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Exhibit 99.1
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Investor Relations:
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Deborah Abraham
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Vice President, Investor Relations
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(212) 287-8289
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FOR IMMEDIATE RELEASE
WARNACO REPORTS SECOND QUARTER FISCAL 2011 RESULTS
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NEW YORK – August 1, 2011 -- The Warnaco Group, Inc. (NYSE: WRC) today reported results for the second quarter ended July 2, 2011.
Highlights for the second quarter:
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Net revenues increased 14%, to $591.4 million, compared to the prior year quarter
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International net revenues increased 32% compared to the prior year quarter
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Direct to consumer net revenues increased 38% compared to the prior year quarter
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Income per diluted share from continuing operations was $1.01 compared to $0.65 in the prior year quarter
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Income per diluted share from continuing operations on an adjusted, non-GAAP, basis was $0.82 compared to $0.71 in the prior year quarter (both of which exclude restructuring expenses, pension expenses, tax related items and other items)
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The Company purchased approximately 1.1 million shares of its common stock for approximately $58.5 million pursuant to its share repurchase program
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The accompanying tables provide a reconciliation of actual results to the adjusted, non-GAAP, results.
The Company believes it is valuable for users of the Company’s financial statements to be made aware of the adjusted financial information, as such measures are used by management to evaluate the operating performance of the Company’s continuing businesses on a comparable basis and to make operating and strategic decisions. In addition, the Company uses performance targets based, in part, on non-GAAP income from continuing operations and non-GAAP operating income as a component of the measurement of certain employee incentive compensation.
“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, Warnaco’s President and CEO. “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% increase in adjusted income per share from continuing operations.”
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The following information was filed by Warnaco Group Inc (WRC) on Monday, August 1, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Warnaco Group Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Warnaco Group Inc.
WRC Quarterly Reports
- 10-Q Quarterly Report November 2012
- 10-Q Quarterly Report August 2012
- 10-Q Quarterly Report May 2012
- 10-Q Quarterly Report November 2011
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10-Q Quarterly Report August 2011
