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Maidenform Brands logs 8.9% Q2 net sales
30 Aug '05
4 min read
New Jersey based garments marketer Maidenform Inc reported its financial results for the second-quarter and year-to-date periods ended July 2, 2005. Maidenform also reported continued progress in implementing the Company's diversified growth strategy.
Net sales were $102.3 million in the second quarter of 2005, up 8.9 percent from $93.9 million in the second quarter of 2004. Wholesale segment net sales increased 10.2 percent to $87.5 million in the second quarter of 2005, compared to $79.4 million in the second quarter of 2004. Gains in this segment were primarily due to higher sales in the mass merchant channel driven by increased penetration in the existing store base, new store growth and additional product placements.
On a year-to-date basis, net sales increased $30.0 million, or 17.4 percent, to $202.5 million in fiscal 2005, up from $172.5 million in fiscal 2004. International sales, which are included in the wholesale segment, increased 53.8 percent to $12.3 million in fiscal 2005, compared to $8.0 million in fiscal 2004. As noted above, sales in the first quarter of 2005 benefited significantly from a roll out of certain products to all stores of a major mass merchant and we launched a line of panties to a national chain.
On a year-to-date basis for 2005, the Company's effective income tax rate is 46.9 percent and reflects non-deductible expenses primarily associated with the initial public offering in July 2005 as discussed above. Excluding the unusual adjustments discussed above, the Company's effective tax rate would have been approximately 40 percent. The Company's cash tax rate, which represents the amount of taxes currently payable takes into consideration net operating loss carry-forwards and significant expenses and deductions related to the initial public offering, is currently estimated to be approximately 5 percent to 7 percent of pre-tax net income for full year fiscal 2005.
Net sales were $102.3 million in the second quarter of 2005, up 8.9 percent from $93.9 million in the second quarter of 2004. Wholesale segment net sales increased 10.2 percent to $87.5 million in the second quarter of 2005, compared to $79.4 million in the second quarter of 2004. Gains in this segment were primarily due to higher sales in the mass merchant channel driven by increased penetration in the existing store base, new store growth and additional product placements.
On a year-to-date basis, net sales increased $30.0 million, or 17.4 percent, to $202.5 million in fiscal 2005, up from $172.5 million in fiscal 2004. International sales, which are included in the wholesale segment, increased 53.8 percent to $12.3 million in fiscal 2005, compared to $8.0 million in fiscal 2004. As noted above, sales in the first quarter of 2005 benefited significantly from a roll out of certain products to all stores of a major mass merchant and we launched a line of panties to a national chain.
On a year-to-date basis for 2005, the Company's effective income tax rate is 46.9 percent and reflects non-deductible expenses primarily associated with the initial public offering in July 2005 as discussed above. Excluding the unusual adjustments discussed above, the Company's effective tax rate would have been approximately 40 percent. The Company's cash tax rate, which represents the amount of taxes currently payable takes into consideration net operating loss carry-forwards and significant expenses and deductions related to the initial public offering, is currently estimated to be approximately 5 percent to 7 percent of pre-tax net income for full year fiscal 2005.
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