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Warnaco 1q Net Revenues Up 13%

(Filed Under Financial and General Interest News). The Warnaco Group reported a 13 percent increase in net revenues for the end of the first quarter.

The increase brought the company up to $662.2 million, while income per diluted share from continuing operations was 98 cents, compared to $1.03 in the same quarter last year.

Calvin Klein revenues increased 13 percent, while international revenues were up 19 percent and direct-to-consumer revenues saw a 36 percent increase. Comparable store sales went up 8 percent.

"While our first quarter revenues were strong, operating results were impacted by increased expenses related to our direct-to-consumer expansion and incremental marketing expense," said Gromek. "Strategically, we remain quite bullish on our key initiatives, including maximizing Calvin Klein, expanding globally and growing our direct-to-consumer platform. And, while we will continue to face the effects of increased product costs, we fully expect to benefit from appropriate price increases and to realize positive operating leverage from our investments, positioning fiscal 2011 for another successful year for Warnaco and its stakeholders."

Due to the increase in revenue across the board, Warnaco raised its fiscal 2011 guidance, anticipating net revenues will grow between 9 and 11 percent compared to fiscal 2010, up from 7 to 9 percent. The company also expects adjusted diluted earnings per share from continuing operation in the range of $3.95 to $4.15, up from $3.85 to $4.05.

The Warnaco Group sells intimate apparel, swimwear and sportswear under the brand names Calvin Klein, Chaps, Olga, Speedo and Warner’s.

more Financial and General Interest News >>

Published 06-30-2011 by Katherine Rautenberg

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