US: Hanesbrands eyes higher earnings in 2008
T-shirt, underwear and hosiery maker Hanesbrands Inc yesterday (19 February) said it hopes to achieve double-digit earnings growth in 2008 helped by declining interest expense, a lower tax rate, and its brand building and cost-reduction efforts.
But the company, whose brands include Hanes, Champion, Playtex and Bali, cautioned that the challenging economic environment could mitigate some of these improvements.
Since spin-off from Sara Lee in September 2006, Hanesbrands has repaid $285m of its $2.3bn debt, contributed $96m to its qualified pension plans, and bought back $44m worth of stock.
Its long-term annual growth goal for sales is 1% to 3%, with annual growth for non-GAAP operating profit expected at 6% to 8%.
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