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Articles about Speedo
Warnaco reports Q3 net revenue decline Tuesday, 6th November 2012
Image courtesy of Calvin Klein
Warnaco Group today reported a net revenue decline of five per cent for the third quarter ended 29 September to USD 611.5 million.
The company, owners of Calvin Klein and Speedo, said that net revenues were flat compared to figures from the same period in 2011.
Income per diluted share from continuing operations on an adjusted, non-GAAP, basis was USD 1.15 compared to USD 1.07 in the prior year quarter.
“Our third quarter results reflect the efforts of our team to efficiently operate our global business,” said Helen McCluskey, Warnaco’s President and Chief Executive Officer. “Gross margin expansion and expense discipline more than offset a decline in net revenues, driven primarily by the impact of currency and macro challenges. As a result, we delivered an increase in operating margin and adjusted non-GAAP income per share from continuing operations compared to the prior year quarter.
“Internationally, net revenues in constant dollars were up slightly, led by growth in Latin America and Asia offsetting a slight decline in Europe. Our direct-to-consumer net revenues, in constant dollars, were up 5 per cent and comparable store sales for the quarter were relatively flat. We saw some progress in Europe, where direct-to-consumer net revenues rose 6 per cent, in constant dollars, including positive comparable store sales for the quarter."
For fiscal 2012, the company predicts that net revenues will be down two per cent.
Posted in fashion, Fashion News Tagged Warnaco Group, Calvin Klein, Speedo, Helen McCluskey, fashion, fashion news
PVH to acquire Warnaco in $2.9bn deal Wednesday, 31st October 2012
Photo credit: Calvin Klein
PVH Corp., owner of the Calvin Klein and Tommy Hilfiger brands, has said it will acquire Warnaco Group in a deal thought to be valued at USD 2.9 billion.
According to WWD, the acquisition will see PVH become one of the largest global branded lifestyle apparel companies, with a portfolio that will reunite Calvin Klein’s entire business, as well as the Van Heusen, Bass, Speedo, Olga and Warner’s brands.
In a statement to press, PVH said the merger has been unanimously approved by the boards of directors of both company, and expects to close the deal early next year. It’s though Warnaco president and chief executive Helen McCluskey will join PVH’s board of directors as part of the agreement.
“This is a unique opportunity to reunite the ‘House of Calvin Klein’ and reinforces our strategy to drive the global growth of Calvin Klein,” said Emanuel Chirico, chairman and chief executive of PVH.
“Having direct global control of the two largest apparel categories for Calvin Klein — jeans and underwear —will allow us to unlock additional growth potential of this powerful designer brand across all major product categories, geographies and distribution channels.”Chirico added.
McCluskey stated: “This transaction delivers compelling value to our stockholders and significant benefits for the combined company.
"We look forward to the opportunities this combination brings to the continued success of Calvin Klein Jeans and Calvin Klein Underwear, the increased potential for our heritage brands, and the future for our associates," she added.
Posted in Deals and Takeovers, fashion, Retail Industry Tagged calvin klein, warnaco, deal, pvh, tommy hilfiger, offer, acquire, bass, speedo, olga, warner
Warnaco’s Asia sales offset weaker West Tuesday, 7th August 2012
Photo credit: Speedo International Ltd campaign
The Calvin Klein, Speedo and Chaps owner saw strong sales in Asia and Latin America offset a weaker performance in Europe and the US.
Net revenues for the group fell 5 per cent in the second quarter ending 30 June 2012 to USD 563.9 million, as its gross margin fell 130 basis points to 42 per cent of net revenues.
Warnaco revealed a 10 per cent increase in net revenues for swimwear, driven by a strong performance from its Speedo brand, was still unable to offset declines in revenues from sportswear and intimate apparel.
Gross profit for the business fell 8 per cent to USD 238.9 million compared to the prior year quarter.
Helen McCluskey, Warnaco’s president and chief executive officer, said, “Our second quarter results were in line with our projections. As expected, a positive performance in Asia and Latin America during the quarter offset softness in Europe and the U.S. In the near term, looking ahead to the second half, with good visibility to forward bookings and more favorable product costs, we expect second half net revenue and gross margin to increase and to meet our projections for the balance of 2012.”
Based in New York, Warnaco announced in June that it was conducting a strategic review of its European business with the view of a possible restructure in the future.
Posted in fashion, Sporting Goods Tagged speedo, chaps, calvin klein, warnaco, sales, profit, quarter, second, revenue, gross, margin, helen mccluskey, asia, america, europe
Warnaco Q1 net income drops 18% Friday, 4th May 2012
Photo credit: Calvin Klein campaign
The Calvin Klein, Warner’s and Speedo owner on Thursday lowered its 2012 forecast after reporting first quarter net income dropped 18 per cent, falling to USD 35.9 million, or 86 cents a share, for the period ending 31 March.
The results compare with net income of USD 44 million, or 97 cents a share, from a year before.
Excluding one-time pension, restructuring and tax-related items, Warnaco earned 90 cents per share, compared with analysts’ average expectations of 92 cents per share, according to Fact Set.
Revenue at the apparel manufacturer fell 7 per cent to USD 615.5 million from USD 662.2 million the year before, with analysts forecasting revenue of USD 654.1 million.
Warnaco chief executive Helen McCluskey told CBS she had expected the sales fall after a drop in orders to lower-priced retailers.
