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Maidenform affirms guidance for 2011
12 May '11
4 min read
Consolidated gross profit increased $2.8 million, or 7.2%, to $41.5 million for the fourth quarter of 2010. As a percentage of net sales, consolidated gross margins were 35.0% for the fourth quarter of 2010 versus 35.4% for the fourth quarter of 2009.
Consolidated selling, general and administrative expenses (SG&A) increased $4.1 million, or 15.9%, to $29.9 million for the fourth quarter of 2010 to support the Company's strategic initiatives and sales growth. This increase was a result of increased variable distribution costs, increased payroll and related benefits as we invest in our design, merchandising and international teams, increased marketing expenditures to promote our brands, and increased professional fees. In addition, the Company increased its retail operating expenses, including kiosks and carts expenditures and store lease renewals. As a percentage of net sales, SG&A increased to 25.2% for the fourth quarter of 2010 compared to 23.6% for the fourth quarter of 2009.
Due to all of the factors described above, operating income for the fourth quarter of 2010 was $11.6 million, or 9.8% of net sales, compared to $12.9 million, or 11.8% of net sales, for the fourth quarter of 2009.
Net interest expense for the fourth quarter of 2010 was $0.3 million compared to $0.4 million for the fourth quarter of 2009.
The Company's effective income tax rate for the fourth quarter of 2010 was 40.8% compared to 38.2% for the fourth quarter of 2009.
Net income for the fourth quarter of 2010 and 2009 was $6.7 million and $7.7 million, respectively, and EPS was $0.29 and $0.32, respectively.
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Consolidated selling, general and administrative expenses (SG&A) increased $4.1 million, or 15.9%, to $29.9 million for the fourth quarter of 2010 to support the Company's strategic initiatives and sales growth. This increase was a result of increased variable distribution costs, increased payroll and related benefits as we invest in our design, merchandising and international teams, increased marketing expenditures to promote our brands, and increased professional fees. In addition, the Company increased its retail operating expenses, including kiosks and carts expenditures and store lease renewals. As a percentage of net sales, SG&A increased to 25.2% for the fourth quarter of 2010 compared to 23.6% for the fourth quarter of 2009.
Due to all of the factors described above, operating income for the fourth quarter of 2010 was $11.6 million, or 9.8% of net sales, compared to $12.9 million, or 11.8% of net sales, for the fourth quarter of 2009.
Net interest expense for the fourth quarter of 2010 was $0.3 million compared to $0.4 million for the fourth quarter of 2009.
The Company's effective income tax rate for the fourth quarter of 2010 was 40.8% compared to 38.2% for the fourth quarter of 2009.
Net income for the fourth quarter of 2010 and 2009 was $6.7 million and $7.7 million, respectively, and EPS was $0.29 and $0.32, respectively.
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Maidenform Brands Inc
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