UPDATE 1-Maidenform Brands quarterly profit doubles; shares rise

(Recasts, adds details, share movement)

March 4 (Reuters) - Maidenform Brands Inc's (MFB.N: Quote, Profile, Research) quarterly profit doubled, beating market expectations, partly driven by continuing net sales growth of its wholesale branded business and increase in gross margins, sending its shares up more than 10 percent in trading after hours.

For 2008, the company, whose brands include Maidenform, Flexees and Lilyette, expects earnings growth of 10 percent to 15 percent and a net sales increase of 4 percent to 7 percent.

Maidenform, however, said its results will be at the lower end of the range due to the challenging retail environment.

Analysts were expecting a profit of $1.43 a share, before special items, on revenue of $435.8 million, for the year, according to Reuters Estimates.

For the fourth quarter, the company earned $6.4 million, or 27 cents per share, compared with $3.2 million, or 13 cents per share, a year earlier.

Net sales rose 12.7 percent to $95.8 million while wholesale segment net sales rose 14.6 percent. The company's consolidated gross margins improved 330 basis points to 40.7 percent.

Analysts had expected earnings of 20 cents a share, before special items, on revenue of $92.4 million.

Shares of Maidenform, which closed down 44 cents at $12.03, were up at $13.26 in trading after the bell. (Reporting by Dilipp S. Nag in Bangalore; Editing by Jarshad Kakkrakandy)