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Hanesbrands: 1q Sales Up, Innerwear Flat

(Filed Under Financial and General Interest News). Driven by robust outerwear and international results Hanesbrands cited a net sales increase of 12 percent, to $1.04 billion, during the first quarter ended April 2.

Outerwear sales rose 37 percent, primarily boosted by the November 2010 acquisition of Gear for Sports, which contributed 5 percentage points to the company’s 12 percent gain.

International sales increased 24 percent, or 17 percent excluding currency exchange rates. The company noted strength in all of its regions of Canada, Latin America, Asia and Europe.

Innerwear segment sales, however, remained relatively flat at a 0.1 percent, with increases in men’s underwear and socks offsetting a decline in women’s intimate apparel.

Hosiery and Direct-to-Consumer, Hanesbrands smallest segments, dropped 6.9 percent and 2 percent, respectively. Diluted EPS increased 32 percent, to 49 cents from 37 cents during last year’s first quarter.

“We had a good quarter and have a positive outlook for our largest segments,” Richard Noll, chairman and C.E.O of Hanesbrands, said in a statement. “Our international and outerwear segments continue to contribute strong growth. Gear For Sports is outperforming expectations, helping to drive sales, leverage our infrastructure and expand our outerwear profitability and margins. Innerwear segment sales were flat and profitability was reduced, but our price increases in the segment were in place only for a portion of the quarter, and we expect profitability to return to historical levels as we continue to increase prices commensurate with input costs.”

Based on these results, Hanesbrands issued new guidance for the full-year. The company expects net sales to fall in the range of $4.9 billion and $5 billion, compared to $4.33 billion during 2010. The company also raised EPS guidance expectations to between $2.70 and $2.90, up from the previous guidance of $2.60 to $2.80.

Hanesbrands produces basic apparel under brands including Hanes; Playtex; Bali; JMS/Just My Size; Champion; Barely There; Wonderbra; and Gear for Sports. The company currently employs approximately 55,000 people in over 25 countries.

more Financial and General Interest News >>

Published 04-20-2011 by Amanda Torres Price

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