"We anticipate some of these trends to continue and with better visibility to our forward bookings, we have tempered our growth expectations for the balance of the year and adjusted our guidance accordingly," she said.
The group now expected 2012 adjusted income of USD 4 to USD 4.25 per share, down from a prior guidance of USD 4.20 to USD 4.25 a share.
Posted in fashion Tagged warnaco, calvin klein, warner, speedo, clothing, apparel, helen mccluskey, share, adjusted, report, results
Warnaco rises above retail gloom Thursday, 5th January 2012
Shares of Warnaco rose by more than 5 per cent yesterday and an analyst boosted the clothing maker’s rating, stating that its fourth-quarter margins could come in better than expected on less promotions.
Joseph Parkhill, analyst for Morgan Stanley, said that the company fell short of third-quarter gross margin estimates but was able to meet expectations thanks to cost cuts related to both sales and administration.
Parkhill also said that fewer promotions could help margins in the fourth quarter and he raised his quarterly earnings per share estimate for Warnaco to USD 1 from 92 cents. He also lifted the company’s full-year earnings forecast to USD 4.57 per share from USD 4.35, stating that the company is likely to see better margins as product costs decline and faces easy European margin comparisons.
Shares of Warnaco Group Inc. rose USD 2.68 to USD 53.63 in afternoon trading. The shares have traded in a range of USD 40.08 to USD 65.01 over the last year.
Posted in fashion Tagged Warnaco, Calvin Klein, Speedo
Speedo takes "salacious" blogger to court Thursday, 22nd September 2011
Speedo is suing a saucy Australian blogger for breach of copyright, claiming that his websites are damaging their valuable reputation.
The company, famous for its skimpy swimming gear, began legal proceedings in the Federal Court in Canberra aimed at blocking websites run by 24-year-old Dave Evans that show pictures of men posing suggestively in the swimming trunks, and sometimes out of them.
Speedo has claimed that the graphic contend on Evans’s sites is offensive and that regular mention of the Speedo brand represents breach of copyright.
The company has also lodged a claim for an unspecified amount of damages.
Posted in Fashion News, fashion, Legal Tagged Speedo, Blogger Controversy, Dave Evans, Retail, News
Warnaco 2Q net up 52% thanks to Calvin Klein growth Tuesday, 2nd August 2011
Warnaco Group Inc reported Monday second quarter net income up 52 per cent, raising its full-year outlook for the second time this year.
The company reported earnings of USD 45.4 million, or USD 1.01 per share for the quarter as its sales and profitability improved. The results were an impressive USD 29.9 million higher than the same quarter last year, improving 65 cents per share.
Strong international sales saw Warnaco revenue rise 14 per cent to USD 591.4 million. The Speedo, Olga and Chaps owner saw increased demand for its Calvin Klein brand across Asia and Latin America.
For the second consecutive quarter Warnaco has been able to raise its expected earnings of USD 4 to USD 4.15 per share for the year, up from prior forecasts of USD 3.95 to USD 4.15.
Posted in fashion, Franchise & Expansion Tagged calvin klein, chaps, Fashion, forecast, olga, profit, raise, Speedo, warnaco
Warnaco raises forecast Friday, 6th May 2011
The Calvin Klein, Speedo and Chaps owner raised its forecast for the fiscal year yesterday, with sportswear sales up 10.8 percent.
For the three months ending 2 April income was USD 44 million, or 97 cents a share, down from USD 48 million, or USD 1.02 a share from last year. The Warnaco Group attributed the decline to a 20 percent rise in expenses for the firm, following its expansion of the CK One business as a lifestyle brand.
Along with sportswear, intimate apparel sales saw positive results with a 13.9 percent increase to USD 221 million, while swimwear sales jumped 15.7 percent to USD 101.7 million.
Warnaco’s biggest areas for growth were Mexico, Central and South America, where revenues rose 37.8 percent to USD 51.7 million. Asia came in second place with revenues up 30.9 percent to USD 126.8 million.
“Calvin Klein revenues increased 13 percent, international revenues were up 19 percent and we increased our direct-to-consumer revenues 36 percent.” Joe Gromek, Warnaco’s president and chief executive told press.
Warnaco raised its guidance for fiscal year 2011, expecting adjusted diluted earnings per share from continuing operations in the range of USD 3.95 to USD 4.15, from an earlier estimate of USD 3.85 to USD 4.15
Posted in Uncategorized Tagged calvin klein, chaps, intimates, joe gromek, Speedo, sportswear, warnaco
Warnaco Group Inc post strong Q4 sales Tuesday, 1st March 2011
According to Reuters, Warnaco Group Inc posted a bigger-than-expected quarterly profit as strong sales offset a decline in margins, but the company's full-year earnings forecast fell short of estimates. The company owns and licenses brands including Calvin Klein jeans, Chaps and Speedo, and has been expanding internationally. The Calvin Klein brand is its growth engine. For the fourth quarter, the company's adjusted earnings were 74 cents a share. Analysts were expecting 71 cents a share, according to Thomson Reuters I/B/E/S. Sales rose 17 percent to $591.5 million, compared with estimates of $576.5 million. For the full year, Warnaco expects to earn $3.85-$4.05 a share on an adjusted basis, while analysts were expecting earnings of $4.09 a share. Read more on ReutersPosted in Fashion News, Retail Industry, Underwear Tagged calvin klein, full-year earnings, licenses brands, Retail news, Speedo, Warnaco Group Inc
