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Sales up 9.5% at Warnaco in FY'11
29
Feb '12
The Warnaco Group, Inc. reported results for the fourth quarter and fiscal year ended December 31, 2011.

For the year:
• Net revenues were $2.5 billion, up 9.5% from the prior year
• International net revenues increased 17% from the prior year
• Direct-to-consumer net revenues increased 28%, including an increase of 4% in comparable store sales, from the prior year
• Gross margin decreased 60 basis points from the prior year to 44% of net revenues
• Selling, general and administrative (SG&A) expense as a percentage of net revenues increased 60 basis points from the prior year to 34%
• Restructuring expense was $60.9 million (including $40.0 million of non-cash charges)
• Income per diluted share from continuing operations declined 6% to $3.01 compared to $3.19 in the prior year
• Income per diluted share from continuing operations on an adjusted, non-GAAP, basis increased 11% to $3.96 in fiscal 2011 compared to $3.57 in fiscal 2010 (both of which exclude restructuring expense, pension expense, certain tax-related items and other items)
• The Company purchased 4.3 million shares of its common stock for approximately $217.1 million pursuant to its share repurchase programs

For the fourth quarter:
• Net revenues were $614.7 million, up 4% from the prior year quarter
• Gross margin increased 60 basis points from the prior year quarter to 44% of net revenues
• SG&A as a percentage of net revenues decreased 60 basis points from the prior year quarter to 34%
• Restructuring expense was $41.9 million (including $38.9 million of non-cash charges)
• Loss per diluted share from continuing operations was ($0.16) compared to income per diluted share from continuing operations of $0.61 in the prior year quarter.

“Fiscal 2011 was another successful year for Warnaco,” commented Helen McCluskey, the Company's President and Chief Executive Officer.

“We remained focused on our key strategic initiatives, growing our Calvin Klein businesses, expanding our international reach, building our direct-to-consumer platform and improving the profitability of our Heritage brands.

"Our net revenue results, 12% growth in Calvin Klein, 17% growth in international and a 28% increase in direct-to-consumer businesses, demonstrate the strength of our brands and our diversified global business model”, she said.

Fiscal 2012 Outlook:
For fiscal 2012, on an adjusted, non-GAAP, basis (excluding restructuring expense and assuming minimal pension expense) and based on recent exchange rates, the Company anticipates:

• Net revenues will grow 4% - 6% compared to fiscal 2011 (6%-8% based on 2011 average exchange rates); and
• Adjusted, non-GAAP, diluted earnings per share from continuing operations in the range of $4.20 - $4.45.

The Warnaco Group

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