Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of sportswear and underwear designer Warnaco Group (NYSE: WRC) look underdressed today after falling as much as 10.1% in heavy morning trading.

So what: Warnaco's first-quarter earnings fell short of analyst expectations despite very strong sales. Costs ballooned to support Warnaco's Calvin Klein sales and to expand the company's retail-store network.

Now what: The stock is pretty much back where it was after the fourth-quarter report, which is to say, up by a market-beating 34% over the past year. Amid competition from Maidenform (NYSE: MFB), Limited Brands (NYSE: LTD), and Hanesbrands (NYSE: HBI), Warnaco stands tall with an ultra-clean balance sheet and consistent growth. This quarter was a speed bump on the road to greater profits, but Warnaco should be back on track when this spending spree blows over.

Interested in more info on Warnaco Group? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Fool owns shares of Limited Brands. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.