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Maidenform Brands net income triples in Q2, sales surge

11
Aug '06

Maidenform Brands Inc, a global branded marketer of intimate apparel, announced financial results for the second quarter and year-to-date periods ended July 1, 2006.

Highlights for the second quarter of 2006 versus the second quarter of 2005 include:

-- Net sales increased 14.5% to $117.1 million.
-- Wholesale net sales increased 17.3% to $102.6 million.
-- Total international sales increased 27.5%.
-- Consolidated gross margins rose 60 basis points to 37.7%.
-- Net income increased to $9.4 million from $2.6 million.
-- Diluted earnings per common share was $0.39.

Thomas Ward, CEO stated, "We are extremely pleased with our second quarter results. Maidenform's 14.5% net sales growth was driven by a solid performance in the core business, coupled with successful new product initiatives. Consolidated gross margins grew to 37.7% through product mix, new product introductions and extensions, sourcing initiatives, and reduced liquidations."

Net sales for the second quarter of 2006 increased $14.8 million, or 14.5%, to $117.1 million. Wholesale segment net sales in the second quarter of 2006 increased $15.1 million, or 17.3%, to $102.6 million. International sales, which are included in the wholesale segment, increased 27.5% to $8.8 million. Retail segment net sales decreased $0.3 million, or 2.0%, to $14.5 million in the second quarter of 2006. As of July 1, 2006, it had 75 retail outlet stores compared to 81 retail outlet stores as of July 2, 2005.

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