"Squawk Box" co-anchor Carl Quintanila and I interviewed Warnaco president and CEO Joseph Gromek today on the show. Gromek had some very interesting things to say, including the fact that he hoped that the company was going to sell $5.5 million worth of those Speedo LZR Racer swimsuits.
As background, Warnaco, which owns Speedo, has seen its stock rise more than 30 percent over the last month. It's not only about Speedo, it's about Calvin Klein, Chaps and their other brands too.
Carl: What do you attribute the stock price movement to?
Gromek: Well, I think that you know that we announced earnings last Thursday and we announced 22 percent revenue increase and I think we had earnings revenue of 52 percent, so I think that was really the catalyst, the driver for share price. Having said that, I think the boost yesterday which took our share price to a 52-week and probably an all-time high was kind of exciting. I think some of the Phelps factor was kicking in now.
Darren: How much of your business in Speedo?
Gromek: Speedo represents slightly under 15 percent of our business and Calvin, the Calvin Klein franchise represents over 65 percent.Page 1 of 4 | Next Page