The Warnaco Group Inc. posted a 21 percent jump in fourth-quarter earnings, bolstered by strong sales in its sportswear business.
For the three months ended Dec. 29, earnings "as reported" grew to $22.9 million, or 49 cents a diluted share, from $18.9 million, or 41 cents in the year-ago period. Adjusted earnings, which include restructuring charges among other items, rose 30 percent to $19.5 million, or 42 cents a diluted share, from $15 million, or 32 cents.
Sales for the quarter increased 5.7 percent to $473 million from $447.6 million last year. Adjusted sales gained 6.8 percent to $467.1 million, up from $437.2 million.
Income from continuing operations dropped to $19.8 million in the fourth quarter from $21.6 million in the same period last year. Gross margins gained 300 basis points, the company said in its quarterly report.
"We believe that our efforts to rationalize our portfolio will allow us to focus resources on our higher margin businesses, and capitalize on expansion opportunities on a global basis," said Joe Gromek, president and chief executive officer. "We believe this is most apparent in our Calvin Klein businesses, where we have added categories and channels to our existing portfolio to support our continued growth."
Sportswear sales in the quarter increased 10 percent to $245.7 million from $223.3 million last year. The growth was driven by strength in the global Calvin Klein jeans business, which offset sales declines in Chaps.
As reported, full-year earnings soared 55.7 percent to $79.1 million, or $1.70 a diluted share, from $50.8 million, or $1.08 a diluted share, in the year prior. Sales for the year rose 12 percent to $1.86 billion from $1.66 billion.
The company expects 2008 earnings in the range of $2.50 to $2.60 a diluted share.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
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Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)