Warnaco delivers strong results throughout fiscal 2007

27 Feb '08

3 min read

The Warnaco Group Inc reported results for the fourth quarter and fiscal year ended December 29, 2007.

For the fourth quarter:
• Net revenues were $473.0 million, up 6% from the prior year quarter
• Gross margin increased 60 basis points to 39% of net revenues from the prior year quarter
• Income from continuing operations was $22.2 million compared to $26.4 million in the prior year quarter

For the fourth quarter, on an adjusted (non-GAAP) basis (excluding businesses expected to be discontinued in fiscal 2008, pension income, certain tax related items and restructuring expenses):

• Net revenues were $467.1 million, up 7% from the prior year quarter
• Gross margin increased 300 basis points to 42% of net revenues from the prior year quarter
• Income from continuing operations was $19.8 million compared to $21.6 million in the prior year quarter

For the year:
• Net revenues were $1.9 billion, up 12% from the prior year
• Gross margin increased 190 basis points to 40% of net revenues from the prior year
• Operating income increased 15% to $137.0 million and operating margin increased 20 basis points to 7% of net revenues
• Income per diluted share from continuing operations was $1.78 compared to $1.41 in the prior year

For the year, on an adjusted (non-GAAP) basis (excluding businesses expected to be discontinued in fiscal 2008, pension income, certain tax related items and restructuring expenses):

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