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Warnaco bucks trend to post growth in Q3

22
Nov '08
The Warnaco Group, Inc. today reported results for the third quarter ended October 4, 2008.

For the third quarter on a GAAP basis:
-Net revenues rose 16% compared to the prior year quarter
- Gross margin increased 520 basis points to 47% of net revenues
-Operating margin increased 90 basis points to 9% of net revenues
-Income from continuing operations increased 77% to $0.62 per diluted share

For the third quarter on an adjusted basis (non-GAAP) (excluding certain tax items, restructuring expenses, certain other items, and pension income/expense):

-Gross margin increased 380 basis points to 47% of net revenues
-Operating margin decreased 80 basis points to 10% of net revenues
-Income from continuing operations increased 10% to $0.74 per diluted share

For both GAAP and adjusted third quarter results, the impact of foreign currency exchange rates:

-Increased third quarter 2008 net revenues and gross margin by approximately $7.7 million and $2.4 million, respectively, compared to the third quarter of fiscal 2007; and
-Decreased operating income by $12.0 million, due to a $15.3 million increase in SG&A expense primarily related to the mark to market of U.S. dollar denominated trade liabilities in certain of the Company's foreign subsidiaries.
-Increased other income by $3.4 million, related primarily to net gains associated with the hedging of certain U.S. dollar denominated inventory purchased by certain of the Company's European subsidiaries.

Warnaco Group


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