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.”
Labour rights groups and unions have stepped up their calls for urgent action to improve worker health and safety in Bangladesh's ready-made garment industry, as the death toll from the collapsed Rana...
This report provides an update of business news in the following categories: acquisitions, divestments and mergers; company strategies; corporate social responsibility (CSR); financial results; intern...
Consensus among industry executives seems clear that China's many advantages mean it will continue to be key to apparel sourcing strategies - despite its rising prices, labour issues, and government p...
As retailers struggle to differentiate themselves from their peers, and have little room to manoeuvre when it comes to mark-ups and markdowns, there's a growing awareness that the supply chain can con...
Warnaco buyer PVH has expressed surprise at the lack of investment in operating platforms following its acquisition of the company. ...
PVH has entered a distribution partnership with department store operator Hudson's Bay to sell its Tommy Hilfiger women's wear line in its stores. ...
Apparel group PVH Corporation has raised its first-quarter forecasts on the back of higher-than-expected wholesale shipments and certain tax benefits....
- 2014: Year in review - Sourcing winners and losers
- COMMENT: The decline of the buying office
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Bangladesh: The business benefits of compliance
- Report urges overhaul of Cambodia factory safety
- North Face debuts locally-grown "backyard" hoodie
- Apparel manufacturing leads US reshoring trend
- Triumph recalls 22,000 bras for underwire fault
- Investigation uncovers China's dog leather trade