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Warnaco 3q Net Revenues Increase 8%

(Filed Under Financial and General Interest News). The Warnaco Group, Inc. reported that net revenues in the third quarter increased 8 percent to $645.1 million, while international net revenues grew 16 percent and direct-to-consumer net revenues increased 31 percent over the comparable period in 2010.

The direct-to-consumer growth reflects a 35 percent increase in square footage and a 2 percent increase in comparable store sales. The company’s three segments — intimate apparel, swimwear and sportswear — all reported revenue gains, while the jump in international net revenues more than offset a 3 percent decline in U.S. net revenues.

"We again reported strong operating results in Asia and Latin America," said Joe Gromek, president and C.E.O. of Warnaco. "And, despite difficult market conditions in parts of Europe and gross margin pressure in the U.S. market, we were able to maintain a double-digit operating margin in the quarter."

Income per diluted share came to $1.13 in the quarter, compared to 90 cents a share in the prior year’s period. Gross profit rose 4 percent to $279.7 million.

"Our Calvin Klein brand continues to resonate well with consumers globally, and we see significant opportunities to capitalize on this powerful brand equity, especially in emerging markets," added Gromek. "As we move through the fourth quarter, we believe we are well positioned to deliver strong operating results."

The company continues to anticipate full-year net revenues 10 to 12 percent higher compared to fiscal 2010 and adjusted income per share from continuing operations in the range of $4 to $4.15.

New York-based Warnaco sells men’s, women’s and children’s activewear, accessories, intimate apparel and swimwear under licensed brands including Calvin Klein, Speedo, Warner’s and Olga.

more Financial and General Interest News >>

Published 11-04-2011 by Katherine Rautenberg

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