UPDATE: Benchmark Company Maintains Hold Rating, Lowers PT for Warnaco Group

In a report released earlier today, The Benchmark Company, LLC maintained its Hold rating for the Warnaco Group, Inc.

but lowered its price target from $60.00 to $55.00. Benchmark went on to say “Warnaco reported EPS from continuing operations declined 18% to $0.90, versus $1.10 last year and consensus of $0.92. Continuing operations excludes restructuring and pension expense, costs to repurchase debt, and certain tax-related and other items. Revenue decreased 7%, or $46.6 million, as management pulled back $30 million from off-price and experienced markdowns. Sportswear declined 11%, while swimwear decreased 10%. Intimates were up 1%. Calvin Klein decreased 7% with growth in underwear and direct-to-consumer offset by declines in US and European wholesale jeans business.” The Warnaco Group, Inc. closed yesterday at $51.13.