Home / Knowledge / News / Apparel/Garments / Strong growth in Core Intimates - Warnaco
Strong growth in Core Intimates - Warnaco
11
May '10
The Warnaco Group, Inc. reported results for the first quarter ended April 3, 2010.

Highlights for the quarter:

• Net revenues were up 9% from the prior year quarter
• Income per diluted share from continuing operations increased 23% to $1.03 compared to $0.84 in the prior year quarter, and includes $0.06 and $0.13, respectively, of costs related to restructuring expenses, pension expense, certain tax related items and other items
• Income per diluted share from continuing operations on an adjusted, non-GAAP basis (excluding the items above) was $1.09, a 12% increase, compared to $0.97 for the prior year quarter
• The Company purchased 1.5 million of its common shares
• The Company redeemed $50 million of its 8-7/8% Senior Notes; and on May 7, 2010 called for redemption the remaining $110.9 million balance

The Company believes it is valuable for users of the Company's financial statements to be made aware of the adjusted financial information, as such measures are used by management to evaluate the operating performance of the Company's continuing businesses on a comparable basis.

Joe Gromek, Warnaco's President and Chief Executive Officer, commented, "We are pleased with our strong first quarter results, which exceeded our expectations. Our revenue growth, higher gross margin and record earnings are a testament to the strength of our diversified global business model. Growth in our Calvin Klein businesses, led by double digit increases in all our key international geographies, as well as similar gains in Chaps and our Core Intimates business, resulting from expanded distribution and new product launches, drove a 9% increase in total Company net revenues. We were encouraged by our strong brand performance as evidenced by the nearly 6% increase in comparable store sales, including a strong performance in Europe, and believe we are well positioned to gain market share as the global economies recover."

"Looking ahead, we are optimistic about the prospects for our Company," commented Mr. Gromek. "In addition to powerful brands, Warnaco possesses a highly efficient business model, an established global infrastructure and an experienced leadership team. Taken together, they provide our Company with significant opportunities to use its strong balance sheet to fund key growth initiatives while creating long-term shareholder value. In 2010, we will continue to focus on the global expansion of our direct to consumer footprint and opportunities to expand our direct operation through strategic acquisitions of key distribution and franchise partners.

"We ended the quarter in a very solid financial position," commented Larry Rutkowski, Warnaco's Executive Vice President and Chief Financial Officer. "Our disciplined working capital management, led by significant inventory reductions, contributed to our strong cash position. We will continue to evaluate the most effective uses of cash to maximize shareholder returns."

Must ReadView All

Textiles | On 23rd Jan 2017

Textile & clothing trade fair Momad Metrópolis begins Feb 3

Spanish textile and clothing trade fair Momad Metrópolis will be held ...

Apparel/Garments | On 23rd Jan 2017

Amazon opening ninth fulfilment centre in Texas

Amazon, the world biggest online retailer is opening its ninth...

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search