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Maidenform net sales rises 6.3% to $107.2mn
09 May '07
2 min read
Maidenform Brands Inc a global branded marketer of intimate apparel, announced financial results for the first quarter ended March 31, 2007.
First Quarter 2007 highlights versus First Quarter 2006 (excluding the pension curtailment gain of $6.1 million, or $0.15 per share, in the first quarter 2007):
•Net sales increased 6.3% to $107.2 million.
•Wholesale segment net sales increased 7.3% to $97.0 million.
•International sales increased 33.3% to $7.2 million.
•Operating income increased 11.0% to $14.1 million.
•Net income increased 12.9% to $7.0 million.
•Diluted earnings per common share increased 11.5% to $0.29.
Thomas J. Ward, Chief Executive Officer stated, "We are pleased that the strong foundation we have built continued to deliver solid performance in the first quarter of 2007. Our momentum in the mass merchant branded business drove our 6.3% net sales increase."
In February, we introduced our newest franchise, The Smooth Bra, which has performed extremely well since its roll-out. We fully expect this Collection to be a strong performance driver for the department stores and national chain stores channel this year.
Consolidated gross margins were 36.3% driven by higher mass merchant sales and overall product mix. Maidenform's continued expense discipline, with SG&A representing 23.1% of sales, also contributed to our earnings per share growth of 11.5% for the first quarter, excluding the $6.1 million pension curtailment gain.
"We continue to remain optimistic about the remainder of the year and believe that our first quarter results reinforce our ability to achieve Maidenform's previously stated financial guidance for 2007."
Maidenform will host a conference call and webcast on Wednesday, May 9th at 8:30 am EDT to discuss its first quarter 2007 results, in addition to providing an update on the business.
Click here to view more
First Quarter 2007 highlights versus First Quarter 2006 (excluding the pension curtailment gain of $6.1 million, or $0.15 per share, in the first quarter 2007):
•Net sales increased 6.3% to $107.2 million.
•Wholesale segment net sales increased 7.3% to $97.0 million.
•International sales increased 33.3% to $7.2 million.
•Operating income increased 11.0% to $14.1 million.
•Net income increased 12.9% to $7.0 million.
•Diluted earnings per common share increased 11.5% to $0.29.
Thomas J. Ward, Chief Executive Officer stated, "We are pleased that the strong foundation we have built continued to deliver solid performance in the first quarter of 2007. Our momentum in the mass merchant branded business drove our 6.3% net sales increase."
In February, we introduced our newest franchise, The Smooth Bra, which has performed extremely well since its roll-out. We fully expect this Collection to be a strong performance driver for the department stores and national chain stores channel this year.
Consolidated gross margins were 36.3% driven by higher mass merchant sales and overall product mix. Maidenform's continued expense discipline, with SG&A representing 23.1% of sales, also contributed to our earnings per share growth of 11.5% for the first quarter, excluding the $6.1 million pension curtailment gain.
"We continue to remain optimistic about the remainder of the year and believe that our first quarter results reinforce our ability to achieve Maidenform's previously stated financial guidance for 2007."
Maidenform will host a conference call and webcast on Wednesday, May 9th at 8:30 am EDT to discuss its first quarter 2007 results, in addition to providing an update on the business.
Click here to view more
Maidenform Brands Inc
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