US: Warnaco Q3 profit drops on sliding revenue
- Q3 net profit down 15.8% to US$41.1m
- Revenues fall 5% to $611.5m
- Comparable store sales “relatively flat”
An increase in swimwear revenues for the owner of the Speedo brand was offset by declines in sportswear and intimate apparel.
Meanwhile, revenue growth in Latin America and Asia came as Europe experienced a slight decline, and direct-to-consumer revenues rose 5%.
The company expects full-year revenues to be flat to down 2%, while diluted earnings per share are predicted to reach $4.00-4.15.
“Our third quarter results reflect the efforts of our team to efficiently operate our global business,” said Helen McCluskey, Warnaco president and CEO.
“Gross margin expansion and expense discipline more than offset a decline in net revenues, driven primarily by the impact of currency and macro challenges.”
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