Warnaco Group Inc (WRC, Financial) filed Quarterly Report for the period ended 2011-07-02.
Warnaco Group Inc. Cl A has a market cap of $2.32 billion; its shares were traded at around $52.63 with a P/E ratio of 14.8 and P/S ratio of 1. Warnaco Group Inc. Cl A had an annual average earning growth of 26.2% over the past 10 years.
The Companys operating income decreased $2.7 million, or 4.9%, to $52.6 million for the Three Months Ended July 2, 2011 compared to $55.3 million for the Three Months Ended July 3, 2010, reflecting a decline in the Sportswear Group ($7.3 million), partially offset by an increase in the Swimwear Group ($1.8 million), an increase in the Intimate Apparel Group ($0.8 million) and a reduction in the level of Corporate/other expenses ($2.0 million). Operating income includes restructuring charges of $5.0 million for the Three Months Ended July 2, 2011 and $1.1 million for the Three Months Ended July 3, 2010 (see Liquidity and Capital Resources Restructuring and Note 5 of Notes to Consolidated Condensed Financial Statements).
The Companys operating income decreased $12.5 million, or 9.3%, to $122.3 million for the Six Months Ended July 2, 2011 compared to $134.8 million for the Six Months Ended July 3, 2010, reflecting an $18.0 million decline in the Sportswear Group and a $1.4 million decline in the Intimate Apparel Group, partially offset by an increase in the Swimwear Group ($3.9 million) and a reduction in the level of Corporate/other expenses ($3.0 million). Operating income includes restructuring charges of $11.4 million for the Six Months Ended July 2, 2011 and $2.1 million for the Six Months Ended July 3, 2010.
For the Three Months Ended July 2, 2011 compared to the previous year period, net revenues were favorably affected, while operating income and income from continuing operations were each negatively affected, by fluctuations in certain foreign currencies: net revenues include an increase of $29.2 million, while operating income includes a decrease of $1.7 million and income from continuing operations includes a decrease of $1.5 million ($0.03 per diluted share) due to such fluctuations. For the Six Months Ended July 2, 2011 compared to the previous year period, net revenues were favorably affected, while operating income and income from continuing operations were each negatively affected, by fluctuations in certain foreign currencies: net revenues include an increase of $39.0 million, while operating income includes a decrease of $3.1 million and income from continuing operations includes a decrease of $1.8 million ($0.04 per diluted share) due to such fluctuations.
On a U.S. generally accepted accounting principles (GAAP) basis, for the Three Months Ended July 2, 2011 compared to the Three Months Ended July 3, 2010, income from continuing operations per diluted share increased 55.4% to $1.01 per diluted share (from $0.65 per diluted share). On a non-GAAP basis (excluding restructuring expense, pension expense and certain other items (see Non-GAAP Measures, below)), for the Three Months Ended July 2, 2011 compared to the Three Months Ended July 3, 2010, income from continuing operations per diluted share increased 15.5% to $0.82 per diluted share (from $0.71 per diluted share).
On a GAAP basis, for the Six Months Ended July 2, 2011 compared to the Six Months Ended July 3, 2010, income from continuing operations per diluted share increased 18.5% to $1.99 per diluted share (from $1.68 per diluted share). On a non-GAAP basis (excluding restructuring expense, pension expense and certain other items (see Non-GAAP Measures, below)), for the Six Months Ended July 2, 2011 compared to the Six Months Ended July 3, 2010, income from continuing operations per diluted share increased 7.2% to $1.93 per diluted share (from $1.80 per diluted share).
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Warnaco Group Inc. Cl A has a market cap of $2.32 billion; its shares were traded at around $52.63 with a P/E ratio of 14.8 and P/S ratio of 1. Warnaco Group Inc. Cl A had an annual average earning growth of 26.2% over the past 10 years.
Highlight of Business Operations:
The Companys net revenues increased $72.1 million, or 13.9%, to $591.4 million for the Three Months Ended July 2, 2011 compared to $519.3 million for the Three Months Ended July 3, 2010 and increased $146.0 million, or 13.2%, to $1.25 billion for the Six Months Ended July 2, 2011 compared to $1.11 billion for the Six Months Ended July 3, 2010. The increase in net revenues was primarily due to:The Companys operating income decreased $2.7 million, or 4.9%, to $52.6 million for the Three Months Ended July 2, 2011 compared to $55.3 million for the Three Months Ended July 3, 2010, reflecting a decline in the Sportswear Group ($7.3 million), partially offset by an increase in the Swimwear Group ($1.8 million), an increase in the Intimate Apparel Group ($0.8 million) and a reduction in the level of Corporate/other expenses ($2.0 million). Operating income includes restructuring charges of $5.0 million for the Three Months Ended July 2, 2011 and $1.1 million for the Three Months Ended July 3, 2010 (see Liquidity and Capital Resources Restructuring and Note 5 of Notes to Consolidated Condensed Financial Statements).
The Companys operating income decreased $12.5 million, or 9.3%, to $122.3 million for the Six Months Ended July 2, 2011 compared to $134.8 million for the Six Months Ended July 3, 2010, reflecting an $18.0 million decline in the Sportswear Group and a $1.4 million decline in the Intimate Apparel Group, partially offset by an increase in the Swimwear Group ($3.9 million) and a reduction in the level of Corporate/other expenses ($3.0 million). Operating income includes restructuring charges of $11.4 million for the Six Months Ended July 2, 2011 and $2.1 million for the Six Months Ended July 3, 2010.
For the Three Months Ended July 2, 2011 compared to the previous year period, net revenues were favorably affected, while operating income and income from continuing operations were each negatively affected, by fluctuations in certain foreign currencies: net revenues include an increase of $29.2 million, while operating income includes a decrease of $1.7 million and income from continuing operations includes a decrease of $1.5 million ($0.03 per diluted share) due to such fluctuations. For the Six Months Ended July 2, 2011 compared to the previous year period, net revenues were favorably affected, while operating income and income from continuing operations were each negatively affected, by fluctuations in certain foreign currencies: net revenues include an increase of $39.0 million, while operating income includes a decrease of $3.1 million and income from continuing operations includes a decrease of $1.8 million ($0.04 per diluted share) due to such fluctuations.
On a U.S. generally accepted accounting principles (GAAP) basis, for the Three Months Ended July 2, 2011 compared to the Three Months Ended July 3, 2010, income from continuing operations per diluted share increased 55.4% to $1.01 per diluted share (from $0.65 per diluted share). On a non-GAAP basis (excluding restructuring expense, pension expense and certain other items (see Non-GAAP Measures, below)), for the Three Months Ended July 2, 2011 compared to the Three Months Ended July 3, 2010, income from continuing operations per diluted share increased 15.5% to $0.82 per diluted share (from $0.71 per diluted share).
On a GAAP basis, for the Six Months Ended July 2, 2011 compared to the Six Months Ended July 3, 2010, income from continuing operations per diluted share increased 18.5% to $1.99 per diluted share (from $1.68 per diluted share). On a non-GAAP basis (excluding restructuring expense, pension expense and certain other items (see Non-GAAP Measures, below)), for the Six Months Ended July 2, 2011 compared to the Six Months Ended July 3, 2010, income from continuing operations per diluted share increased 7.2% to $1.93 per diluted share (from $1.80 per diluted share).
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