Investor Relations:
Deborah Abraham
   
Vice President, Investor Relations
   
(212) 287-8289

FOR IMMEDIATE RELEASE


WARNACO REPORTS FOURTH QUARTER AND FISCAL 2011 RESULTS
Company Provides Guidance for Fiscal 2012
______________________________________________________________________

NEW YORK – February 28, 2012 -- The Warnaco Group, Inc. (NYSE: WRC) today reported results for the fourth quarter and fiscal year ended December 31, 2011.

For the year:

·
Net revenues were $2.5 billion, up 9.5% from the prior year
·
International net revenues increased 17% from the prior year
·
Direct-to-consumer net revenues increased 28%, including an increase of 4% in comparable store sales, from the prior year
·
Gross margin decreased 60 basis points from the prior year to 44% of net revenues
·
Selling, general and administrative (SG&A) expense as a percentage of net revenues increased 60 basis points from the prior year to 34%
·
Restructuring expense was $60.9 million (including $40.0 million of non-cash charges)
·
Income per diluted share from continuing operations declined 6% to $3.01 compared to $3.19 in the prior year
 
o
Income per diluted share from continuing operations on an adjusted, non-GAAP, basis increased 11% to $3.96 in fiscal 2011 compared to $3.57 in fiscal 2010 (both of which exclude restructuring expense, pension expense, certain tax-related items and other items)
·
The Company purchased 4.3 million shares of its common stock for approximately $217.1 million pursuant to its share repurchase programs


For the fourth quarter:

·
Net revenues were $614.7 million, up 4% from the prior year quarter
·
Gross margin increased 60 basis points from the prior year quarter to 44% of net revenues
·
SG&A as a percentage of net revenues decreased 60 basis points from the prior year quarter to 34%

 
 

The following information was filed by Warnaco Group Inc (WRC) on Tuesday, February 28, 2012 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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