Department & National Chain Stores net sales up at Maidenform
06 Mar '07
3 min read
Maidenform Brands Inc announced financial results for the fourth quarter and for the fiscal year ended December 30, 2006. Additionally, the Company provided financial performance guidance for 2007.
Fourth quarter 2006 highlights versus fourth quarter 2005 include: • Net sales increased 6.8% to $85.0 million with wholesale net sales increasing 6.9% to $71.1 million. • Consolidated gross margins were 37.4%. • Net income increased to $3.2 million from a loss of $0.2 million. • Diluted earnings per common share were $0.13.
Fiscal 2006 highlights versus fiscal 2005 include: • Net sales increased 9.1% to $416.8 million with wholesale net sales increasing 10.0% to $360.6 million. • Consolidated gross margins were 37.6%. • Net income increased to $27.8 million from $8.9 million. • Diluted earnings per common share were $1.15. •Total cash and cash equivalents was $14.6 million at the end of 2006. In 2006, Maidenform prepaid $27.5 million of its debt outstanding and re-purchased $7.6 million of its common stock.
Thomas J. Ward, Chief Executive Officer stated, "Our results for the fourth quarter and full-year 2006 reflected the continued strength of our multi-channel distribution strategy. The Company's performance was driven by our efforts to grow our brand franchises and enter new product categories with our customers."
"Maidenform's 2006 milestones included 1) double digit net sales growth in the wholesale business; 2) consolidated gross margin increase to 37.6% through product mix and sourcing initiatives; 3) leveraged expense structure to 24.3% of net sales; and 4) maximized cash flow utilization by paying down $27.5 million of debt and repurchasing $7.6 million of stock. Looking forward, our team continues to remain focused on achieving new levels of success."
marketing@alchempro.com
