A strong performance by Speedo has failed to prevent a five percent decline in Warnaco’s net revenues, to $563.0 million, according the group’s Q2 statement, released today.
The group, which owns brands Speedo, Calvin Klein Swimwear, Clavin Klein Underwear, Warner’s, Olga and Chaps, predicted its annual 2012 net revenues will be down two percent to flat compared to fiscal 2011
Speedo, whose new, Fastskin suit has played a major role in this year’s London 2012 Olympics, fuelled a 10 percent increase in Warnaco’s Swimwear Group net revenues over the second quarter.
The swimwear results, along with a positive performance by the group in Asia and Latin America over the quarter, partly offset a softness in Europe and the U.S.
Warnaco president and chief executive officer Helen McCluskey said: “Our second quarter results were in line with our projections… Despite a decline in comparable store sales, reflecting challenging macroeconomic conditions, our Calvin Klein direct-to-consumer business was up six percent in constant currency, further validating our core international and retail expansion strategies.
“Speedo had a great quarter, reflecting the benefit of our Olympic initiatives, as well as the kickoff of our segmentation strategy, which will drive future growth for the brand.”