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The Warnaco Group Inc., which owns such brands as Calvin Klein and Speedo, reported fourth quarter overall losses but an increase in revenue and, most interestingly, growth in their intimate apparel division.
Warnaco reported a $6.7 million loss for the fourth quarter of 2011. This was against income of $19.2 million and not counting restructuring costs of $41.9 million. Intimate apparel was its best-performing operating group, growing 8.7 percent to $236.8 million, more robust than sportswear or swimwear.
The recently-named CEO, Helen McClusky, held a conference call with Wall Street analysts, explaining that “[o]ur key metrics all moved in the right direction. Revenue was up 4 percent, fueled primarily by growth in direct-to-consumer. Our owned retail was up 14 percent, including a 3 percent increase in comp-store sales contributing to an increase in gross margin.”
Again, underwear led the way, with the highest growth in their Calvin Klein operations, which make up the bulk of Warnaco’s business. Calvin Klein Underwear revenues grew 13 percent, over Calvin Klein Jeans’s 11 percent. International revenues, which constituted 60 percent of the firm’s revenue, rose 17 percent in the last year.