May 13, 2009
Maidenform Q1 EPS beats Street; raises FY profit view
May 13, 2009
May 13 (Reuters) - Maidenform Brands Inc (MFB.N) posted a better-than-expected quarterly profit as demand for its shapewear products rose, prompting the lingerie-maker to raise its earnings outlook for the full year.
Maidenform Spring-Summer 2009
For the first quarter, net income remained flat at $6.0 million, or 26 cents a share.
Sales at Maidenform, which competes with Warnaco Group Inc (WRC.N) and others, rose 16 percent to $114.2 million, riding on the success of its wholesale sales and a 21 percent rise in shapewear product sales.
Analysts on average were expecting the company, famous for its namesake lingerie, to earn 18 cents a share, on revenue of $104.8 million, according to Reuters Estimates.
Maidenform now expects full-year earnings of $1.00 a share to $1.10 a share, up from its prior outlook of 90 cents a share to $1.00 a share. It forecast net sales to increase in the mid-single-digit percentage range for the period.
The Iselin, New Jersey-based company's shares closed at $12.11 Tuesday on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anne Pallivathuckal)
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