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Hanes Brands Q1 sales up 13 per cent

For the first quarter ended April 1, 2017, net sales of Hanes Brands increased 13 per cent. Sales for active wear and international segments increased, while sales decreased as expected for the innerwear segment and manage-for-cash businesses.

Hanes Brands is a global marketer of everyday basic apparel under world-class brands. Q1 operating profit decreased one per cent and EPS decreased ten per cent. Adjusted operating profit increased nine per cent and adjusted EPS increased 12 per cent.

Sales from acquisitions more than offset the decline in organic sales. Organic sales decreased four per cent. Categories and businesses that posted organic sales growth included Champion in the United States and Asia, US men’s underwear and the US online channel. The online sales channel in the United States accounted for ten per cent of domestic sales compared with nine per cent in the year-ago quarter.

The company realigned its reporting segments in Q1 to reflect the new model under which the business will be managed and results will be reviewed. The former Direct to Consumer segment, which consisted of outlet stores, the legacy catalog business and retail internet operations in the United States, was eliminated. Last year, the online channel represented eight per cent of US sales, up from seven per cent the year before.

 
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