Updated from 11:54 a.m. EDT.

Nothing comes between

Warnaco

(WRC)

and its Calvin Kleins. Indeed, the company should be crossing its fingers that consumers will continue to purchase Calvin Klein, should the economy tumble further.

Calvin Klein was mentioned no fewer than 13 times in Warnaco's first-quarter earnings release, with little talk of its other brands. The company also makes Speedo swimwear and Chaps apparel, among other names.

During the quarter, earnings more than doubled to $37.6 million, or 81 cents a share. Growth was, of course, attributed to its Calvin Klein business.

But department stores -- Warnaco's main outlet for its products -- are still severely slashing inventory levels as shoppers continue to clamp down on spending.

Sales declined 5% to $538.4 million from $567.7 million, due to the stronger dollar.

Warnaco has been bolstering its cost-cutting initiatives, which include slashing 45 jobs and reducing capital spending and selling, general and administrative expenses.

The company tightened its full-year outlook to the range of $2.50 to $2.66 a share, from its previous forecast of $2.40 to $2.66 a share.

Analysts view Warnaco as one of the few upside players in the space. Eric Beder, analyst at Brean Murray Carret, said in a note that the company "has compelling international growth model that offers investors highly appealing risk/reward potential."

Beder raised his estimates and target price to $40 from $28.

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