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Maidenform Brands' BOD approves $20m share repurchase program
09 Feb '06
4 min read
Branded marketer of intimate apparel Maidenform Brands Inc has released selected preliminary and unaudited financial results for the year ended December 31, 2005.
The company also informed its Board of Directors has approved a share repurchase program of up to $20 million effective immediately. In addition, Maidenform provided its financial performance outlook for 2006.
Maidenform expects to report net sales for 2005 in the range of $381 million to $383 million, up approx. 13 percent from $337 million in 2004, primarily due to the launch of the Dream franchise along with other product introductions, new store growth from customers and two specific product rollouts in the first quarter of 2005 to one mass merchant customer and one chain store customer.
The company had previously estimated net sales in the range of $385 million to $390 million but these projections were impacted late in the fourth quarter of 2005 by a strong promotional environment and a greater emphasis on decreasing year-end inventories by select customers.
Wholesale segment net sales increased in 2005 approx. 16 percent from $281.7 million in 2004, including international sales that increased in 2005 more than 46 percent from $18.2 million in 2004.
Department stores/national chain stores net sales increased in 2005 approx. 7 percent from $189.3 million in 2004 largely due to the introduction of the Dream Bra, strong demand for the Lilyette and Flexees brands, and new store growth, in addition to international expansion.
The company also informed its Board of Directors has approved a share repurchase program of up to $20 million effective immediately. In addition, Maidenform provided its financial performance outlook for 2006.
Maidenform expects to report net sales for 2005 in the range of $381 million to $383 million, up approx. 13 percent from $337 million in 2004, primarily due to the launch of the Dream franchise along with other product introductions, new store growth from customers and two specific product rollouts in the first quarter of 2005 to one mass merchant customer and one chain store customer.
The company had previously estimated net sales in the range of $385 million to $390 million but these projections were impacted late in the fourth quarter of 2005 by a strong promotional environment and a greater emphasis on decreasing year-end inventories by select customers.
Wholesale segment net sales increased in 2005 approx. 16 percent from $281.7 million in 2004, including international sales that increased in 2005 more than 46 percent from $18.2 million in 2004.
Department stores/national chain stores net sales increased in 2005 approx. 7 percent from $189.3 million in 2004 largely due to the introduction of the Dream Bra, strong demand for the Lilyette and Flexees brands, and new store growth, in addition to international expansion.
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