UPDATE 1-Warnaco Q4 profit tops, sees weak 2011

Feb 28 (Reuters) - Warnaco Group Inc posted a bigger-than-expected quarterly profit as strong sales offset a decline in margins, but the company's full-year earnings forecast fell short of estimates.

The company owns and licenses brands including Calvin Klein jeans, Chaps and Speedo, and has been expanding internationally. The Calvin Klein brand is its growth engine.

For the fourth quarter, the company's adjusted earnings were 74 cents a share. Analysts were expecting 71 cents a share, according to Thomson Reuters I/B/E/S.

Sales rose 17 percent to $591.5 million, compared with estimates of $576.5 million.

For the full year, Warnaco expects to earn $3.85-$4.05 a share on an adjusted basis, while analysts were expecting earnings of $4.09 a share.

Shares of the company were down 6 percent at $55.05 on Monday after the bell. They had closed at $56.88 on Friday on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee; Editing by Saumyadeb Chakrabarty)