Warnaco reports lower Q1 result
US-based Warnaco Group, a designer, marketer, licensor and distributor of sportswear, swimwear and intimate apparel has reported a net income of $44 million for the first quarter ended April 2, 2011, compared to $47.9 million for the first quarter ended April 3, 2010.
Net revenues for the first quarter of fiscal 2011 were $662.2 million, compared to $588.2 million for the first quarter of fiscal 2010.
For fiscal 2011, the company anticipates net revenues will grow 9% to 11% compared to fiscal 2010.
Joe Gromek, CEO of the company, said: “I am pleased with our first quarter results, where we experienced powerful revenue growth, while we continued to invest in the future of our business. SG&A increased 20% compared to the prior year quarter, as we expanded our Calvin Klein business, grew our owned retail and successfully implemented our largest product launch ever, ck one. These investments are expected to drive net revenue growth and translate into strong operating results over the course of the year.”
