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November 6, 2007
The Warnaco Group Inc reported results for the third quarter ended September 29, 2007:
• Net revenues were up 13% over the prior year quarter to $474.8 million
• Gross margin was unchanged at 40% of net revenues
• Operating income was down $6.7 million to $30.7 million and operating margin decreased 240 basis points to 6% of net revenues
• Net income per diluted share from continuing operations was $0.24, compared to $0.55 in the prior year quarter
On September 18, 2007, consistent with its strategy to rationalize its swimwear portfolio, the Company announced its intention to exit all of its Swimwear Group's private label and designer swimwear brands (excluding Calvin Klein swimwear).
In addition, on October 1, 2007, pursuant to its previously disclosed strategy to implement supply chain initiatives in order to increase efficiencies, the Company transferred the ownership of its Mexican manufacturing facilities to a local business partner. Additionally, the Company is exploring strategic alternatives for its Lejaby business (including a potential sale).
On an as adjusted (non-GAAP) basis (excluding businesses expected to be discontinued in fiscal 2008 and restructuring expenses):
• Net revenues rose 13% over the prior year quarter
• Gross margin increased 200 basis points to 43% of net revenues
• Operating income increased 28% to $50.9 million and operating margin increased 130 basis points to 11% of net revenues
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