Home / Knowledge / News / Apparel/Garments / Warnaco posts 13% hike in Q1 net sales
Warnaco posts 13% hike in Q1 net sales
06
May '11
The Warnaco Group Inc reported results for the first quarter ended April 2, 2011.

Highlights for the first quarter:

• Net revenues increased 13%, to $662.2 million, compared to the prior year quarter
• Income per diluted share from continuing operations was $0.98 compared to $1.03 in the prior year quarter
• Income per diluted share from continuing operations on an adjusted, non-GAAP, basis was $1.10 compared to $1.09 in the prior year quarter (both of which exclude restructuring expenses, pension expense, tax related items and other items)
• The Company purchased 561,000 shares of its common stock for approximately $29.1 million pursuant to a share repurchase program

The accompanying tables provide a reconciliation of actual results to the adjusted results.

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.

"I am pleased with our first quarter results, where we experienced powerful revenue growth, while we continued to invest in the future of our business," commented Joe Gromek, Warnaco's President and Chief Executive Officer. "SG&A increased 20% compared to the prior year quarter, as we expanded our Calvin Klein business, grew our owned retail (operating an additional 240,000 square feet of retail space compared to the prior year quarter, including approximately 50,000 square feet of new retail opened or acquired this quarter) and successfully implemented our largest product launch ever, ck one. These investments are expected to drive net revenue growth and translate into strong operating results over the course of the year."

"In the quarter, our Calvin Klein revenues increased 13%, international revenues were up 19% and we increased our direct-to-consumer revenues 36%, including an 8% increase in comparable store sales," continued Mr. Gromek.

"While first quarter revenues were strong, operating results were impacted by increased expense related to our direct-to-consumer expansion and incremental marketing expense. All geographies, with the exception of Europe, performed in-line with, or better than, our internal expectations.

"In Europe, gross profit was impacted by promotional activity, channel mix and increased product costs, including foreign exchange fluctuations; in addition, SG&A reflected incremental selling expense associated with the approximately 120,000 square feet of new and acquired retail in that region. Going forward, however, we expect to see positiveyear over year comparisons in Europe for the balance of fiscal 2011. "


Must ReadView All

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Apparel/Garments | On 15th Dec 2017

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Strategic location, modern factory facilities and proximity to the...

Courtesy: 2XU

Apparel/Garments | On 15th Dec 2017

L Catterton Asia announces JV of GXG and 2XU

L Catterton Asia, the Asian unit of the largest and most global...

15 trade associations urge nations to safeguard WTO system

Apparel/Garments | On 15th Dec 2017

15 trade associations urge nations to safeguard WTO system

Fifteen trade and industry associations from across the world have...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search