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Maidenform Brands Inc. (MFB) filed Quarterly Report for the period ended 2011-10-01.
Maidenform Brands Inc. has a market cap of $420.9 million; its shares were traded at around $17.91 with a P/E ratio of 8.4 and P/S ratio of 0.7. Maidenform Brands Inc. had an annual average earning growth of 10.8% over the past 5 years.
This is the annual revenues and earnings per share of MFB over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of MFB.
Highlight of Business Operations:
Wholesale segment net sales increased by $1.6 million, or 1.2%, from $128.6 million for the three months ended October 2, 2010 to $130.2 million for the three months ended October 1, 2011. Total international net sales, which are included in the wholesale segment, increased by $0.2 million, or 1.4%, from $13.9 million for the three months ended October 2, 2010 to $14.1 million for the three months ended October 1, 2011. International sales benefited from favorable currency exchange rates and increased sales primarily in the United Kingdom which were partially offset by sales declines in Canada and Mexico. We had lower than anticipated sales in Mexico due to a dispute with Mexican customs that has been resolved. Our department stores and national chain stores channel net sales decreased by $0.5 million, or 0.8%, from $60.4 million for the three months ended October 2, 2010 to $59.9 million for the three months ended October 1, 2011. The decrease was a result of soft intimate apparel retail trends which impacted our bra and pant categories. These declines were partially offset by increases in the shapewear category and DKNY business. Our mass merchant channel net sales increased by $5.9 million, or 15.1%, from $39.2 million for the three months ended October 2, 2010 to $45.1 million for the three months ended October 1, 2011. This increase was led by expanded assortments and increased replenishment of our shapewear and bra categories. Other channel net sales, which include sales to specialty retailers, off-price retailers and licensing income, decreased by $3.8 million, or 13.1%, from 29.0 million for the three months ended October 2, 2010 to $25.2 million for the three months ended October 1, 2011. This decrease was a result of decreased sales to a specialty retailer.Wholesale segment net sales increased by $40.9 million, or 10.4%, from $395.1 million for the nine months ended October 2, 2010 to $436.0 million for the nine months ended October 1, 2011. This increase was driven by all channels of distribution, except for the other channel, resulting from strong replenishment orders, expanded assortments, new placements and strong sales in the international and DKNY businesses. Total international net sales increased by $8.0 million, or 22.2%, from $36.1 million for the nine months ended October 2, 2010 to $44.1 million for the nine months ended October 1, 2011, resulting from increased sales in most major markets in which we do business, including the United Kingdom, Canada and Mexico, as well as favorable currency exchange rates. Our department stores and national chain stores channel net sales increased by $10.7 million, or 5.9%, from $182.6 million for the nine months ended October 2, 2010 to $193.3 million for the nine months ended October 1, 2011. Our mass merchant channel net
sales increased by $32.6 million, or 25.6%, from $127.3 million for the nine months ended October 2, 2010 to $159.9 million for the nine months ended October 1, 2011. Other channel net sales decreased by $2.4 million, or 2.8%, from $85.2 million for the nine months ended October 2, 2010 to $82.8 million for the nine months ended October 1, 2011.
Net sales in our retail segment increased by $0.8 million, or 4.7%, from $17.2 million for the three months ended October 2, 2010 to $18.0 million for the three months ended October 1, 2011. Net sales in our retail segment increased by $2.8 million, or 6.5%, from $43.0 million for the nine months ended October 2, 2010 to $45.8 million for the nine months ended October 1, 2011. Same store sales, defined as sales from stores open more than one year, for the three and nine-month periods ended October 1, 2011, increased 2.4% and 3.0%, respectively, resulting from improved customer traffic. Our internet sales increased by $0.2 million, or 13.3%, from $1.5 million for the three months ended October 2, 2010 to $1.7 million for the three months ended October 1, 2011 and increased by $1.1 million, or 28.2%, from $3.9 million for the nine months ended October 2, 2010 to $5.0 million for the nine months ended October 1, 2011.
Consolidated gross profit decreased by $5.4 million, or 10.2%, from $52.8 million for the three months ended October 2, 2010 to $47.4 million for the three months ended October 1, 2011. As a percentage of net sales, consolidated gross margins decreased by 420 basis points from 36.2% for the three months ended October 2, 2010 to 32.0% for the three months ended October 1, 2011. Consolidated gross profit increased by $3.4 million, or 2.1%, from $158.8 million during the nine months ended October 2, 2010 to $162.2 million for the nine months ended October 1, 2011. However, as a percentage of net sales, gross profit decreased by 250 basis points from 36.2% for the nine months ended October 2, 2010 to 33.7% for the nine months ended October 1, 2011.
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