(Filed Under Financial and General Interest News). Maidenform Brands, Inc. finished 2009 on the up swing. During the fourth quarter of last year, the intimate apparel company cited a 15.3 percent increase in net sales, to $109.2 million, with net sales in the shapewear channel increasing 12.2 percent. The company also reported success during the quarter in its licensed Donna Karan and DKNY brands launched in last year’s first quarter, which partially offset customer focus on tight inventory management.
“We are pleased with our 2009 performance and expect this momentum to continue in 2010,” said Maurice S. Reznick, chief executive officer of Maidenform Brands, Inc. “Our company is winning in the marketplace with innovative products, taking share across categories and channels, and thoughtfully executing our strategies to drive long term shareholder value.”
Wholesale segment net sales were up $19.6 percent, to $95.6 million, with net sales in the department stores and national chain, mass merchant, and other channel, which includes specialty retailers, up 4.5 percent, 17.6 percent and a whopping 114.6 percent, respectively. The company primarily attributed its significant growth in the other channel to “the introduction of new products with a specialty retailer and higher sales to off-price retailers.” International sales grew 13.2 percent, driven by increased sales in the Benelux countries, Germany and favorable currency exchange rates.
Despite the overall net sales gain and increases across the wholesale segment’s channels, retail sales dropped 8.1 percent during the fourth quarter, to $13.6 million.
Maidenform Brands, Inc. expects net sales during the first quarter of 2010 to increase in the upper teen percentage range, with improving business in the department store and chains channel.
Maidenform Brands, Inc. designs, sources and markets intimate apparel products including bras, panties and shapewear under brands including Maidenform; Flexees; Control It!; Lilyette; Expressions; and Bodymates, among others.
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