operating earnings - Apparel           |               |               |              
|and Related Products                   | $  41,555     | $ (5,950)     | $  47,505    
|                                       |               |               |              
|Operating earnings -                   |               |               |              
|Calvin Klein Licensing                 | 15,261        |               | 15,261       
|                                       |               |               |              
|Corporate expenses                     | 7,312         |               | 7,312        
|                                       |               |               |              
|Earnings before                        |               |               |              
|interest and taxes                     | $  49,504     | $ (5,950)     | $  55,454    
|                                       |               |               |              





-14-





PHILLIPS-VAN HEUSEN CORPORATION

Segment Data

(In thousands)



|                                       | Nine Months Ended |               | Nine Months Ended
|-------------------------------------- | ----------------- | ------------- | -----------------
|                                       | 10/31/04          |               | 11/2/03          
|                                       |                   |               | Results          
|                                       |                   |               | Excluding        
|                                       | Results           | Restructuring | Restructuring    
|                                       | Under             | and Other     | and Other        
|                                       | GAAP              | Items         | Items            
|                                       |                   |               |                  
|Revenues - Apparel and RelatedProducts |                   |               |                  
|Net sales                              | $1,086,981        |               | $1,086,981       
|Royalty and other revenues             | 13,907            |               | 13,907           
|Total                                  | 1,100,888         |               | 1,100,888        
|                                       |                   |               |                  
|Revenues - Calvin KleinLicensing       |                   |               |                  
|Net sales                              | 8,386             |               | 8,386            
|Royalty and other revenues             | 118,344           |               | 118,344          
|Total                                  | 126,730           |               | 126,730          
|                                       |                   |               |                  
|Total Revenues                         |                   |               |                  
|Net sales                              | 1,095,367         |               | 1,095,367        
|Royalty and other revenues             | 132,251           |               | 132,251          
|Total                                  | $1,227,618        |               | $1,227,618       
|                                       |                   |               |                  
|                                       |                   |               |                  
|Operating earnings - Apparel           |                   |               |                  
|and Related Products                   | $     80,637      | $(13,095)     | $     93,732     
|                                       |                   |               |                  
|Operating earnings -                   |                   |               |                  
|Calvin Klein Licensing                 | 40,722            |               | 40,722           
|                                       |                   |               |                  
|Corporate expenses(1)                  | 23,041            |               | 23,041           
|                                       |                   |               |                  
|Earnings before                        |                   |               |                  
|interest and taxes                     | $     98,318      | $(13,095)     | $   111,413      
|                                       |                   |               |                  

(1)



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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                                                                                                                                                                                                                                       | $0.88 - $0.89 
|                                                                                                                                                                                                                                                                  |               
|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 and relocating
the Company's retail footwear operations                                          | 0.32          
|                                                                                                                                                                                                                                                                  |               
|                                                                                                                                                                                                                                                                  |               
|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          
|                                                                                                                                                                                                                                                                  |               
|Effect of preferred stock conversion:                                                                                                                                                                                                                             |               
|2004 full year non-GAAP EPS estimate assumes conversion of
the Company's preferred stock.  2004 full year GAAP EPS estimate
does not assume conversion of the Company's preferred stock
because such assumption would be antidilutive to the GAAP EPS
computation | (0.10)        
|                                                                                                                                                                                                                                                                  |               
|Estimated diluted net income per common share                                                                                                                                                                                                                     |               
|excluding the above items (non-GAAP)                                                                                                                                                                                                                              | $1.29 - $1.30 







|                                                                                                                                                                                                                        | 2004 Fourth Quarter
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------
|                                                                                                                                                                                                                        |                    
|Estimated diluted net income                                                                                                                                                                                            |                    
|per common share under GAAP                                                                                                                                                                                             | $0.10 - $0.11      
|                                                                                                                                                                                                                        |                    
|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 and relocating
the Company's retail footwear operations | 0.05               
|                                                                                                                                                                                                                        |                    
|Estimated diluted net income per common share                                                                                                                                                                           |                    
|excluding the above items (non-GAAP)                                                                                                                                                                                    | $0.15 - $0.16      

Note:	2004 fourth quarter non-GAAP and GAAP EPS estimates do not assume conversion of the Company's preferred stock because such
assumption would be antidilutive to both the non-GAAP and GAAP EPS computations.



-16-





PHILLIPS-VAN HEUSEN CORPORATION

Reconciliation of 2004 EBITDA Estimate



The Company's 2004 full year EBITDA estimate is $164.2-$168.2 million, excluding restructuring and other items relating to licensing the
Bass brand for wholesale distribution of footwear 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 $166.2 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                    | $  50,500 | $(16,500)     | $  67,000    
|                              |           |               |              
|Plus:                         |           |               |              
|Income tax expense            | 27,100    | (8,900)       | 36,000       
|Interest expense, net         | 43,100    | 9,400         | 33,700       
|Depreciation and amortization | 29,500    |               | 29,500       
|EBITDA                        | $150,200  | $(16,000)     | $166,200     











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