WARNACO RAISES DIVIDEND 1CENT
NEW YORK — Warnaco Group hiked its quarterly cash dividend 1 cent to 8 cents a share, a 14.3 percent increase.
The dividend will be payable April 11 to shareholders of record as of March 7.
“The increased dividend reflects Warnaco’s strong performance in 1996 as well as the board’s confidence in the company’s continued growth prospects,” said Linda J. Wachner, chairman and chief executive officer, in a statement,
In the year ended Jan. 4, Warnaco’s earnings excluding special charges climbed 41.6 percent to $80.6 million, or $1.51, from $56.9 million, or $1.26. After charges, primarily related to restructurings of intimate apparel and costs to exit the Hathaway men’s shirt business, Warnaco had a net loss of $8.2 million in 1996.