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current news

Warnaco Sees 9% 2q Decrease

(Filed Under Financial and General Interest News). Warnaco has cited a 9 percent decrease in net revenues for the second quarter ended July 4, 2009 to $455.9 million from $503 million during the same quarter in 2008. Despite net revenue decreases across all categories, including sportswear, intimate apparel and swimwear, Warnaco cited the quarter as “solid.”

Net revenues for sportswear decreased to $223.5 million from $250 million during the second quarter ended July 5, 2008, while intimate apparel net revenues dropped from $172.2 million in 2008 to $158.1 million. Swimwear net revenues decreased from $81.7 million in 2008 to $74.2 million in this quarter.

“The ongoing success of our strategies to grow our Calvin Klein business globally, increase our international presence and expand our direct-to-consumer channel led to a solid quarter for Warnaco,” said Joe Gromek, Warnaco’s president and CEO. “While overall revenues in constant dollars were flat, international revenues in constant dollars rose 8 percent led by double digit growth in Asia and Latin America. We continue to capitalize on the significant opportunity that exists for our Calvin Klein business outside the U.S., and our international revenues in constant dollars, now account for approximately 53 percent of total company revenues. Our direct-to-consumer business recorded positive comparable sales, we opened 43 new locations during the quarter and we remain on track to grow 2009 square footage by 24 percent, or an additional 120,000-square-feet.”

Warnaco’s portfolio of brands include Olga, Olga’s Christina, Body Nancy Ganz, Calvin Klein swimwear and underwear, and Warner’s.

For further information, contact Deborah Abraham, vice president of investor relations at the company, at (212) 287-8289.

more Financial and General Interest News >>

Published 08-12-2009 by Bruna Fernandes

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