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PVH raises 1Q guidance

NEW YORK (AP) -- Clothing maker PVH said Tuesday that it expects first-quarter results above expectations due to higher-than-expected wholesale shipments and tax items.

PVH, previously known as Phillips-Van Heusen, sells brands like Calvin Klein, Tommy Hilfiger, Izod and Timberland. Last month it bpught rival Warnaco in a $2.9 billion deal to help cement its control of the Calvin Klein clothing brand.

In March the company said it expected first-quarter adjusted net income, excluding acquisition costs, of $1.33 per share on revenue of $1.9 billion. Now it expects adjusted earnings to be above that guidance, without stating an exact number.

Analysts expect $1.34 per share on revenue of $1.89 billion, according to FactSet.

PVH shares fell 34 cents to $114.01 in morning trading.