Nov 7 Lingerie maker Maidenform Brands Inc
cut its full-year profit estimate for the second time
this year, citing continued weak demand in Europe and superstorm
Sandy, though third-quarter profit came in slightly above market
The company, which sells brands such as Flexees, Lilyette
and Sweet Nothings in addition to its namesake line, cut its
per-share earnings estimate for the year to between $1.39 and
$1.44 from between $1.50 and $1.60.
Maidenform expects to face the impact of global economic
challenges and increased competition for the rest of the year,
Chief Executive Maurice Reznik said in a statement.
Last month, the company's rival Hanesbrands Inc
raised the low end of its full-year profit forecast, saying it
expects significantly lower cotton costs during the rest of the
Maidenform, which also competes with Limited Brands Inc's
Victoria's Secret, said third-quarter profit rose to
$10.7 million, or 46 cents per share, from $10.2 million, or 44
cents per share, a year ago.
Revenue rose 1 percent to $150.2 million.
Analysts on average were expecting a profit of 45 cents on
revenue of $158.30 million, according to Thomson Reuters
Shares of the Iselin, New Jersey-based company closed at
$18.77 on the New York Stock Exchange on Tuesday.