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...
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....
- Why fast fashion isn't a case of one size fits all
- TPP tariff phase-out guides Vietnam sourcing plans
- Brexit Trade Focus – How a CANZ-UK FTA stacks up
- How Central America garment sourcing measures up
- How virtual garments could shape fashion retail
- VF Corp cuts guidance as Q2 profit plunges 70%
- VF confident on "solid" sustainability roadmap
- Inditex and Lenzing sign textile waste pact
- Ethiopia opens flagship textile and apparel park
- EU and US dispute China raw materials duties
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- World Textile and Apparel Trade and Production Trends: the EU - June 2016
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Luxury Goods Retailing in Europe, 2014-2019 ; Market & Category Expenditure and Forecasts, Trends, and Competitive Landscape