(Filed Under Financial and General Interest News). Hanes Innerwear sales overall jumped 19.7% to $668.2 millionin the quarter ended January 2, 2021, from $558.3 million in the same quarter last year.
Hanes noted that “results for the quarter and year ended December 28, 2019 reflect adjustments for the exited C9 Champion mass program and the DKNY intimate apparel license.” It also indicated in a separate chart that when quarterly sales for personal protection products ($21.9 million), which it now includes in its Innerwear segment, are deducted, the sale gain was 15.8%.
Innerwear segment operating profit in the quarter jumped 16.6% to 160.8 million, up from $137.9 million in the same period last year.
Hanes stated that during the quarter it “began implementing its Full Potential plan,” which includes moves to “drive growth in Innerwear with brands and products that appeal to younger consumers.”
“In addition, the company announced plans to explore strategic alternatives for its European Innerwear business in order to further simplify its operations and focus resources on its strategic growth opportunities.”
Pointing to its business in this country, Hanes added, “U.S. Innerwear sales, excluding PPE, increased 13%, driven by strong point-of-sale trends, space gains in kids’ underwear, continued inventory re-stocking by retailers and the contribution from a 53rd week. The company grew its market share in U.S. basics and intimates.”—NM
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