(Filed Under Financial and General Interest News). Hanesbrands Inc. cited a net sales decrease of $130 million in the first quarter ended April 4, 2009 to $857.8 million from $987.8 million a year ago.

Sales declined in each of the company’s segments, with a single-digit decline in the innerwear category and double-digit declines in the outerwear, international and hosiery segments.

Innerwear sales declined by 6 percent, while outerwear, hosiery and international sales declined by 21 percent.

Based on the company’s cash-flow expectations, its goal remains unchanged: to reduce its long-term debt by at least $300 million this year in addition to reducing its year-end inventory by $150 million.

Hanesbrands cited it will continue to exercise tight cost controls in light of the economic environment, and as a result, will lay off 250 management employees.

“So far, this year is unfolding as we thought,” said Richard Noll, the company’s chairman and CEO. “We are conservatively managing costs and inventory while we continue execution of our key strategies, including debt reduction of $300 million this year.”

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Published 04-28-2009 by Bruna Fernandes