• Q3 profit nearly doubles to $16m
  • Sales up 14% to $128.7m
  • Raises FY sales and earnings guidance

Intimate apparel company Maidenform nearly doubled its third quarter profit, thanks to strong performances from its core bra and shapewear businesses.

Net sales were up 14.3% to US$128.7m, also boosted by replenishment of the company's Donna Karan and DKNY licensed brands, Maidenform said.

Net profit nearly doubled to $16m, and underlying net profit rose 16.5% to $9.9m.

For the first nine months of the year, sales rose 12% to $357.1m, while adjusted net profit increased 4% to $23.2m.

"We are executing our strategies and continue to gain share in the bra and shapewear categories across all of our channels of distribution, while simultaneously controlling costs and investing in our business for the future," said company CEO Maurice S Reznik.

Third quarter wholesale revenues were up 17.9% to $111.9m, but retail sales fell 5.1% to $16.8m.

Sales to department and national chain stores fell back by 1%, but mass merchant revenues increased 19%, thanks to strong growth in the shapewear and bra categories.

International sales fell 14.7% to $9.9m, hit by lower sales in Canada and Russia.

Maidenform raised its full-year guidance, predicting a net sales increase of 10% and adjusted earnings per share of $1.16-1.20, versus $1.05 last year.