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Sales rise 8.5% at Maidenform Brands in Q4
07
Mar '13
Maidenform Brands, Inc. a global branded marketer of intimate apparel, reported fourth quarter 2012 net sales of $135.1 million, an increase of 8.5% over the fourth quarter of 2011.  Full year 2012 sales totaled $600.3 million, a decrease of 1.0% when compared to fiscal 2011.

Reported EPS was $0.24 for the fourth quarter of 2012 compared to a reported loss per share of $(0.13) for the fourth quarter of 2011.  For the full year, reported EPS was $1.43 for 2012 compared to $1.42 for 2011.

Financial Results for Fourth Quarter 2012 versus Fourth Quarter 2011

Net sales for the fourth quarter of 2012 increased $10.6 million, or 8.5%, to $135.1 million.  Wholesale segment net sales for the fourth quarter of 2012 increased $11.0 million, or 10.0%, to $120.8 million. Retail segment net sales decreased $0.4 million, or 2.7%, to $14.3 million.

Wholesale Segment

Department Stores and National Chain Stores

Net sales for the department stores and national chain stores channel increased $2.0 million, or 3.9%, to $53.9 million for the fourth quarter of 2012.  This increase was led by growth in the bra and pants categories, which included the introduction of the Company's Comfort Devotion collection that shipped for the first time in the fourth quarter of 2012. 

Partially offsetting these increases were sales declines in the shapewear category from increased competition along with a sales decline at a mid-tier department store as it transitions to a new pricing and merchandising strategy.   

Retail Segment

Total retail segment net sales decreased $0.4 million, or 2.7%, to $14.3 million.  Same store sales, defined as outlet stores that have been open for more than one year, decreased 5.9% due to reduced customer traffic.    Internet sales increased $0.4 million, or 23.5%, to $2.1 million for the fourth quarter of 2012.  The retail segment operated 77 outlet stores as of the end of fiscal 2012 and 74 outlet stores as of the end of fiscal 2011.  

Consolidated gross profit increased $11.1 million, or 38.0%, to $40.3 million for the fourth quarter of 2012.  As a percentage of net sales, consolidated gross margins were 29.8% for the fourth quarter of 2012 versus 23.5% for the fourth quarter of 2011. 

The improvement in gross margin over the prior year was a result of the discontinuation of a product line that did not repeat in the current year.  Additionally, the Company had lower inventory related clearing costs and lower liquidation sales to off-price retailers.  Included in the fourth quarter 2012 results are markdowns associated with exiting the Maidenform's Charmed brand.         

Net interest expense for the fourth quarter of 2012 was unchanged at $0.3 million compared to the fourth quarter of 2011.        

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