(Filed Under Financial and General Interest News). Hanesbrands Inc. reported a 14 percent increase in sales in the second quarter, rising to $1.23 billion from $1.08 billion in the year-ago period.
The company reported that strong growth in outerwear as well as the international business segment contributed to a 1.6 percent rise to $86.8 million in profit from $85.4 million one year ago. Double-digit growth in sales of socks and both women’s and men’s underwear led to an 8 percent increase in innerwear sales, while outerwear sales led with a 26 percent increase. Hosiery sales were up 6 percent.
"We continued our strong start in 2011 and are performing in line with our growth expectations," said Hanesbrands Chairman and Chief Executive Officer Richard Noll. "We are leveraging this sales growth with our low-cost global supply chain and tight control of selling, general and administrative costs."
Despite the overall strong showing, Hanesbrands does anticipate a weaker third quarter profit due to rising costs of materials.
Hanesbrands Inc. is a Winston-Salem, N.C.-based company with apparel brands including Playtex, Champion and Wonderbra.
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