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Hanes net sales up three per cent

Third quarter net sales of Hanes increased three per cent. Constant-currency organic sales, which increased for the fifth consecutive quarter, were up more than one per cent. GAAP operating profit declined one per cent. Adjusted operating profit increased one per cent.

Champion sales increased 30 per cent in the third quarter on a constant-currency basis with strong double-digit growth in the United States, Asia and Europe on top of strong double-digit growth in the year-ago quarter. Excluding the mass channel, global Champion constant-currency sales increased 40 per cent.

While operating margin declined 50 basis points to 13.9 per cent on a reported GAAP basis, the pro forma adjusted operating margin excluding the bankruptcy charge increased 50 basis points to 15.8 per cent as a result of organic growth, pricing actions, integration synergies and new acquisition contributions that more than offset increased brand and growth investment.

Hanes used its free-cash generation to pay down debt in the third quarter, lowering its debt leverage to 3.8 times on a net debt-to-ebitda basis. Innerwear basics sales decreased, with socks and panties sales down and men’s underwear sales up. All three categories had point-of-sale growth. Products featuring innovation now account for 20 per cent of basics sales.

 

 
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