WARNACO OK’S 2M SHARE BUYBACK

NEW YORK — The Warnaco Group has been authorized by its board to buy back up to 2 million of its common shares, or about 3.7 percent of the 54 million shares outstanding. The stock, which recently had been trading just a few points above its 12-month low of 21 2/4, jumped 2 1/4 to 26 on the New York Stock Exchange Wednesday following the stock purchase announcement.
Warnaco said it would buy its stock from time to time in the open market.