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Maidenform boosts web sales 28% in Q2
But e-commerce growth is not enough to boost total retail sales.
Associate Director of Research
Web sales were up in Q2 for undergarments maker and e-retailer Maidenform Brands Inc., but the same can’t be said for the company’s other channels.
For the three months ending June 30, 2012, Maidenform, No. 721 in the Internet Retailer Second 500 Guide, reported:
- Web sales of $2.3 million, a 27.8% increase compared with $1.8 million in the second quarter of last year.
- Retail sales, which include online revenue, stayed relatively flat at $16.1 million compared to $16.2 million in Q2 2011.
- Net sales of $157.5 million, a 7.4% drop from $170.0 million last year.
- Net income of $11.4 million, a 1.7% decrease compared with $11.6 million in the same period of the prior year.
Online sales comprised 1.5% of total sales and 14.3% of retail sales in the second quarter, compared with 1.1% and 11.1%, respectively a year earlier.
"Continued weakness in Europe and a choppy domestic market are placing downward pressure on our outlook, however we continue to execute well against our strategies and we are excited about our upcoming new product launches and branding initiatives,” says Maurice S. Reznik, CEO.
For the first half of the year, Maidenform posted:
- Web sales of $4.6 million, a 39.4% increase compared with $3.3 million in the first six months of last year.
- Retail sales of $28.8 million, a 3.6% increase from $27.8 million last year.
- Total sales of $315.0 million, a 5.6% drop compared with $333.6 million in 2011.
- Net income of $17.2 million, a 34.1% decrease from $26.1 million in the first half of last year.
E-commerce sales accounted for 1.5% of total revenue and 16.0% of retail sales in the first six months, compared with 1.0% and 11.9% in 2011, respectively.