Maidenform Brands net income triples in Q2, sales surge
11 Aug '06
3 min read
Net sales from the department stores and national chain stores channel rose $5.7 million, or 10.6%, to $59.6 million in the second quarter of 2006 due to strong sales in the company's Flexees and Lilyette product lines, along with solid performance in Maidenform bras.
Same store sales for Maidenform's retail outlet stores increased 2.6% and internet sales rose 14.3% to $0.8 million in the second quarter of 2006. Continued performance in the retail segment was largely driven by ongoing select promotional offerings, overall product mix and improved store inventory replenishment.
Consolidated gross profit increased $6.2 million, or 16.3%, to $44.2 million in the second quarter of 2006. As a percentage of net sales, consolidated gross margins increased 60 basis points to 37.7% from reported gross margins in the year ago period of 37.1%.
Net income for the second quarter of 2006 was $9.4 million and diluted earnings per common share were $0.39. Net income for the second quarter of 2005, before preferred stock dividends and changes in redemption value, was $2.6 million.
Net sales for the first six months of 2006 increased 7.7% to $218.0 million. Wholesale segment net sales, on a year-to-date basis, increased 8.6% to $193.0 million. Retail segment net sales for the first six months of 2006 increased 0.8% to $25.0 million. Page 6 of this press release highlights Maidenform's net sales performance by channel of distribution.
Consolidated gross profit increased $9.9 million, or 13.7%, to $82.2 million for the first six months of 2006. As a percentage of nets sales, consolidated gross margins increased 200 basis points to 37.7%.
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