Warnaco Group Posts Mixed Results (WRC)

Warnaco Group Inc. WRC reports Q3 earnings of $0.90 versus consensus of $0.95. Warnaco Group Inc. reports revenues of $596.8 million versus consensus of $581.23 million. Revenues increased 15% year over year. The company currently anticipates net revenues will increase 11-13% compared to fiscal 2009, adding that it now expects diluted earnings per share from continuing operations in the range of $3.45 - $3.55, a 24% increase compared to fiscal 2009. "Our powerful third quarter results speak to the continued success of our diversified global business model and our long-term growth strategies," commented Joe Gromek, Warnaco's President and Chief Executive Officer. "Our global Calvin Klein(R) business grew 12% compared to the prior year quarter, bolstered by the continued success of Calvin Klein X Underwear, the launch of X Jeans and the launch of Calvin Klein Envy, coupled with the continued execution of our international and direct to consumer initiatives. Compared to the prior year quarter, net revenues of our international businesses grew 12%, driven by a 21% increase in our direct-to-consumer business. Comparable store sales increased 9% in the quarter, with notable strength in Europe, Latin America and China.” Shares of WRC are lower in the after-hours by 0.45%.