Despite first-quarter earnings cut in half by restructuring costs and exits from the swim business, Warnaco Group Inc. raised its guidance for the year, based on substantial international growth in its Calvin Klein business.
Warnaco revised its 2008 guidance, expecting revenues to grow 10 percent to 12 percent and diluted earnings per share growth of $2.65 to $2.75.
"Our strategies to maximize the opportunities in our Calvin Klein businesses, continue our global expansion and grow our direct-to-consumer platform are clearly working," said Joe Gromek, Warnaco president and chief executive officer. "While we are sensitive to the challenging economic environment, we believe our powerful portfolio of brands and diversified global business model leave us uniquely positioned to continue to drive profitable growth and enhance shareholder value."
For the quarter ended April 5, income fell 53 percent to $17.7 million, or 38 cents a diluted share, from $38 million, or 82 cents, in the first quarter of fiscal 2008.
Sales for the quarter climbed 18 percent to $574.9 million from $485.9 million, driven by growth in the Calvin Klein business, particularly internationally and direct to consumers. International sales now represent more than half of the company's revenues. An additional week in fiscal 2008's first quarter added $23 million in revenues.
But the company asked analysts to look at adjusted numbers, which excluded its discontinued brands (including Anne Cole and Lejaby), restructuring expenses and one-time tax costs. Adjusted earnings increased 30 percent to $56.4 million, or $1.22 a diluted share, from $43.4 million, or 94 cents. Adjusted sales climbed 21 percent to $568.2 million from $469.3 million.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
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@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)