US: Maidenform doubles Q1 profit
Intimate apparel firm Maidenform Brands has doubled its net income for the first quarter of 2010, after record-high sales.
Income stood at $12.1m for the opening quarter, from $6.0m in the same period of last year.
The company reported first quarter net sales of $142.9m, an increase of 25.1% driven by bra and shapewear businesses.
"Our first quarter net sales marked the highest quarterly sales in our history and continue the strong momentum we experienced in 2009," said Maurice S. Reznik, CEO. "We are very pleased with our share gains in bras and shapewear and with the success of new innovative product offerings. We believe we are well positioned for continued growth in 2010 and beyond."
Net sales for the second quarter are expected to increase in the low-to-mid 20% range as compared to the prior year, a statement added.
Click here to view the company's full first quarter statement.
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