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Reuters
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Jan 15, 2009
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Maidenform to cut jobs; lowers '08 outlook

By
Reuters
Published
Jan 15, 2009

Jan 15 (Reuters) - Underwear maker Maidenform Brands Inc (MFB.N) said it would cut about 9 percent of its workforce and forecast lower-than-expected 2008 results, hurt by global economic slowdown and costs associated with restructuring.


www.maidenform.com

The company, whose brands include Maidenform, Flexees and Lilyette, said it will take charges of 3 cents share related to job cuts in the fourth-quarter.

The company now expects adjusted earnings of $1.05 to $1.07 per share, compared with its prior expectations of $1.17 to $1.21.

Net sales are expected to fall 2 percent to $413 million from a year ago.

Analysts were expecting earning of $1.15 per share, excluding items, on revenue of $415.4 million according to Reuters Estimates.

Shares of company went down 44 cents to $9 in trading after the bell Thursday. (Reporting by Poojya Trivedi in Bangalore; Editing by Anil D'Silva)

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