Home / Knowledge / News / Apparel/Garments / Maidenform affirms guidance for 2011
Maidenform affirms guidance for 2011
12
May '11
Maidenform Brands Inc, a global branded marketer of intimate apparel, reported fourth quarter 2010 net sales of $118.6 million, an increase of 8.6% over the fourth quarter of 2009. Full year 2010 net sales were $556.7 million, a 19.4% increase over the same period last year.

Reported EPS was $0.29 for the fourth quarter of 2010 compared to EPS of $0.32 for the fourth quarter of 2009. Full year 2010 reported EPS was $1.94 compared to EPS of $1.56 for the same period last year. In 2009, the Company recorded a non-cash, one-time benefit of $6.1 million, or $0.26 per share, primarily associated with the recognition of additional net deferred tax assets. EPS of $1.94 for the full year 2010 was up 49% from EPS of $1.30 for 2009, excluding the one-time tax benefit.

"We have significantly exceeded our long range plan goals for the second year in a row. I am so proud of the Maidenform team's commitment and execution. Our people, our brands and our products position our company for meaningful growth in 2011 and beyond," stated Maurice S. Reznik, Chief Executive Officer.

Financial Results for Fourth Quarter 2010 versus Fourth Quarter 2009

Net sales for the fourth quarter of 2010 increased $9.4 million, or 8.6%, to $118.6 million. Wholesale segment net sales for the fourth quarter of 2010 increased $9.6 million, or 10.0%, to $105.2 million. Retail segment net sales decreased $0.2 million, or 1.5%, to $13.4 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 $6.1 million, or 14.2%, to $49.1 million for the fourth quarter of 2010. This increase was due to the solid performance across the shapewear and bra businesses resulting from replenishment orders to support consumer spending and new product introductions.

Mass Merchants

Mass merchant channel net sales increased $6.6 million, or 26.6%, to $31.4 million for the fourth quarter of 2010. This increase is a result of increased sales, particularly in shapewear at all of the Company's major mass customers, including a warehouse club.

Other

Net sales in the other channel decreased $3.1 million, or 11.2%, to $24.7 million for the fourth quarter of 2010 primarily from decreased sales to a specialty retailer, partially offset by higher sales to off-price retailers.

Total international net sales, which are included in the wholesale segment, increased $1.3 million, or 12.6%, to $11.6 million resulting from increases primarily in Mexico, Spain and Russia, partially offset by a decrease in Canadian sales.

Retail Segment

Total retail segment net sales decreased $0.2 million, or 1.5%, to $13.4 million. Same store sales, defined as outlet stores that have been open for more than one year, decreased 2.5%. Internet sales were unchanged at $1.2 million for the fourth quarter of 2010. The retail segment operated 73 outlet stores and eight shapewear kiosks and carts as of the end of the fourth quarter of 2010 and 73 outlet stores and one kiosk as of the end of the fourth quarter of 2009.

Must ReadView All

Courtesy: Reliance Industries

Textiles | On 24th Apr 2017

Reliance’s FY17 revenue from petrochemicals up 12.2%

Increase in prices across polymers and polyester chain has...

Textiles | On 24th Apr 2017

India, Kazakhstan to increase cooperation in textiles

Indian and Kazakhstan are deliberating upon increasing cooperation in ...

Textiles | On 24th Apr 2017

GST reflects 'One nation, One aspiration' spirit: Modi

Prime Minister Narendra Modi has said that the Goods and Services Tax ...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search