Maidenform Brands Inc. drove first-quarter profits up 19.9 percent as sales grew across its businesses.
Net income advanced to $14.5 million, or 62 cents a diluted share, from $12.1 million, or 51 cents, a year earlier. Sales for the quarter ended April 2 increased 14.4 percent to $163.6 million from $142.9 million. Profits beat analyst estimates by 5 cents.
“These results complete our ninth-consecutive quarter of increased sales for Maidenform, a trend we intend to continue as we leverage our products globally to extend the reach of our brands and deliver profitable growth for our shareholders,” said Maurice Reznik, chief executive officer.
Sales to the mass channel rose 31.5 percent in the quarter, while international sales gained 27.9 percent and department store and national chain sales rose 8.5 percent. Maidenform pegged earnings in the current quarter at 62 to 66 cents a share, straddling Wall Street’s projection of 64 cents.