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Maidenform Brands cuts 2012 profit view as Sandy, weak Europe hurt sales
November 7, 2012 / 1:25 PM / 5 years ago

Maidenform Brands cuts 2012 profit view as Sandy, weak Europe hurt sales

Nov 7 (Reuters) - 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 estimates.

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 year.

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 I/B/E/S.

Shares of the Iselin, New Jersey-based company closed at $18.77 on the New York Stock Exchange on Tuesday.

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