and women's sportswear and accessories under such owned and licensed brands as Warner's^®, Olga^®, Lejaby^®, Body Nancy Ganz^(tm), Speedo^®, Anne Cole Collection^®, Ocean Pacific^®, Cole of California^® and Catalina^® as well as Chaps^® sportswear and denim, J. Lo by Jennifer Lopez^® lingerie, Nautica^® swimwear, Michael Kors^® swimwear and Calvin Klein^® men's and women's underwear, men's accessories, men's, women's, junior women's and children's jeans and women's and juniors swimwear.

This press release, as well as certain other written, electronic and oral disclosure made by the Company from time to time, contains "forward-looking statements" within the meaning of Rule 3b-6 under the Securities Exchange Act of 1934, as amended, Rule 175 under the Securities Act of 1933, as amended, and relevant legal decisions. 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 or expectations and investors are cautioned not to place undue reliance on any forward-looking statements. Statements other than statements of historical fact 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," or the negative of those terms, or other similar words and phrases or by discussions of intentions or strategies.

The following factors, among others and in addition to those described in the Company's reports filed with the SEC (including, without limitation, those described under the heading "Statement Regarding Forward-Looking Disclosure," as it may be modified or supplemented from time to time, in such reports), could cause the Company's actual results to differ materially from those expressed in any forward-looking statements made by it: economic conditions that affect the apparel industry; the Company's failure to anticipate, identify or promptly react to changing trends, styles, or brand preferences; further declines in prices in the apparel industry; declining sales resulting from increased competition in the Company's markets; increases in the prices of raw materials; events which result in difficulty in procuring or producing the Company's products on a cost-effective basis; the effect of laws and regulations, including those relating to labor, workplace and the environment; changing international trade regulation, including as it relates to the imposition or elimination of quotas on imports of textiles and apparel; the Company's ability to protect its intellectual property or the costs incurred by the Company related thereto; the Company's dependence on a limited number of customers; the Company's dependence on the reputation of its brand names; the Company's exposure to conditions in overseas markets in connection with the Company's foreign operations and the sourcing of products from foreign third-party vendors; the Company's foreign currency exposure; unanticipated internal control deficiencies or weaknesses or ineffective disclosure controls and procedures; and the sufficiency of cash to fund operations, including capital expenditures.

In addition, the Company encourages investors to read 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" contained in the Company's Annual Report on Form 10-K for the year ended January 1, 2005, as such discussion 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.

Schedule 1

THE WARNACO GROUP, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, excluding per share amounts)


	For the First Quarter of Fiscal 2005			For the First Quarter of Fiscal 2004
	(Unaudited)			(Unaudited)
Net revenues	$	439,541		$	393,253
Cost of goods sold		282,533			251,756
Gross profit		157,008			141,497
Selling, general and administrative expenses		103,885			95,671
Pension expense		200			331
Restructuring items		6			2,323
Operating income		52,917			43,172
Other (income) expense		(91	)		(1,466	)
Interest expense, net		5,034			5,165
Income from continuing operations before provision for income taxes		47,974			39,473
Provision for income taxes		18,748			15,771
Income from continuing operations		29,226			23,702
Income (loss) from discontinued operations, net of taxes		125			(3,478	)
Net income	$	29,351		$	20,224

Basic and diluted income (loss) per common share:
Income from continuing operations	$	0.64		$	0.52
Loss from discontinued operations		—			(0.07	)
Net income	$	0.64		$	0.45

Diluted income (loss) per common share:
Income from continuing operations	$	0.63		$	0.51
Loss from discontinued operations		—			(0.07	)
Net income	$	0.63		$	0.44

Weighted average number of shares outstanding used in computing income (loss) per common share:
Basic		45,684,570			45,218,148
Diluted		46,422,928			46,052,888

Schedule 2

THE WARNACO GROUP, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)


	April 2, 2005		January 1, 2005		April 3, 2004
	(Unaudited)				(As Restated)(a) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	45,865	$	65,588	$	68,963
Accounts receivable		283,305		219,805		271,883
Inventories		324,529		335,651		241,228
Assets of discontinued operations		1,706		2,618		6,288
Other current assets		55,398		45,411		57,659
Total current assets		710,803		669,073		646,021
Property, plant and equipment, net		105,799		106,937		101,418
Intangible and other assets		370,836		377,894		346,561
TOTAL ASSETS	$	1,187,438	$	1,153,904	$	1,094,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	235,486	$	233,398	$	221,301
Current liabilities of discontinued operations		—		1,450		5,000
Total current liabilities		235,486		234,848		226,301
Long-term debt:
Senior Notes due 2013		210,000		210,000		210,000
Other		686		799		1,772
Other long-term liabilities		136,740		131,308		120,245
Total stockholders' equity		604,526		576,949		535,682
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,187,438	$	1,153,904	$	1,094,000

(a)

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended January 1, 2005, the Company restated its consolidated balance sheet at January 3, 2004 as a result of a change in its accounting treatment for operating leases. See Note 23 of Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the fiscal year ended January 1, 2005. The consolidated condensed balance sheet as of April 3, 2004 has been restated accordingly.

Schedule 3

THE WARNACO GROUP, INC.

NET REVENUES AND OPERATING INCOME BY BUSINESS UNIT
(Dollars in thousands)
(Unaudited)


Net revenues:	For the First Quarter of Fiscal 2005		For the First Quarter of Fiscal 2004		Increase		% Change
Intimate Apparel Group	$	151,775	$	141,182	$	10,593		7.5	%
Sportswear Group		130,363		96,803		33,560		34.7	%
Swimwear Group		157,403		155,268		2,135		1.4	%
Net revenues	$	439,541	$	393,253	$	46,288		11.8	%


	For the First Quarter of Fiscal 2005			% of Total Net Revenues			For the First Quarter of Fiscal 2004			% of Total Net Revenues
Operating income:
Intimate Apparel Group	$	15,050					$	13,199
Sportswear Group		19,416						12,337
Swimwear Group		38,061						36,900
Group operating income		72,527			16.5	%		62,436			15.9	%
Unallocated corporate expenses		(19,604	)		-4.5	%		(16,941	)		-4.3	%
Restructuring items		(6	)		0.0	%		(2,323	)		-0.6	%
Operating income	$	52,917			12.0	%	$	43,172			11.0	%


	Investor Relations:	Deborah Abraham Director, Investor Relations (212) 287-8289


•	Net revenues rose 11.8% to $439.5 million, an increase of $46.3 million over the first quarter of fiscal 2004;


•	Operating income climbed to $52.9 million, or 12.0% of net revenues, compared to $43.2 million, or 11.0% of net revenues, for the first quarter of fiscal 2004; and


•	Net income increased 45.1% to $29.4 million, or $0.63 per diluted share, compared to $20.2 million, or $0.44 per diluted share, in the prior year's first quarter.