Maidenform Brands Inc. today said profits in the second quarter fell by 15.3 percent, impacted by a special charge to settle its litigation with Times Three Clothier.
For the second quarter ended July 2, income decreased to $11.6 million, or 50 cents a diluted share, from $13.7 million, or 59 cents, last year. The litigation charge of $4.1 million settles patent infringement and invalidity lawsuits that the two litigants filed against each other. Excluding the charge, diluted EPS would have been 67 cents for the quarter versus 59 cents a year ago.
Sales rose 13.8 percent to $170 million from $149.4 million. The company said shapewear sales rose 33.2 percent. It also said sales at department stores and national chains increased 9.8 percent, while those at the mass market channel gained 29.1 percent.
Maurice S. Reznik, chief executive officer, said, “The team continues to execute our long range organic growth strategies with solid success.”
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)