Maidenform boosts web sales 31% in 2011
March 13, 2012 03:06 PM
Bra and underwear maker and online retailer Maidenform Brands Inc. grew web sales in the fourth quarter and full year of 2011.
For the year ending Jan. 31, Maidenform, No. 700 in the Internet Retailer Second 500 Guide, reported:
- Web sales of $6.7 million, a 31.4% increase from $5.1 million in 2010.
- Retail sales, including Internet revenue, rose 7.3% to $60.5 million from $56.4 million the prior year. That means the web accounted for 39% of retail sales growth, although only 11% of retail sales.
- Total sales increased 8.9% to $606.3 million from $556.7 million.
- Net income was $33.2 million, a 26.7% decrease compared with net income of $45.3 million in 2010.
The web comprised 1.1% of total sales in 2011, compared with 0.9% in 2010.
“We achieved solid top-line results in total for the third year in a row, with strength across our major strategic priorities, including shapewear, international, mass merchants, Donna Karan International and direct-to-consumer,” says Maurice Reznik, CEO.
For the fourth quarter:
- E-commerce sales were $1.7 million, up 41.7% from $1.2 million in the fourth quarter of 2010.
- Retail segment sales were $14.7 million, up by 9.7% from $13.4 million.
- Total sales increased 5.0% to $124.5 million from $118.6 million.
- Net loss was $3.1 million compared with net income of $6.7 million in the fourth quarter of 2010.
Online sales accounted for 1.4% of net sales in the fourth quarter, compared with 1.0% in 2010.