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current news

Hanesbrands Innerwear Sales Up In 4q

(Filed Under Financial and General Interest News). Hanesbrands, Inc. reported a sales increase in innerwear, its largest segment, during the fourth quarter ended January 2, 2010, with male underwear particularly strong. During the period, the company’s net sales grew 1 percent, to $988.7 million, with innerwear up 5 percent, excluding last year’s 53rd week. For the full year ended January 2, net sales dropped 7 percent, to $3.9 billion, also excluding last year’s extra week.

Richard A. Noll, chairman and chief executive officer of Hanesbrands, remarked: “We have potential for significant earnings growth in 2010. When you combine the benefits of expected sales growth, operating margin improvement, and lower interest expense, we could see EPS growth of at least 25 percent and possibly up to 35 percent or more in 2010. To reach the higher levels of growth, we may need a slight increase in overall consumer-spending levels, potential price increases to offset any systematic inflation, or additional effective use of free cash flow.”

In other news, the company has resumed operations at its four contract T-shirt sewing operations in Haiti, which were impacted by the January 12th earthquake. The company reported that it does not expect the temporary production suspension in Haiti to have a material impact on sales for its T-shirts, as Haiti accounts for a small percent of the company’s overall production. The company has also donated a quantity of underwear to the country with a wholesale value of $2.2 million, which is being distributed by charitable organization CARE.

For further information, contact Brian Lantz with Hanesbrands, Inc. by calling (336) 519-7130.

more Financial and General Interest News >>

Published 02-01-2010 by Amanda Torres Price

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