Warnaco Announces European Business Review
NEW YORK--(BUSINESS WIRE)-- The Warnaco Group, Inc. (WRC) today announced that it has been conducting a comprehensive business review of its European-based operations with the aim of better positioning the Company for future growth and improved profitability. The action is being undertaken in light of challenging macroeconomic conditions in Europe and the recently announced transition out of its European cK bridge apparel and accessories businesses.
Warnaco anticipates the review will result in a restructuring of the European business. While early in the process, Warnaco expects the review will identify considerable cost savings and operating efficiencies, and will, over time, result in improved profitability.
Helen McCluskey, President and Chief Executive Officer of the Warnaco Group, said, Our Calvin Klein Jeans and Calvin Klein Underwear businesses are powerful and continue to resonate with European consumers. We expect these actions will enable the Company to better execute against our strategic plans. We will provide an update on our European performance and the status of the review process on our second quarter investor call.
The Warnaco Group, Inc., headquartered in New York, is a leading global apparel company engaged in the business of designing, sourcing, marketing and selling mens, womens and childrens sportswear and accessories, swimwear and intimate apparel under such owned and licensed brands as Calvin Klein®, Speedo®, Chaps®, Warner's® and Olga®.
The Warnaco Group, Inc. notes that this press release, and certain other written, electronic and oral disclosure made by the Company from time to time, may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties and reflect, when made, the Company's estimates, objectives, projections, forecasts, plans, strategies, beliefs, intentions, opportunities and expectations. Actual results may differ materially from anticipated results, targets or expectations and investors are cautioned not to place undue reliance on any forward-looking statements. Statements other than statements of historical fact, including, without limitation, future financial targets, such as the 2016 targets, are forward-looking statements. These forward-looking statements may be identified by, among other things, the use of forward-looking language, such as the words "believe," "anticipate," "estimate," "expect," "intend," "may," "project," "scheduled to," "seek," "should," "will be," "will continue," "will likely result, " "targeted", or the negative of those terms, or other similar words and phrases or by discussions of intentions or strategies.
The Company encourages investors to read the section entitled "Risk Factors" and the discussion of the Company's critical accounting policies under "Management's Discussion and Analysis of Financial Condition and Results of Operations -- Discussion of Critical Accounting Policies" included in the Company's Annual Report on Form 10-K, as such discussions may be modified or supplemented by subsequent reports that the Company files with the SEC. The discussion in this press release is not exhaustive but is designed to highlight important factors that may affect actual results. Forward-looking statements speak only as of the date on which they are made, and, except for the Company's ongoing obligation under the U.S. federal securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Vice President, Investor Relations
Source: The Warnaco Group, Inc.Copyright Business Wire 2012