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current news

Hanesbrands: Sales Down In 4q

(Filed Under Financial and General Interest News). Hanesbrands Inc. has reported its fourth quarter 2008 results ended January 3, 2009 citing an 11 percent decline in total net sales.

Total net sales declined by $124 million to $1.04 billion, and net sales for the full fiscal year declined by five percent to $4.25 million.

GAAP earnings per diluted share in the quarter were $0.19, and for the full year were $1.34.

“We are pleased with our accomplishments in a year in which we faced rising commodity costs and an unprecedented collapse in the consumer retail sales environment,” said Richard A. Noll, Hanesbrands chairman and chief executive officer. “We successfully controlled year-end inventories, paid down debt, reduced costs, executed our supply chain strategy ahead of schedule, announced a price increase and we delivered EPS growth of more than 25 percent for the year despite sales declines. We are now sharply focused on execution, conservative inventory and cost management and using available cash to pay down debt over the next 12 months.”

In addition, the company also acquired an embroidery and screen-print facility in Honduras and began production at its new sock knitting and finishing plant in El Salvador during the fourth quarter.

Hanesbrands will discuss the 2009 environment and its business potential in detail at its annual investor day at 8:30 a.m., February 24, 2009 at the Jumeirah Essex House in Manhattan.

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more Financial and General Interest News >>

Published 01-30-2009 by Bruna Fernandes

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