Strong sales growth in Maidenform's shapewear

04 Mar '10

2 min read

Maidenform Brands, Inc. a global branded marketer of intimate apparel, reported fourth quarter 2009 net sales of $109.2 million, an increase of 15.3% over the fourth quarter of 2008. Full year 2009 net sales were $466.3 million, a 12.8% increase over the same period last year. Reported EPS of $0.32 for the fourth quarter of 2009 and $1.56 for the full year 2009 were up from EPS of $0.10 and $1.05 in the fourth quarter and full year 2008, respectively.

• Net sales increased 15.3% and 12.8% in fourth quarter and full year, respectively
• Reported earnings per share (EPS) of $0.32 and $1.56 for fourth quarter and full year, respectively
• Mass merchant channel net sales increased 14.8% year over year
• Shapewear net sales increased 12.2% over 200
• Provides guidance for 2010 EPS to increase in the mid-teens percentage range
• Announces $50.0 million share repurchase authorization

Before the special items listed in Exhibit 2 of this press release, adjusted fourth quarter EPS more than doubled to $0.32 and full year EPS increased 18% to $1.30.

Total cash and cash equivalents at the end of the fourth quarter of 2009 were $89.2 million compared to $43.5 million at the end of the fourth quarter of 2008. The Company's outstanding debt was $87.3 million as of January 2, 2010 versus $88.4 million as of January 3, 2009.

Maurice S. Reznik, Chief Executive Officer, stated, "We are pleased with our 2009 performance and expect this momentum to continue in 2010. Our company is winning in the marketplace with innovative products, taking share across categories and channels, and thoughtfully executing our strategies to drive long term shareholder value."

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Maidenform Brands Inc

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