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2010 - another record year for Warnaco
01 Mar '11
2 min read
The Warnaco Group, Inc. reported results for the fourth quarter and fiscal year ended January 1, 2011.
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 and to make operating and strategic decisions. In addition, the Company uses performance targets based, in part, on non-GAAP income from continuing operations and non-GAAP operating income as a component of the measurement of certain employee incentive compensation.
"Fiscal 2010 was another record year for Warnaco," commented Joe Gromek, Warnaco's President and Chief Executive Officer. "The continued execution of our key strategies fueled a powerful revenue and earnings performance. Growth in our Calvin Klein businesses, including International, and expansion of our direct to consumer business together with a strong performance from our heritage businesses contributed to these solid results.
"During 2010, we further developed our Calvin Klein brand in existing geographies as well as in new markets, expanded our direct to consumer footprint and engaged consumers worldwide with innovative product offerings supported by memorable marketing campaigns. This led to a 14% increase in Calvin Klein revenues. Our International revenues grew 17% and increased to 56% of our total Company. We also recorded a 25% increase in our direct to consumer revenues, fueled by productivity gains in existing doors along with the addition of over 200,000 square feet of new retail space, a 31% increase compared to the prior year."
"As we begin 2011," continued Gromek, "we anticipate another year of solid revenue and earnings growth. Our retail business is off to a strong start, we are excited about the CK One launch across our portfolio of Calvin Klein properties, and the investments we have made in infrastructure and our new geographies have us poised for further global expansion. While we are clearly facing product cost and supply chain inflation, we believe our business model, anchored by our powerful Calvin Klein brand and our high margin International and retail operations, position us to address these challenges. We remain confident that the continued focus on our long-term growth initiatives will enable us to achieve our long-term goals and increased value for our shareholders."
Click here for more detail.
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 and to make operating and strategic decisions. In addition, the Company uses performance targets based, in part, on non-GAAP income from continuing operations and non-GAAP operating income as a component of the measurement of certain employee incentive compensation.
"Fiscal 2010 was another record year for Warnaco," commented Joe Gromek, Warnaco's President and Chief Executive Officer. "The continued execution of our key strategies fueled a powerful revenue and earnings performance. Growth in our Calvin Klein businesses, including International, and expansion of our direct to consumer business together with a strong performance from our heritage businesses contributed to these solid results.
"During 2010, we further developed our Calvin Klein brand in existing geographies as well as in new markets, expanded our direct to consumer footprint and engaged consumers worldwide with innovative product offerings supported by memorable marketing campaigns. This led to a 14% increase in Calvin Klein revenues. Our International revenues grew 17% and increased to 56% of our total Company. We also recorded a 25% increase in our direct to consumer revenues, fueled by productivity gains in existing doors along with the addition of over 200,000 square feet of new retail space, a 31% increase compared to the prior year."
"As we begin 2011," continued Gromek, "we anticipate another year of solid revenue and earnings growth. Our retail business is off to a strong start, we are excited about the CK One launch across our portfolio of Calvin Klein properties, and the investments we have made in infrastructure and our new geographies have us poised for further global expansion. While we are clearly facing product cost and supply chain inflation, we believe our business model, anchored by our powerful Calvin Klein brand and our high margin International and retail operations, position us to address these challenges. We remain confident that the continued focus on our long-term growth initiatives will enable us to achieve our long-term goals and increased value for our shareholders."
Click here for more detail.
Warnaco Group Inc
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