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HanesBrands’ swings to surprise profit in Q2

  

Driven by a better-than-expected performance from both its apparel and its new PPE businesses, HanesBrands swung to a surprise profit in the second quarter. The company’s apparel business performed meaningfully ahead of the company’s best-case scenario across segments. Its point-of-sale (POS) trends improved sequentially through the second quarter in all key geographies with POS in its US basics and Champion businesses in May and June exceeded pre-COVID-19 levels.

In the US, the activewear segment, the point-of-sale accelerated to nearly 40 percent in May and more than 70 percent in June as consumers continued to seekout the brand, particularly within the online channel.

In the innerwear segment, the POS accelerated to up 8 percent in May and up 11 percent in June. The gains were driven by the basics business with a mid-teen POS growth in the quarter.

Internationally, as stores reopened, recovery was seen in its innerwear business in Europe and Australia as well as within its Champion business in Europe and Asia. HanesBrands’ online business also continued globally in the second quarter with sales up more than 70 percent over the prior year. The company generated triple-digit online growth at some of its largest customers. Its sales through the enhanced Champion.com website increased by nearly 200 percent in the quarter.

 
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