Reuters: Global Markets: Warnaco says to review European business

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Warnaco says to review European business Jul 9th 2012, 14:23 Mon Jul 9, 2012 10:23am EDT (Reuters) - Clothing company Warnaco Group Inc (WRC.N) said on Monday the ongoing economic crisis in Europe has prompted a review of its operations there as it tries to save money. Europe is Warnaco's second biggest market after the United States, accounting for about 24 percent of sales. Warnaco, which had traditionally sold its goods through department stores, is working to expand its business in the faster growing regions of Asia and Latin America and is opening its own stores. The maker of Calvin Klein underwear and Warner's bras expects the review will result in a restructuring of the European business. While early in the process, Warnaco said it expects the move will see "considerable cost savings" and better profits. Chief Executive Helen McCluskey, who took over in December, said the company will provide an update on its European performance and the status of the review on its second-quarter investor call on August 2. Shares of the company fell 1.8 percent at $42.27 Monday morning on the New York Stock Exchange.

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