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PVH to acquire Warnaco in $2.9bn deal Wednesday, 31st October 2012
Photo credit: Calvin Klein
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.
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.
Warnaco puts European business under scrutiny Tuesday, 10th July 2012
Warnaco Group Inc. today announced it is to review its European businesses with a view to restructure them in the future.
The group made the decision to put this strategy into effect “in light of challenging macroeconomic conditions in Europe”.
Warnaco’s European revenue dropped by around 13 per cent in the first quarter, while revenue fell 7 per cent overall.
The group is to give up the Calvin Klein accessories business in Europe after it failed to meet minimum sales requirements in 2010 and 2011 from CKI, the firm that licenses the Calvin Klein.
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.
"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.
Christmas 2011 Trading Updates Thursday, 5th January 2012
There’s no need to go hunting for all those crucial figures over the first few weeks of January: we’ll be collating all My-Retail Media coverage on the Christmas Trading Updates right here.
Check back daily to see who’s released figures, or add @myretailmedia, where we’ll be tweeting the latest updates to hit our blog.
Asprey: Asprey on the road to recovery
Aurora Fashions: Aurora sales rise 13% over crucial Christmas period
Best Buy: Best Buy same-store sales fall
Bloomsbury: Bloomsbury laughing all the way to Gringotts
Blue Inc: Blue Inc delivers Christmas sales rise
British Retail Consortium: BRC: “Dazzling” Christmas not enough to rescue “miserable year” for industry
Burberry: Burberry Q3 revenue rockets 22%
Clinton Cards: Clintons holiday like-for-likes benefit from 0.4% boost
The Co-Operative: Sales at The Co-op leapt 16.1% in December
Debenhams: Debenhams sees strong December
The Fragrance Shop: The Fragrance Shop reports a bumper Christmas
Game Group: Game Group fears mount after tough Christmas
GameStop: GameStop sees holiday sales edge up
Gap Inc. : Gap sales worse than expected
The Garden Centre Group: Garden Centre Group bucks the trend with 17% leap in Christmas sales
Home Retail Group: Home Retail Group to slash dividend after festive sales decline
JD Sports: JD Sports edges up 1.6% over Christmas
John Lewis: ‘Outstanding’ Christmas for John Lewis
Lululemon Athletica: Lululemon Athletica raises quarterly profit projection
Marks & Spencer: Marks and Spencer holds tight with modest Christmas sales rise
Mothercare: Mothercare group sales dip 1.2%
The Original Factory Shop: Perfume sales give Boots a spritz at Christmas
Prestons of Bolton: Prestons of Bolton reaps rewards of Christmas ad
Richemont: Richemont reports 24% sales boost
Robert Dyas: Robert Dyas posts 6.3% jump in Christmas sales
Ryman: Ryman reports profits surge
Sainsbury's: Sainsbury’s breaks record with “best Christmas ever”
Superdrug: Superdrug Christmas sales up 2.5%
SuperGroup: SuperGroup sales soar
Thorntons: Thorntons reports bitter Christmas
Topps Tiles: Holiday trading remains tough for Topps Tiles
Urban Outiftters: Urban Outfitters benefit from bumper holiday
US Retail Sales: US retail sales edge up 0.1% in December
Waitrose: Waitrose sales set new record
Warnaco: Warnaco rises above retail gloom
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.
Warnaco CEO Gromek to retire Wednesday, 14th December 2011
Outgoing chief executive Joe Gromek with chief operating officer and chief executive elect Helen McCluskey
Warnaco Group Inc this week announced chief executive Joe Gromek will retire after nearly a decade at the head of the clothing company.
Gromek will be replaced by chief operating officer Helen McCluskey, who will take over from 65-year-old Gromek on 1 February 2012.
Warnaco’s share closed at USD 49.78 on Tuesday on the New York Stock Exchange.
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.
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