(Filed Under Financial and General Interest News). Hanesbrands Inc. reported profit for the three months ended September 27, 2008 of $15.9 million-down from $38.9 million in the third quarter of 2007. Total sales for Hanesbrands were flat, at $1.15 billion.
The Winston-Salem based innerwear company reported GAAP earnings per diluted share in the quarter decreased by $0.23 to $0.17. This includes a $0.35 reduction per diluted share for restructuring and related charges and $0.04 per diluted share for the bankruptcy of Mervyn's, a regional retailer, which announced its liquidation plans after the end of the third quarter.
"We continued our strategic execution in the third quarter and delivered comparable sales and solid earnings per share in a difficult environment," said chief executive officer Richard A. Noll.
"We remain optimistic about our earnings potential for the fourth quarter due to favorability of expenses that may more than offset the challenges of higher commodity costs and an uncertain sales environment."
Hanesbrands has informed retail customers that it is raising domestic prices effective mid-first quarter of 2009. The company is taking an average gross price increase of 4 percent for domestic product categories.
Hanesbrands Inc. manufacturers underwear and apparel under brand names including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra.
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