US: Hanesbrands boosts Q1 profit despite cost inflation
- Net income up 31.8% to $48m
- Net sales for the quarter increased 12% to $1.04bn
- Prices raised
US apparel group Hanesbrands has seen its first quarter profits climb by a third, after raising prices to deal with the higher costs of inputs such as cotton.
The company said its revenue was boosted by strong performance of its acquired Gear For Sports business, organic outerwear segment growth and international growth.
"We significantly beat our expectations in the quarter and are off to a strong start in 2011," Hanes' chairman and chief executive officer Richard A Noll said.
"Our brands are strong and are performing well. We are raising prices appropriately to deal with input-cost inflation, and as we leverage our scale and infrastructure, the benefits of increased sales and acquisitions are dropping through to the bottom line."
Click here to view the company's first quarter results in full.
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