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Shapewear net sales soar at Maidenform
12 Aug '10
3 min read
Maidenform Brands, Inc., a global branded marketer of intimate apparel, reported second quarter 2010 net sales of $149.4 million, an increase of 30.8% over the second quarter of 2009, driven by continued strength in its core shapewear and bra businesses across the Company's wholesale channels. Reported EPS of $0.59 for the second quarter of 2010 was up from EPS of $0.31 in the second quarter of 2009.
"This marks our sixth consecutive quarter of strong net sales growth, and we believe that we are well positioned for 2010 and beyond," stated Maurice S. Reznik, Chief Executive Officer. "While sales across all of the Company's wholesale channels increased in the quarter, we are particularly pleased that sales from some of our newer strategic initiatives like Donna Karan and international are beginning to accelerate and have a greater impact on our overall performance."
Financial Results for Second Quarter 2010 versus Second Quarter 2009
Net sales for the second quarter of 2010 increased $35.2 million, or 30.8%, to $149.4 million. Wholesale segment net sales in the second quarter of 2010 increased $35.2 million, or 35.3%, to $134.9 million. Retail segment net sales were unchanged at $14.5 million in the second quarter of 2010 when compared to the comparable period last year.
The Company's net sales performance by channel of distribution is highlighted in Exhibit 1 to this press release.
Wholesale Segment
Department Stores and National Chain Stores
Net sales for the department stores and national chain stores channel increased $9.8 million, or 17.5%, to $65.9 million in the second quarter of 2010. This increase was due to the solid performance of the Company's shapewear and bra businesses resulting from replenishment orders to support consumer spending and new product introductions along with the continued improvement from the Company's licensed brands Donna Karan and DKNY.
Mass Merchants
Mass merchant channel net sales increased $16.3 million, or 61.3%, to $42.9 million in the second quarter of 2010. This increase included strong sales growth in the Sweet Nothings brand shapewear and bra categories, and continued sales of shapewear products in the Self Expressions brand which were not in the same period of 2009.
Other
Net sales in the other channel increased $9.1 million, or 53.5%, to $26.1 million in the second quarter of 2010 primarily from increased sales to a specialty retailer.
Total international net sales, which are included in the wholesale segment, increased $3.3 million, or 38.8%, to $11.8 million. This increase was driven by increased sales in most of the Company's international markets, notably Mexico, the United Kingdom and Spain.
Retail Segment
Total retail segment net sales were unchanged at $14.5 million in the second quarter of 2010 with same store sales, defined as stores that have been open for more than one year, increasing 0.8% at Maidenform's retail outlet stores. Internet sales were unchanged at $1.2 million in the second quarter of 2010. The retail segment operated 74 outlet stores and 1 shapewear kiosk as of the second quarter of 2010 and 75 outlet stores as of the second quarter of 2009.
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"This marks our sixth consecutive quarter of strong net sales growth, and we believe that we are well positioned for 2010 and beyond," stated Maurice S. Reznik, Chief Executive Officer. "While sales across all of the Company's wholesale channels increased in the quarter, we are particularly pleased that sales from some of our newer strategic initiatives like Donna Karan and international are beginning to accelerate and have a greater impact on our overall performance."
Financial Results for Second Quarter 2010 versus Second Quarter 2009
Net sales for the second quarter of 2010 increased $35.2 million, or 30.8%, to $149.4 million. Wholesale segment net sales in the second quarter of 2010 increased $35.2 million, or 35.3%, to $134.9 million. Retail segment net sales were unchanged at $14.5 million in the second quarter of 2010 when compared to the comparable period last year.
The Company's net sales performance by channel of distribution is highlighted in Exhibit 1 to this press release.
Wholesale Segment
Department Stores and National Chain Stores
Net sales for the department stores and national chain stores channel increased $9.8 million, or 17.5%, to $65.9 million in the second quarter of 2010. This increase was due to the solid performance of the Company's shapewear and bra businesses resulting from replenishment orders to support consumer spending and new product introductions along with the continued improvement from the Company's licensed brands Donna Karan and DKNY.
Mass Merchants
Mass merchant channel net sales increased $16.3 million, or 61.3%, to $42.9 million in the second quarter of 2010. This increase included strong sales growth in the Sweet Nothings brand shapewear and bra categories, and continued sales of shapewear products in the Self Expressions brand which were not in the same period of 2009.
Other
Net sales in the other channel increased $9.1 million, or 53.5%, to $26.1 million in the second quarter of 2010 primarily from increased sales to a specialty retailer.
Total international net sales, which are included in the wholesale segment, increased $3.3 million, or 38.8%, to $11.8 million. This increase was driven by increased sales in most of the Company's international markets, notably Mexico, the United Kingdom and Spain.
Retail Segment
Total retail segment net sales were unchanged at $14.5 million in the second quarter of 2010 with same store sales, defined as stores that have been open for more than one year, increasing 0.8% at Maidenform's retail outlet stores. Internet sales were unchanged at $1.2 million in the second quarter of 2010. The retail segment operated 74 outlet stores and 1 shapewear kiosk as of the second quarter of 2010 and 75 outlet stores as of the second quarter of 2009.
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Maidenform Brands Inc
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