Warnaco posts 13% hike in Q1 net sales

06 May '11

4 min read

"Strategically, we remain quite bullish on our key initiatives, including maximizing Calvin Klein, expanding globally and growing our direct-to-consumer platform. And, while we will continue to face the effects of increased product costs, we fully expect to benefit from appropriate price increases and to realize positive operating leverage from our investments, positioning fiscal 2011 for another successful year for Warnaco and its stakeholders," concluded Mr. Gromek.

Fiscal 2011 Outlook

For fiscal 2011, on an adjusted, non-GAAP basis (excluding restructuring expense and pension expense) and based on recent foreign currency exchange rates:

• The Company now anticipates net revenues will grow 9% - 11% compared to fiscal 2010 and
• The Company expects adjusted diluted earnings per share from continuing operations in the range of $3.95 - $4.15.

The Company's prior guidance was for net revenue growth in the range of 7% - 9% compared to fiscal 2010 and adjusted diluted earnings per share from continuing operations in the range of $3.85 - $4.05.

Schedule 7 of the accompanying tables provides a reconciliation of expected diluted earnings per share from continuing operations, on a GAAP basis and based on 2010 average foreign currency exchange rates, of $3.59- $3.73 per diluted share (assuming minimal pension expense), to the adjusted fiscal 2011 outlook above.

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