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2010 ANNUAL Reportpage 1 2010N AN UAL REPORT 0526_cov.indd 2 4/7/11 10:30 AM COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among The Warnaco Group, Inc., the Russell 2000 index, the S&P Midcap 400 index, the Dow Jones US Clothing & Accessories index $250 and the S&P Apparel, Accessories & Luxury Goods index COMPARISONCOMParisON OF OF 5YEAR 5-YEar CCUMULATIVEUMULatiVE TO TOTALtaL RE TRETURN*Urn* e Warnaco Group, Inc. compared to select indices $250 $200 250 250 $200 $150 200 200 $150 150 150 $100 $100 100 100 $50 $50 50 50 $0 0 0 $0 3/06 6/06 9/06 3/07 6/07 9/07 3/08 6/08 9/08 3/09 6/09 9/09 3/10 6/10 9/10 12/05 12/06 12/07 12/08 12/09 12/10 12/05 3/06 6/06 9/06 12/06 3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/083/096/09 9/09 12/09 3/10 6/10 9/10 12/10 e Warnaco Group, Inc. Russell 2000 S&P MidCap 400 Dow Jones U.S. Clothing & Accessories The Warnaco Group, Inc. Russell 2000 S&P Apparel, Accessories & Luxury Goods *$100 invested on 12/31/05 in stock or index, including reinvestment of dividends. Fiscal year ending December 31. S&P Midcap 400 Dow Jones US Clothing & Accessories Copyright © 2011 S&P, a division of e McGraw-Hill Companies Inc. All rights reserved. Copyright © 2011 Dow Jones & Co. All rights reserved. S&P Apparel, Accessories & Luxury Goods *$100 invested on 12/31/05 in stock or index, including reinvestment of dividends. Fiscal year ending December 31. FinanCiaL HigHLigHts Copyright© 2011 S&P, a division of The McGraw-Hill Companies Inc. All rights reserved. Copyright© 2011 Dow Jones & Co. All rights reserved. 2006 2007 2008 2009 2010 Net Revenues $ 1,611 $ 1,820 $ 2,063 $ 2,020 $ 2,296 Gross Profit 629 750 921 864 1,020 % of Net Revenues 39.0% 41.2% 44.6% 42.8% 44.4% Selling, General and Administrative Expenses (SG&A) 500 602 738 639 758 % of Net 31.0% 33.1% 35.8% 31.7% 33.0% Pension Expense (Income) (2) (9) 32 21 3 Operating Income $ 119 $ 144 $ 141 $ 194 $ 248 % of Net Revenues 7.4% 7.9% 6.8% 9.6% 10.8% Diluted eps $ 1.42 $ 1.84 $ 1.08 $ 2.19 $ 3.19 Adjusted Diluted eps(1) $ 1.39 $ 2.24 $ 2.64 $ 2.82 $ 3.57 (1) Reconciliation of GAAP and Non-GAAP Information: Adjusted (non-GAAP) diluted income per common share from continuing operations represents diluted income per common share from continuing operations excluding, for Fiscal 2010 through Fiscal 2006, pre-tax restructuring expense of $10 million, $12 million, $35 million, $32 million and $0.4 million, respectively; pre-tax pension expense (income) of $3 million, $21 million, $32 million, ($9) million and ($2) million, respectively; and for Fiscal 2010 through Fiscal 2006, charges (benefits) from tax and other items of $(5) million, $3 million, ($7) million, ($6) million and ($0.5) million, respectively. Certain statements in this Annual Report may contain “forward-looking statements” as defined by the Securities and Exchange Commission (SEC). Such statements are not historical facts, but are predictions about the future which inherently involve risks and uncertainties, and these risks and uncertainties could cause actual results to differ from those contained in the forward-looking statements. Descriptions and discussions of these risks and uncertainties can be found in our annual and quarterly SEC filings. The coated paper in this annual report was manufactured using pulp that is third-party certified for responsible forest management techniques. 0526_cov.indd 3 4/7/11 10:30 AM DEAR FELLOW SHAREHOLDERS: was an excellent year for Warnaco. Our powerful brand portfolio and diversified business model, supported by the successful execution of our key strategic growth initiatives, produced record results. While economic and political uncertainty presented challenges, our teams remained focused on our growth strategies and we continued to invest in our brands and business. We maximized the opportunities to grow our Calvin Klein business, grew our international presence and significantly expanded our direct-to-consumer footprint. Our heritage brands capitalized on growth opportunities leading to both a strong revenue and profit year. In , our Calvin Klein businesses grew % to $. billion and accounted for % of the total Company revenues. International revenues increased %, and we grew our direct-to-consumer business by % as we significantly added to our retail square footage and achieved greater productivity within our existing retail network. Our efforts drove impressive results. We grew our net revenues %, and delivered a % increase in adjusted* diluted earnings per share to a record $., while investing heavily to support the ongoing growth of our business. All of our achievements were accompanied by sound financial management. Even with investments made to support our growth, our business generated strong cash flow. As a result, in we paid off our long-term debt and repurchased . million shares of our common stock. As we move closer to our goal of becoming the premier global apparel company, we identified opportunities to further strengthen our team. During , we named Helen McCluskey to the position of Chief Operating Officer, leveraging her proven track record and business acumen. Hans Schmitt joined Warnaco from Hugo Boss, as managing director of Europe and Jim Gerson joined the Company from V.F. Corporation, as president of swimwear. 