Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Though less than 10% of retail sales, the web accounts for 20% of growth.
Bra and underwear retailer Maidenform Brands Inc. increased its web sales 13.3 in Q3, and the web accounted for 20% of retail segment growth, though it represents less than 10% of the company’s retail sales.
For the period ending October 1, 2011, Maidenform, No. 700 in Internet Retailer’s Second 500 Guide, posted:
- $1.7 million in e-commerce sales, a 13.3% increase compared with $1.5 million in the third quarter of 2010.
- Total retail segment sales, of which internet sales are a portion, were $18.0 million, a 4.7% jump versus $17.2 million in the same quarter of the prior year.
- A net sales increase of 1.6% to $148.2 million, from $145.8 million in Q3 of last year.
- A gross profit decrease of $5.4 million, or 10.2%, to $47.4 million for the third quarter of 2011.
Maidenform says the decrease in profit was driven by declining demand for intimate apparel, which suppressed sales and drove higher costs to promote and liquidate inventory excess.
Internet Retailer calculates that the web comprised 1.1% of total sales in the third quarter, compared with 1.0% last year.
For the first nine months:
- Web sales totaled $5.0 million, a 28.2% increase compared with $3.9 million in the first three quarters of last year.
- Total retail sales increased 6.5% to $45.8 million from $43.0 million in 2010.
- Net sales were $481.8 million, a 10.0% jump from $438.1 million last year.
Internet Retailer calculates that the web comprised 1.0% of total sales in the first three quarters of the year, compared with 0.9% last year.
Also this week, Maidenform hired a new president. Malcolm Robinson will oversee all domestic sales, including e-commerce, as well as marketing, design, product development and merchandising, the retailer says.
Most recently, Robinson was group president of wholesale sportswear at Phillips-Van Heusen Corp., which operates multichannel and e-commerce brands such as Calvin Klein Inc., No. 621 in Internet Retailer’s Second 500 Guide, Izod, Arrow and Kenneth Cole, No. 415 in Internet Retailer’s Top 500 Guide. From 1993 to 1999, Robinson served as executive vice president of apparel retailer Gant Corp. and from 1986 to 1992 he was executive vice president of sales, merchandising and licensing of rowing apparel retailer Regatta Sport Inc.