(Filed Under Financial and General Interest News). Intimate apparel manufacturer, Maidenform Brands reported an increase in net income of $8.44 million for the third quarter of 2008, compared to $7.78 million in the same quarter of 2007.
For the first nine months of 2008, net income was $22.29 million compared to $27.85 million in the same period of 2007. Net sales were $318.75 million, compared to $326.38 million in the same period of 2007.
"We posted solid gains in sales and profits, and our investments in channel diversification and in our market-leading shapewear franchises and new brands are working," said Maurice Reznik, CEO of Maidenform Brands. "Our differentiated brands, disciplined expense control and solid cash flow are driving profitable growth and we're well positioned for the future despite very challenging retail conditions."
Net sales for the department stores and national chain stores channel increased $5.5 million, or 10.6 percent, to $57.3 million in the third quarter of 2008. The company reports this increase was primarily related to the net sales shift of approximately $6.0 million from the second quarter to early in the third quarter of 2008.
Mass merchants channel net sales increased $8.0 million, or 39.2 percent, to $28.4 million in the third quarter of 2008. Key drivers of this increase included the expansion of Maidenform's Sweet Nothings brand in the shapewear category, a new branded seamless shapewear program and ongoing replenishment from the launch of the company's Inspirations brand which was introduced earlier this year.
On May 6, 2008, Maidenform entered into an exclusive worldwide women's intimate apparel license agreement for the Donna Karan and DKNY brands commencing on January 1, 2009. Maidenform continues to project that this business will add approximately 5 percent to the company's net sales growth in 2009 and will provide a new channel of distribution to high-end department and specialty stores.
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