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Warnaco Net Down 7.8% in Third Quarter

Helen McCluskey, president and chief executive officer, cited "currency and macro challenges."

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WARNACO POSTS Q3 RESULTS: Warnaco Group Inc., which last week said it will be acquired by PVH Corp. in a deal valued at $2.9 billion, said net income for the third quarter ended Sept. 29 fell 7.8 percent to $41.1 million, or 98 cents a diluted share, from $44.6 million, or $1.03, last year. Net revenues declined 5.2 percent to $611.5 million from $645.1 million.

Helen McCluskey, president and chief executive officer, said, “Gross margin expansion and expense discipline more than offset a decline in net revenues, driven primarily by the impact of currency and macro challenges.”

By segment, the sportswear group’s net revenues fell 5.7 percent to $337.4 million, while the intimate apparel group declined 6.3 percent to $232.2 million. The smallest segment, the swimwear group, was also its best performing business, gaining 6.7 percent to $42 million.