(Filed Under Financial and General Interest News). Hanesbrands Inc. innerwear segment net sales reversed direction and rose .8% in the fourth quarter ended December 30, 2017. However, full year innerwear sales were down 3.2%
As it announced its financial results, the company also reported it was acquiring Bras N Things, a retailer of intimate apparel in Australia, New Zealand and South Africa (see separate article).
While Hanes innerwear sales rose, segment operating profit fell 6.4% in the fourth quarter and by the same percentage for the full year.
Innerwear segment net sales in the latest quarter were $594.621 million compared to $589.910 for the three months ended December 31, 2016. For the full year they were $2.463 billion compared to $2.544 billion in 2016.
In 2017, segment operating profit was $120.056 million in the fourth quarter, and $528.038 million for the full year, compared to $128.245 million in the last quarter of 2016 and $563.905 million for all of that year.
Hanesbrands has several other divisions including activewear and international. Total net sales for the entire firm were $1.645 billion in the fourth quarter of 2017 compared to $1.575 billion during the same period in 2016. Total operating profit fell from $203.7 million in the quarter last year to $119.8 million this year.
“2017 was a successful year during which we focused on diversifying our business to be able to consistently deliver annual topline growth,” declared Hanes CEO Gerald Evans. “We rebounded to achieve organic growth in the third and fourth quarters, including fourth-quarter organic growth for each of the innerwear, activewear and international segments. We have additional work to do, including addressing inflationary and short-term cost pressures, but our brands are strong, our key market shares are increasing, our international businesses are sizable and growing, and we are driving significant direct-to-consumer growth worldwide.”
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