Maidenform Brands lowers 2008 outlook

ISELIN, N.J. - Intimate apparel maker Maidenform Brands Inc. on Wednesday lowered its 2008 profit and sales outlook to reflect the bankruptcies of department store chains Mervyns LLC and Boscov's Department Store LLC.

Maidenform estimated full-year earnings between $1.17 and $1.21 per share, including 6 cents per share for startup investment costs for its Donna Karan and DKNY business and 2 cents per share for one-time costs associated with the retirement of Maidenform's previous chief executive.

Previously, the company forecast full-year earnings per share between $1.22 and $1.30.

Maidenform expects 2008 sales to range from even with 2007 results to 1 percent lower. That implies sales between $422.2 million and $417.9 million.

The company previously expected sales to range between a 1 percent decline and 1 percent gain.

Analysts polled by Thomson Reuters expect earnings of $1.25 per share and sales of $419.7 million.

Maidenform also reported a higher third-quarter profit, helped by international sales.

Earlier this year, department store chains Mervyns and Boscov's filed for Chapter 11 bankruptcy protection, diminishing sales of Maidenform Brands' intimate apparel sold at its stores.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.