The Warnaco Group, Inc., headquartered in New York, is a leading apparel company engaged in the business of designing, marketing and selling intimate apparel, menswear, jeanswear, swimwear, men's and women's sportswear and accessories under such owned and licensed brands as Warner's^®, Olga^®, Lejaby^®, Body Nancy Ganz^(tm), Speedo^®, Anne Cole^®, Op^®, 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, 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; the sufficiency of cash to fund operations, including capital expenditures; and the limitations on purchases under the Company's share repurchase program contained in the Company's debt instruments, the number of shares that the Company purchases under such program and the prices paid for such shares.

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 Third Quarter of Fiscal 2005			For the Third Quarter of Fiscal 2004
	(Unaudited)			(Unaudited)
Net revenues	$	327,651		$	324,434
Cost of goods sold		214,986			221,761
Gross profit		112,665			102,673
Selling, general and administrative expenses		99,985			94,134
Pension expense		200			330
Restructuring expense (income)		(1,251	)		403
Operating income		13,731			7,806
Other (income) loss		(60	)		(66	)
Interest expense, net		4,145			5,018
Income from continuing operations before provision for income taxes		9,646			2,854
Provision for income taxes (a)		2,669			988
Income from continuing operations		6,977			1,866
Loss from discontinued operations, net of taxes		(29	)		(262	)
Net income	$	6,948		$	1,604
Basic income (loss) per common share:
Income from continuing operations	$	0.15		$	0.04
Income (loss) from discontinued operations		—			(0.01	)
Net income	$	0.15		$	0.03
Diluted income (loss) per common share:
Income from continuing operations	$	0.15		$	0.04
Income (loss) from discontinued operations		—			(0.01	)
Net income	$	0.15		$	0.03
Weighted average number of shares outstanding used in computing income (loss) per common share:
Basic	45,913,635			45,465,525
Diluted	46,835,235			46,156,573


(a)	Provision for income taxes for the Third Quarter of Fiscal 2005 reflects a reduction of approximately $800 in the Company's income tax provision as a result of the filing of its 2004 tax returns.

Schedule 1.1

THE WARNACO GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, excluding per share amounts)


	Nine Months Ended October 1, 2005			Nine Months Ended October 2, 2004
	(Unaudited)			(Unaudited)
Net revenues	$	1,141,871		$	1,049,764
Cost of goods sold		759,227			702,162
Gross profit		382,644			347,602
Selling, general and administrative expenses		300,352			278,974
Pension expense		600			990
Restructuring expense (income)		(524	)		3,866
Operating income		82,216			63,772
Other (income) loss		731			(2,027	)
Interest expense, net		13,703			15,168
Income from continuing operations before provision for income taxes		67,782			50,631
Provision for income taxes (a)		24,998			20,633
Income from continuing operations		42,784			29,998
Loss from discontinued operations, net of taxes		(157	)		(3,728	)
Net income	$	42,627		$	26,270
Basic income per common share:
Income from continuing operations	$	0.93		$	0.66
Loss from discontinued operations		—			(0.08	)
Net income	$	0.93		$	0.58
Diluted income per common share:
Income from continuing operations	$	0.92		$	0.65
Loss from discontinued operations		—			(0.08	)
Net income	$	0.92		$	0.57
Weighted average number of shares outstanding used in computing income per common share:
Basic	45,805,562			45,351,922
Diluted	46,562,167			45,976,251


(a)	Provision for income taxes for the Nine Months Ended October 1, 2005 reflects a reduction of approximately $800 in the Company's income tax provision as a result of the filing of its 2004 tax returns.

Schedule 2

THE WARNACO GROUP, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)


	October 1, 2005		January 1, 2005		October 2, 2004
	(Unaudited)				(As Restated)(a) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	152,011	$	65,588	$	75,957
Accounts receivable		212,331		219,805		212,268
Inventories		312,637		335,651		304,560
Assets of discontinued operations		—		2,618		2,902
Other current assets		44,364		45,411		62,347
Total current assets		721,343		669,073		658,034
Property, plant and equipment, net		114,037		106,937		99,517
Intangible and other assets		364,665		377,894		397,229
TOTAL ASSETS	$	1,200,045	$	1,153,904	$	1,154,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	230,264	$	233,398	$	240,584
Current liabilities of discontinued operations		—		1,450		1,565
Total current liabilities		230,264		234,848		242,149
Long-term debt		210,503		210,799		211,355
Other long-term liabilities		139,490		131,308		151,952
Total stockholders' equity		619,788		576,949		549,324
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,200,045	$	1,153,904	$	1,154,780

(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 October 2, 2004 has been restated accordingly.

Schedule 3

THE WARNACO GROUP, INC.
NET REVENUES AND OPERATING INCOME BY BUSINESS UNIT
(Dollars in thousands)
(Unaudited)


	Quarter-to-Date										Year-to-Date
	For the Third Quarter of Fiscal 2005		For the Third Quarter of Fiscal 2004		Increase/ (Decrease)			% Change			Nine Months Ended October 1, 2005		Nine Months Ended October 2, 2004		Increase		% Change
Net Revenue:
Intimate Apparel Group	$	156,488	$	158,164	$	(1,676	)		-1.1	%	$	451,591	$	427,713	$	23,878		5.6	%
Sportswear Group		133,651		135,408		(1,757	)		-1.3	%		384,087		323,775		60,312		18.6	%
Swimwear Group		37,512		30,862		6,650			21.5	%		306,193		298,276		7,917		2.7	%
Net revenues	$	327,651	$	324,434	$	3,217			1.0	%	$	1,141,871	$	1,049,764	$	92,107		8.8	%


	Quarter-to-Date												Year-to-Date
	For the Third Quarter of Fiscal 2005			% of Total Net Revenues			For the Third Quarter of Fiscal 2004			% of Total Net Revenues			Nine Months Ended October 1, 2005			% of Total Net Revenues			Nine Months Ended October 2, 2004			% of Total Net Revenues
Operating income:
Intimate Apparel Group	$	22,347					$	17,181					$	48,621					$	38,660
Sportswear Group		22,444						19,047						58,613						39,555
Swimwear Group		(13,019	)					(9,678	)					30,846						42,393
Group operating income		31,772			9.7	%		26,550			8.2	%		138,080			12.1	%		120,608			11.5	%
Unallocated corporate expenses		(19,292	)		-5.9	%		(18,341	)		-5.7	%		(56,388	)		-4.9	%		(52,970	)		-5.0	%
Restructuring items (income)		(1,251	)		-0.4	%		403			0.1	%		(524	)		0.0	%		3,866			0.4	%
Operating income	$	13,731			4.2	%	$	7,806			2.4	%	$	82,216			7.2	%	$	63,772			6.1	%


	•	Net revenues increased to $327.7 million compared to $324.4 million for the third quarter of fiscal 2004.


	•	Gross margin was up 280 basis points to 34.4% versus 31.6% in the prior year quarter.


	•	Operating income rose 75.9% to $13.7 million from $7.8 million in the prior year quarter.


	•	Net income grew to $6.9 million, or $0.15 per diluted share, as compared to $1.6 million, or $0.03 per diluted share, for the third quarter of fiscal 2004.