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current news

Hanes Innerwear Sales, Operating Profit Fall


(Filed Under Financial and General Interest News). Hanesbrands Innerwear segment sales fell 2.8% in the first quarter, while the division’s operating profit plummeted 13.0%. Meanwhile the company as a whole, which has other large divisions including activewear, posted increases in both sales and profits.

Hanes Innerwear segment net sales had temporarily reversed direction and risen .8% in the fourth quarter ended December 30, 2017. However, full year 2017 Innerwear sales were down 3.2%.

For the first quarter of 2018, Hanes stated “Innerwear Basics sales decreased less than 1 percent, with growth in socks and children’s underwear sales offset by declines primarily in women’s underwear. The company’s latest innovation, Hanes Comfort Flex Fit men’s underwear boxer briefs, were successfully introduced in the quarter and met with good consumer reception.”

“Innerwear Intimates sales decreased 7 percent, primarily affected by soft shapewear sales and retailer door closings within the past year. Bra sales decreased less than 2 percent with improving trends as ongoing improvement initiatives are gaining traction.”

The company noted that U.S. Innerwear segment sales had decreased “as expected, and operating profit decreased 13 percent, affected by raw material inflation and lower volume.”

The Hanes Innerwear segment reported an operating profit of $101.4 million on segment net sales of $491.1 million in the three months ended March 31, 2018 compared to an operating profit of $116.6 million on net segment sales of $505.2 million in the quarter ended April 1, 2017. Meanwhile the company as a whole reported net income of $79.4 million on sales of $1.472 billion in the first quarter of this year, compared to income of $70.6 million on sales of $1.380 million in the same period last year.

Hanes reported that “international sales increased 19 percent and operating profit increased 46 percent, benefiting from foreign currency exchange rates, organic growth, synergies from past acquisitions, and contributions from the mid-quarter acquisition of Bras N Things. The segment’s operating margin of 13.5 percent increased 250 basis points over the year-ago quarter.”

In February Hanes signed an agreement to acquire Bras N Things, a sexier retailer of intimate apparel with 170 shops across Australia, New Zealand and South Africa.

Looking ahead, for the company as a whole, “second-quarter net sales are expected to be in the range of $1.7 billion to $1.725 billion. At the midpoint of this guidance range, constant-currency organic sales are expected to decline less than 1 percent.” The company added that it has “reiterated full-year financial guidance for 2018,” expecting “full-year 2018 net sales of $6.72 billion to $6.82 billion, GAAP operating profit of $870 million to $905 million.” — NM


more Financial and General Interest News >>

Published 05-16-2018 by Nick Monjo

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