Investor Relations:

Deborah Abraham

Director, Investor Relations

(212) 287-8289

 

FOR IMMEDIATE RELEASE

 

WARNACO REPORTS FOURTH QUARTER AND FISCAL 2006 RESULTS

 

Fourth quarter net revenues increase 36%; Fiscal 2006 net revenues increase 24%

 

Fourth quarter income from continuing operations $0.55 per diluted share;

Fiscal 2006 income from continuing operations $1.57 per diluted share

______________________________________________________________________

 

NEW YORK -- February 26, 2007 -- The Warnaco Group, Inc. (NASDAQ: WRNC) today reported results for the fourth quarter and full year ended December 30, 2006.

 

During the fourth quarter of fiscal 2006:

 

Net revenues increased 35.6% to $480.6 million compared to $354.5 million in the fourth quarter of fiscal 2005.

 

Gross profit margin was 38.3% of net revenues compared to 34.7% in the prior year quarter.

 

Operating income increased to $41.1 million, from $19.1 million in the prior year quarter. Pension income was $1.8 million for the fourth quarter of fiscal 2006 compared to pension expense of $0.9 million in the prior year quarter.

 

Net income was $18.9 million, or $0.41 per diluted share, compared to $6.9 million, or $0.15 per diluted share, in the prior year quarter.

 

Losses from discontinued operations (net of taxes) were $6.3 million, or $0.14 per diluted share, compared to $2.3 million, or $0.05 per diluted share, in the fourth quarter of fiscal 2005.

 

Income from continuing operations was $25.1 million, or $0.55 per diluted share, compared to $9.2 million, or $0.20 per diluted share, for the fourth quarter of fiscal 2005.

 

In fiscal 2006:

 

Net revenues increased 23.8% to $1.83 billion from $1.48 billion in fiscal 2005.

 

Gross profit margin increased 400 basis points to 37.9% of net revenues.

 

Operating income increased to $130.3 million, from $107.4 million in the prior year. Pension income was $1.8 million in fiscal 2006 compared to pension expense of $1.6 million in the prior year.

 

Provision for income taxes was $23.9 million, or an effective tax rate of 24.5% compared to $32.8 million, or an effective tax rate of 37.2%, in the prior year.

 

 

 

1

 



The following information was filed by Warnaco Group Inc (WRC) on Monday, February 26, 2007 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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