(Filed Under Financial and General Interest News). The Warnaco Group, Inc. reported a 14 percent increase in net revenues to $591.4 million for the second quarter ended July 2, 2011.

Sportswear, intimates and swimwear all reported growth. International net revenues increased 32 percent compared to the prior year’s quarter, led by Asia and Latin America’s growth of more than 35 percent per market. Direct-to-consumer net revenues increased 38 percent, fueled by a 7 percent rise in comparable store sales. Income per diluted share from continuing operations jumped to $1.01 from 65 cents in the second quarter of 2010.

"We are pleased to report another solid quarter. Our second quarter results reflect the success of our growth strategies and the benefits of our global and diverse operating model," said Joe Gromek, president and chief executive officer of Warnaco. "We continued to invest in our key growth initiatives, namely maximizing our Calvin Klein business, broadening our international footprint and expanding our direct to consumer business, which produced powerful topline results and delivered a 15 percent increase in adjusted income per share from continuing operations."

Additionally, the company purchased approximately 1.1 million shares of its common stock for $58.5 million as part of its share repurchase program.

In response to performance, Warnaco raised its guidance for fiscal 2011. The company is now anticipating net revenues to grow between 10 and 12 percent, up from prior guidance of 9 to 11 percent. Adjusted income per diluted share will be in the range of $4 to $4.15, up from $3.95 to $4.15.

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Published 08-04-2011 by Katherine Rautenberg