ISELIN, N.J. (AP) — Maidenform Brands Inc. reported a loss for its fiscal first quarter due to weaker sales, the women's underwear maker said Wednesday.
The Iselin, N.J. company posted a loss of $1.2 million, or 5 cents per share, for the period that ended March 30. That contrasts with net income of $5.8 million, or 25 cents per share, a year ago.
Maidenform's total revenue fell nearly 17 percent to $131.2 million from $157.5 million. The company said the sales decline was due to some discontinued business, competition in shapewear and the end of warehouse club program. Its wholesale revenue fell 18 percent for the quarter and its retail segment revenue fell nearly 2 percent by comparison to last year.
The quarter's loss was smaller than analysts had anticipated, but its revenue fell short of expectations. Analysts polled by FactSet, on average, were anticipating a loss of 7 cents per share for the quarter on revenue $136.3 million.
CEO Maurice Reznik said that first quarter results were as expected and the company's outlook for the year remains on track. He said new products are performing well and that he is excited about its new opportunities in its full figure, Donna Karan, international and shapewear businesses.
Maidenform expects to earn between $1.20 and $1.30 per share for the year on revenue between $575 million and $595 million. Analysts had forecast earnings of $1.41 per share for the year on revenue of $600.3 million.
Shares rose 11 cents to $17.61 in afternoon trading. They remain at the lower end of their 52-week trading range of $16.50 to $26.37.