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Pure Genius tailored bra, style #7539.
Pure Genius tailored bra, style #7539.

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current news

Maidenform 2Q Sales Decrease 7.4% vs. 2011


(Filed Under Financial and General Interest News). Maidenform Brands, Inc. reported that net sales for the second quarter of 2012 fell to $157.5 million, a decrease of 7.4% from the second quarter of 2011, while earnings per share were $0.49 compared to $0.50 for the same quarter in 2011. (Earnings per share, excluding the litigation settlement recorded in the second quarter of 2011, were $0.67. The litigation charge, $4.1 million excluding taxes, involved invalidity and patent infringement lawsuits with Times Three Clothier, the company behind Yummie Tummie shapewear).

For the full year 2012, Maidenform projects earnings per share of $1.50 to $1.60.

“Sales and earnings were at the top end of our expectations for the second quarter,” said Maurice S. Reznik, CEO, in a company statement that accompanied the release of financial results. “Gross margin improved 680 basis points since the first quarter of 2012, our inventory levels are down and we are poised for high single digit growth in sales and double digit growth in EPS in the second half. Continued weakness in Europe and a choppy domestic market are placing downward pressure on our outlook, however we continue to execute well against our strategies and we are excited about our upcoming new product launches and branding initiatives.”

In describing the results for the second quarter this year compared to last, the Maidenform statement noted, “Net sales for the second quarter of 2012 decreased $12.5 million, or 7.4%, to $157.5 million. Wholesale segment net sales for the second quarter of 2012 decreased $12.4 million, or 8.1%, to $141.4 million. Retail segment net sales decreased $0.1 million, or 0.6%, to $16.1 million.”

According to the company, “Net sales for the department stores and national chain stores channel increased $0.7 million, or 1.0%, to $70.4 million for the second quarter of 2012. During the quarter, the company shipped the Jennifer Lopez brand for the first time to a chain store customer which was partially offset by sales declines at a mid-tier department store as it transitions to a new pricing and merchandising strategy.”

In the “Mass merchant channel net sales decreased $8.6 million, or 15.1%, to $48.2 million for the second quarter of 2012. This decrease is a result of a program shift at a warehouse club which took place July of 2012 compared to June of 2011 and mixed results with other mass merchant customers.” The Maidenfor statement continuce, “Net sales in the other channel decreased $4.5 million, or 16.5%, to $22.8 million for the second quarter of 2012 primarily from lower anticipated sales to a specialty retailer that was somewhat offset by sales to off-price retailers.”

“Total international net sales, which are included in the wholesale segment, decreased $1.9 million, or 11.4%, to $14.8 million. This decrease was driven by lower sales in our major European markets, such as the United Kingdom and the Benelux countries that was partially offset by increases in Canada and Mexico, along with unfavorable currency exchange rates.

In Maidenform’s retail stores, “Total retail segment net sales decreased $0.1 million, or 0.6%, to $16.1 million resulting from decreased customer store traffic, partially offset by e-commerce growth. Same store sales, defined as outlet stores that have been open for more than one year, decreased 3.6%. Internet sales increased $0.5 million, or 27.8%, to $2.3 million for the second quarter of 2012. The retail segment operated 75 outlet stores as of the end of the second quarter of 2012 and 74 outlet stores as of the end of the second quarter of 2011.”

“Consolidated gross profit decreased $5.5 million, or 9.3%, to $53.6 million for the second quarter of 2012. As a percentage of net sales, consolidated gross margins were 34.0% for the second quarter of 2012 versus 34.8% for the second quarter of 2011. The decrease in gross margin was a result of increased promotional and off-price retailer activity to drive inventory productivity. Partially offsetting this decrease was a favorable mix of sales by channel during the quarter.”

The company release detailed the differences in results between the first half of 2012 and the first half of 2011. “Net sales for the first six months of 2012 decreased $18.6 million, or 5.6%, to $315.0 million. Wholesale segment net sales, on a year-to-date basis, decreased $19.6 million, or 6.4%, to $286.2 million resulting from the reasons mentioned above along with an assortment expansion in 2011 at one of the company’s chain store customers that did not repeat in 2012. Total international net sales increased $1.3 million, or 4.3%, to $31.3 million. This increase was driven by increased sales to major markets, such as Canada and the United Kingdom. Partially offsetting these increases were sales decreases in other major markets, such as the Benelux countries, and the impact of unfavorable currency exchange rates. Retail segment net sales for the first six months of 2012 increased $1.0 million, or 3.6%, to $28.8 million. Same store sales for Maidenform’s retail outlet stores were flat. Internet sales increased $1.3 million, or 39.4%, to $4.6 million.”

“Consolidated gross margins on a year-to-date basis were 30.6% versus 34.4% for the same period in 2011. The decrease in gross margin was a result of increased promotional and off-price retailer activity to drive inventory productivity. Partially offsetting this decrease was a favorable mix of sales by channel.”

The statement continued, “Year-to-date operating income for 2012 was $28.8 million, or 9.1% of net sales. Year-to-date operating income for 2011, including the litigation settlement ... was $41.5 million, or 12.4% of net sales. Continued operating income for the first six months of 2011, excluding the litigation settlement, was $48.3 million, or 14.5% of net sales.

Maidenform concluded that “Net income for the first six months of 2012 and 2011 was $17.2 million and $26.1 million, respectively, and EPS was $0.74 and $1.12, respectively. Excluding the litigation settlement of $4.1 million after tax, or $0.17 EPS, net income was $30.2 million, or EPS of $1.29 for the first six months of 2011.”

Looking at the third quarter, the company stated it expects “Total net sales in the $155 to $160 million range

EPS in a range of 40 to 45 cents per share.”

For the full year 2012 that Maidenform statement projected “Total company net sales growth of around 1.0% over 2011,” as well as a decline in what the company describes as its “other channel of $15 to $25 million as a bra program with a specialty retailer matures.” The company also projects, “Total company net sales growth in the low single digits percentage range excluding the specialty retailer decline.” Overall it expects, “Earnings per share in a range of $1.50 to $1.60 per share.


more Financial and General Interest News >>

Published 08-29-2012 by -

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