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Maidenform reports diluted earnings per share of $0.32 in Q3

Nov '07
Maidenform Brands Inc, a global branded marketer of intimate apparel announced financial results for the third quarter ended September 29, 2007.

As stated in Maidenform's second quarter press release on August 7, 2007, the Company projected lower financial results for the third quarter of 2007 due to an anticipated transition period related to a strategic shift to re-intensify the Company's branded sales from private label sales with one mass customer and a specialty retailer.

Additionally, Maidenform experienced a more challenging sales environment during the third quarter contributing to these results.

"Our financial performance overall for the third quarter does not reflect the high standards that our organization has been able to achieve historically or plans to accomplish in the fourth quarter of this year and 2008," said Thomas J. Ward, Chief Executive Officer.

"We have implemented initiatives that we expect will successfully drive the business long-term by focusing on our branded sales opportunities which have increased 5.5% year-to-date. However, 2007 has been a transitional year as we build this foundation for growth.

The recent retail environment has been disappointing, yet we have taken specific value-enhancing actions that have contributed to gross margins increasing 270 basis points to 40.3% during the third quarter, along with providing us the ability to introduce new product innovation in the marketplace that willcontribute to our performance going forward."

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