• Q3 net profit down 15.8% to US$41.1m
  • Revenues fall 5% to $611.5m
  • Comparable store sales “relatively flat”

Apparel business Warnaco – about to be snapped up by PVH in a US$2.9bn deal – posted lower earnings and revenues during the company’s third quarter ending 29 September.

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.”

Last week, PVH announced that it had agreed to acquire Warnaco in a $2.9bn cash and stock deal, uniting the Calvin Klein brand in one merged business.