News Flash

Warnaco Sportswear revenues up 14% to $265.1 mn

06 Nov '07

3 min read

• Net income per diluted share from continuing operations rose to $0.67 from $0.59 in the prior year quarter

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

The Company believes it is valuable for users of the Company's financial statements to be made aware of the as 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.

"The power of our brands and the diversity of our global business model are evident in the strong results of our ongoing business we reported," said Joe Gromek, Warnaco's President and Chief Executive Officer.

"Clearly, the successful execution of our key strategies to capitalize on the worldwide potential of our Calvin Klein businesses, expand our direct-to-consumer business and increase our international presence is the driving force behind the sustained positive performance of our business."

"During the quarter, we recorded a double digit gain in revenues with all geographies contributing to this increase. Our international revenues for the first time represented more than half of our total business, driven by particular strength in Europe and Asia, and our strategy to expand our direct-to-consumer business is working. The global strength of our brands and product offerings led to a significant increase in both as adjusted gross margin and operatingincome."

Mr. Gromek concluded, "The recently announced restructuring in our Swimwear Group exemplifies our team's commitment to creating shareholder value. With a continued focus on the significant opportunities that exist to maximize our powerful brands, we remain positive regarding the Company's prospects for the current year and beyond."

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