2010 ANNUAL REPORTpage 1 0526_PR.indd 1 4/7/11 11:10 AM WARNACO, INC.page 2 0526_PR.indd 2 4/7/11 11:12 AM GEOGRAPHIC PERCENTAGE BREAKDOWN 56% 44% INTERNATIONAL DOMESTIC THE ENGINE OF GROWTH Calvin Klein is the cornerstone of our growth strategy. The brand remains one of the world’s most powerful franchises. Its modern, minimalist style transcends geography, genders and ages, providing the platform to capitalize on growth opportunities around the world. In , our Calvin Klein business grew % and represented % of total Company revenues. Our goal remains to double the Calvin Klein business over the next several years, through the introduction of innovative product, continued international penetration and expansion of our direct-to-consumer channel. In , we will launch ck one, a dual gender, multi-category product line, targeted at a younger consumer. The launch will be supported by a unique marketing campaign, including a significant digital media component, targeted directly at this audience. Calvin Klein Jeans Calvin Klein Jeans remains the largest business within our Calvin Klein portfolio. In , revenues increased % fueled by the expansion of our international business and the ongoing introduction of innovative new product. We are looking to build upon the strength of the successful launches of White Wash Body (Spring) and Calvin Klein Jeans X with the introduction of ck one in Spring . We were pleased with the performance of the Calvin Klein Jeans Accessories business in . Bolstered by expanded distribution in Europe and Asia, revenue was up % to $ million. We remain excited by the growth prospects for the accessories category as we capitalize on the opportunities in existing markets as well through our planned expansion into South American markets. Calvin Klein Underwear During the year, Calvin Klein Underwear maintained its position as the dominant global underwear brand. The business generated double digit revenue growth in in all of our key regions and remains our most profitable category. We recorded operating margins just over %, even as we continued to invest in marketing and international infrastructure. In Spring , we re-energized the men’s category with the global Calvin Klein X launch, which was followed by X Elements. For , Calvin Klein Underwear will focus on the launch of ck one which is expected to be the largest introduction in our history. These innovative new products, supported by impactful marketing, will continue to drive double digit revenue growth in Calvin Klein Underwear. 2010 ANNUAL REPORTpage 3 0526_PR.indd 3 4/7/11 11:12 AM DISTRIBUTION PERCENTAGE BREAKDOWN 75% 25% WHOLESALE RETAIL AROUND THE GLOBE Our global expansion continued in with the international businesses representing % of our total Company revenues by year-end. Revenues rose %, as we accelerated our growth initiatives and acquired distribution and franchise operations in Europe and Asia. Our growth was led by emerging markets in Asia and Latin America, with particularly strong growth in China and Brazil. We expect to be another double digit growth year for our international businesses. In January, we assumed direct control of our Taiwanese operations, and throughout we will evaluate additional opportunities to acquire successful distribution and franchise operations. We also see an opportunity to further strengthen our business in more mature markets, particularly where our business is underpenetrated today. RETAIL EXPANSION was another strong year for our direct-to-consumer business. For the year, our retail revenues rose % to reach $ million and grew to % of our total Company revenue. Comparable store sales increased .% for the year and our disciplined operating approach produced a basis point improvement in our four wall contribution margin to %. At year-end we directly operated , square feet in over , points of distribution with an additional points of distribution operated by third parties. During , we added , square feet of new retail space, an increase of nearly %. And, in we plan to add an additional , square feet of retail square footage as we continue to expand this segment. A Note from Non-Executive Chairman Charles R. Perrin—Warnaco recorded another strong year in 2010. In the face of continued global economic challenges, the Company achieved record sales and earnings based on the continued, successful execution of its key strategic initiatives.
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