(Filed Under Financial and General Interest News). Sales at the Innerwear division at Hanes rose 2.9% in the second quarter, to $705.8 million, compared to $685.8 million last year, “driven by growth in its basics business behind the launch of its Hanes Originals product, increased space for back-to-school, improved on-shelf availability through the use of data analytics and its consumer-centric pricing philosophy.”
The company added that operating profit for the Innerwear segment fell 12.5% to $124.0 million from $141.7 million in the three months ended July 2, 2022, “driven primarily by input cost inflation as the company continues to sell through its higher-cost inventory, which more than offset the benefits from higher sales volume, ongoing cost savings initiatives and disciplined expense management.”
Hanes as a whole, which offers a wide variety of other types of apparel, did not perform as well, reporting a loss of $22.5 million on sales of $1.44 billion in the quarter ended July 1, compared to a profit of $92.1 million on sales of $1.51 billion in the same period last year. — NM
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