(Filed Under wholesale Lingerie News). Hanes U.S. Innerwear sales jumped 25% in the quarter ended October 2, “driven by momentum in shapewear and innovation in bras and men’s underwear.”
The jump was “due to the combination of strong consumer demand across the company’s brand portfolio, which drove point-of-sale growth and increased market share gains, as well as the impact from pent-up consumer demand that is fueling category growth rates above historical levels,” the company continued.
Third quarter total Innerwear sales, which included both U.S. and international business, “decreased $90 million, or 11% due to the overlap of last year’s $166 million of PPE sales [personal protection equipment sales, which the company has included in the Innerwear division]. Men’s, Kids and Socks revenue increased mid-to-high single digits while Women’s revenue increased approximately 20%. Excluding PPE, Innerwear sales increased 12% over last year with strong point-of-sale growth across channels. Operating margin of 21.0% decreased 70 basis points compared to prior year due to fixed cost de-leverage from lower sales, higher transportation costs, increased investments in brand marketing and higher levels of inflation.”
When compared to the third quarter of 2019, total Innerwear sales “increased $140 million, or 25%,” including “double-digit growth in the Kids, Socks, Women’s and Men’s businesses.”
Hanes added that “year-to-date, the company’s U.S. innerwear market share has increased approximately 140 basis points over 2019 with increased share positions in Men’s, Women’s, Kids and Socks. Operating margin in the quarter expanded approximately 10 basis points to 21.0% as the benefits from volume leverage and business mix essentially offset increased investments in brand marketing as well as higher inflation costs.”
Hanes’ Innerwear division reported a “segment operating profit” of $147.65 million on revenue of $702.62 million in the third quarter of 2021, compared to a “segment operating profit” of $117.77 million on revenue of $562.29 million in the quarter ended September 28, 2019.
Hanes as a whole, which also includes Activewear and International divisions, earned $151.78 million on sales of $1.79 billion in the third quarter of 2021, compared to net income of $103.3 million on sales of $1.69 billion in the same quarter last year. — NM
Disclaimer: The views expressed in comments published on bodymagazine.us are those of the comment writers alone. They do not represent the views or opinions of Bodymagazine or its staff.
NOTE: Your Email will not be displayed.