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Warnaco reports 75.9% rise in Q3 operating income

05 Nov '05

2 min read

New York based leading apparel company Warnaco Group Inc reported results for the third quarter ended October 1, 2005
-- Net revenues increased to $327.7 million compared to $324.4 million for the third quarter of fiscal 2004.

-- Gross margin was up 280 basis points to 34.4 percent versus 31.6 percent in the prior year quarter.

-- Operating income rose 75.9 percent to $13.7 million from $7.8 million in the prior year quarter.

-- Net income grew to $6.9 million, or $0.15 per diluted share, as compared to $1.6 million, or $0.03 per diluted share, for the third quarter of fiscal 2004.

'Their merchandising and margin strategies contributed to strong results for us this quarter,' said Joe Gromek, Warnaco's President and Chief Executive Officer. 'Their brands were well received, with notable strength in Chaps and Calvin Klein jeans and underwear. They also saw a significant increase in profitability resulting in part from increases in full-price sales, declines in off-price sales, the strength of their international businesses and the realization of initial benefits from the sourcing initiatives they implemented in 2004.'

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Warnaco Group Inc, headquartered in New York, is a leading apparel company engaged in the business of designing, marketing and selling intimate apparel, menswear, jeanswear, swimwear, men's and women's sportswear and accessories under such owned and licensed brands as Warner's, Olga, Lejaby, Body Nancy Ganz, Speedo, Anne Cole, Op, Ocean Pacific, Cole of California and Catalina as well as Chaps sportswear and denim, J. Lo by Jennifer Lopez lingerie, Nautica swimwear, Michael Kors swimwear and Calvin Klein men's and women's underwear, men's, women's, junior women's and children's jeans and women's and juniors' swimwear.

Warnaco Group Inc

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