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Shapewear net sales up at Maidenform Brands
12 Nov '10
5 min read
Maidenform Brands Inc, a global branded marketer of intimate apparel, reported third quarter 2010 net sales of $145.8 million, an increase of 13.3% over the third quarter of 2009, driven by continued strength in its core bra and shapewear businesses globally, sales to a specialty retailer and replenishment of products under its DKNY licensed brand.
Reported EPS was $0.55 for the third quarter of 2010 compared to EPS of $0.67 in the third quarter of 2009. During the third quarter of 2009, the Company recorded a non-cash, one-time benefit of $6.1 million, or $0.25 per share, primarily associated with the recognition of additional net deferred tax assets. EPS of $0.55 for the third quarter of 2010 was up 31% from EPS of $0.42 in the third quarter 2009, excluding the tax benefit.
"Our team is executing well on our strategies and that is translating into continued growth in sales and profits, both domestically and internationally," stated Maurice S. Reznik, Chief Executive Officer. "Our passion for innovation combined with our brand and product strength is resonating with consumers and we are well poised to deliver a third consecutive year of growth in 2011."
Financial Results for Third Quarter 2010 versus Third Quarter 2009
Net sales for the third quarter of 2010 increased $17.1 million, or 13.3%, to $145.8 million. Wholesale segment net sales in the third quarter of 2010 increased $16.7 million, or 14.9%, to $128.6 million. Retail segment net sales increased $0.4 million, or 2.4%, to $17.2 million.
The Company's net sales performance by channel of distribution is highlighted in Exhibit 1 to this press release.
Wholesale Segment
Department Stores and National Chain Stores
Net sales for the department stores and national chain stores channel increased $4.9 million, or 8.9%, to $60.2 million in the third quarter of 2010. This increase was due to the solid performance across the bra, shapewear and pants categories, including new product introductions, and the continued momentum from the Company's licensed brand DKNY.
Mass Merchants
Mass merchant channel net sales increased $4.9 million, or 14.5%, to $38.8 million in the third quarter of 2010. This increase included sales of shapewear products in the Self Expressions brand which were not in the same period of 2009 and strong sales growth in the Sweet Nothings brand shapewear category. Partially offsetting these increases was a decline in sales with a warehouse customer resulting from the timing of program deliveries.
Other
Net sales in the other channel increased $6.9 million, or 30.4%, to $29.6 million in the third quarter of 2010 primarily from increased sales to a specialty retailer.
Total international net sales, which are included in the wholesale segment, increased $4.0 million, or 40.4%, to $13.9 million resulting from increases in Mexico, Canada and Spain.
Reported EPS was $0.55 for the third quarter of 2010 compared to EPS of $0.67 in the third quarter of 2009. During the third quarter of 2009, the Company recorded a non-cash, one-time benefit of $6.1 million, or $0.25 per share, primarily associated with the recognition of additional net deferred tax assets. EPS of $0.55 for the third quarter of 2010 was up 31% from EPS of $0.42 in the third quarter 2009, excluding the tax benefit.
"Our team is executing well on our strategies and that is translating into continued growth in sales and profits, both domestically and internationally," stated Maurice S. Reznik, Chief Executive Officer. "Our passion for innovation combined with our brand and product strength is resonating with consumers and we are well poised to deliver a third consecutive year of growth in 2011."
Financial Results for Third Quarter 2010 versus Third Quarter 2009
Net sales for the third quarter of 2010 increased $17.1 million, or 13.3%, to $145.8 million. Wholesale segment net sales in the third quarter of 2010 increased $16.7 million, or 14.9%, to $128.6 million. Retail segment net sales increased $0.4 million, or 2.4%, to $17.2 million.
The Company's net sales performance by channel of distribution is highlighted in Exhibit 1 to this press release.
Wholesale Segment
Department Stores and National Chain Stores
Net sales for the department stores and national chain stores channel increased $4.9 million, or 8.9%, to $60.2 million in the third quarter of 2010. This increase was due to the solid performance across the bra, shapewear and pants categories, including new product introductions, and the continued momentum from the Company's licensed brand DKNY.
Mass Merchants
Mass merchant channel net sales increased $4.9 million, or 14.5%, to $38.8 million in the third quarter of 2010. This increase included sales of shapewear products in the Self Expressions brand which were not in the same period of 2009 and strong sales growth in the Sweet Nothings brand shapewear category. Partially offsetting these increases was a decline in sales with a warehouse customer resulting from the timing of program deliveries.
Other
Net sales in the other channel increased $6.9 million, or 30.4%, to $29.6 million in the third quarter of 2010 primarily from increased sales to a specialty retailer.
Total international net sales, which are included in the wholesale segment, increased $4.0 million, or 40.4%, to $13.9 million resulting from increases in Mexico, Canada and Spain.
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