Second quarter net income for Maidenform Brands Inc. firm fell 30 percent to $8 million, or 34 cents a diluted share, for the period ended June 29, from $11.4 million, or 49 cents, a year ago. Net sales declined 7.6 percent to $145.5 million from $157.5 million.
For the six months, net income plummeted 60.9 to $6.7 million, or 29 cents a diluted share, from $17.2 million, or 74 cents, a year ago. Net sales decreased 12.2 percent to $276.6 million from $315.0 million.
The innerwear firm last month entered into an agreement to be acquired by Hanesbrands Inc. in an all-cash deal valued at $575 million, or $23.50 a share.
Maurice S. Reznick, chief executive officer at Maidenform, said, “Our second-quarer results were in line with our expectations.”
It has not yet been disclosed what his role will be with the Maidenform operation once the transaction closes, expected some time in the fourth quarter. The combined firm will give Hanesbrands annual revenues of more than $5 billion on a pro forma basis.