(Filed Under Financial and General Interest News). Frederick’s of Hollywood Group Inc, has announced an increase in net sales of 24.7 percent for the second quarter ended January 24, 2009.

Net sales increased to $52,516,000 from $42,112,00 for the fiscal 2008 second quarter. According to the company, “the increase in net sales resulted from the addition of $14,164,000 of net sales from the wholesale division following the consummation of the merger.”

“We remain committed to the continued implementation of key business initiatives, including continuing to reduce and control operating expenses and vertically integrating our retail and wholesale operations where complementary to derive additional margin benefits,” said Thomas Lynch, the company’s chief executive officer. “Since the consummation of the merger, excluding store personnel, we have reduced our domestic workforce by approximately 25 percent and have transitioned certain manufacturing support functions previously performed by some of these employees to our facility in the Phillipines. This net reduction in workforce has resulted in an annualized net salary savings of approximately $4.5 million and an additional savings of approximately $1 million in benefits and other related costs.”

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Published 03-09-2009 by Bruna Fernandes