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Shapewear sales soar at Maidenform
12
Aug '11
Maidenform Brands, Inc, a global branded marketer of intimate apparel, reported second quarter 2011 net sales of $170.0 million, an increase of 13.8% over the second quarter of 2010. EPS, excluding the litigation settlement, was $0.67 for the second quarter of 2011 compared to EPS of $0.59 for the second quarter of 2010.

"We delivered another strong quarter of sales, market share and profit growth by leveraging the Maidenform brand and our innovative products across channels, product categories and geographies. The team continues to execute our long range organic growth strategies with solid success," stated Maurice S. Reznik, Chief Executive Officer.

The Company entered into a settlement agreement with respect to a previously disclosed litigation with Times Three Clothier, LLC ("Times Three") of litigation in the Southern District of New York. The settlement ends patent infringement and invalidity lawsuits that the companies had filed against each other. In connection with the settlement, the Company agreed to pay Times Three $6.8 million ($4.1 million after tax, or $0.17 EPS) and agreed not to assist any third party that may seek to invalidate or render unenforceable the patents.

"We are pleased to put the litigation behind us," stated Maurice S. Reznik, Chief Executive Officer.

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Maidenform Brands Inc

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