NEW YORK--The Warnaco Group said it will buy back up to $5 million of its outstanding shares. At current prices, the $5 million would buy about 147,000 shares. At the end of the second quarter, the company had about 20.8 million shares outstanding. The stock closed Wednesday up 5/8 to 35 on the New York Stock Exchange. Linda J. Wachner, chairman and chief executive officer, said based on the 65 percent gain in second-quarter net income on a 20 percent sales jump, Warnaco stock "is undervalued." In addition, the firm's order backlog going into the second half is up 45 percent from a year ago. "That shows we have sustainable double-digit growth," she said in a telephone interview. Wachner also noted Warnaco is generating substantial cash flow.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"