NEW YORK — The Warnaco Group Inc.’s first quarter profits soared 173.4 percent over year-ago results as the company experienced robust sales while benefiting from improved operations.
For the three months ended March 31, net income rose to $38 million, or 82 cents a diluted share, from $13.9 million, or 30 cents, in the same year-ago quarter. Revenues jumped 20.7 percent to $547.2 million from $453.2 million.
“Our business is off to a very good start, with improved results in our key operating metrics,” said Joe Gromek, Warnaco’s president and chief executive officer.
Gromek added, “Looking forward, we remain optimistic. We are a global enterprise with a portfolio of powerful brands, serving multiple geographies and channels. We are strategically directing our resources to support the growth of our businesses with the greatest long-term potential and have initiatives in place to address our underperforming businesses. We remain focused on enhancing shareholder value and look forward to continuing our positive momentum throughout the year and beyond.”
For the quarter, the sportswear group’s revenues rose 40.2 percent, while the intimate apparel group gained 15.9 percent. Revenues in the swimwear group inched up 1.8 percent.
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