Deborah Abraham Vice President, Investor Relations (212) 287-8289
FOR IMMEDIATE RELEASE
WARNACO REPORTS FOURTH QUARTER AND FISCAL 2007 RESULTS
Company Exceeds Previously Issued Fiscal 2007 Revenue & EPS Guidance
Company Provides Positive Outlook for Fiscal 2008
NEW YORK – February 26, 2008 – The Warnaco Group, Inc. (NASDAQ: WRNC) today reported results for the fourth quarter and fiscal year ended December 29, 2007.
For the fourth quarter:
Net revenues were $473.0 million, up 6% from the prior year quarter
Gross margin increased 60 basis points to 39% of net revenues from the prior year quarter
Income from continuing operations was $22.2 million compared to $26.4 million in the prior year quarter
For the fourth quarter, on an adjusted (non-GAAP) basis (excluding businesses expected to be discontinued in fiscal 2008, pension income, certain tax related items and restructuring expenses):
Net revenues were $467.1 million, up 7% from the prior year quarter
Gross margin increased 300 basis points to 42% of net revenues from the prior year quarter
Income from continuing operations was $19.8 million compared to $21.6 million in the prior year quarter
For the year:
Net revenues were $1.9 billion, up 12% from the prior year
Gross margin increased 190 basis points to 40% of net revenues from the prior year
Operating income increased 15% to $137.0 million and operating margin increased 20 basis points to 7% of net revenues
Income per diluted share from continuing operations was $1.78 compared to $1.41 in the prior year
The following information was filed by Warnaco Group Inc (WRC) on Tuesday, February 26, 2008 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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Ticker: WRC CIK: 801351 Form Type:10-K Annual Report Accession Number: 0000950136-08-000935 Submitted to the SEC: Wed Feb 27 2008 3:56:15 PM EST Accepted by the SEC: Wed Feb 27 2008 Period: Saturday, December 29, 2007 Industry: Womens Misses Childrens And Infants Undergarments