US: Hanesbrands in 48% Q3 profit surge
- Q3 net profit rises 48% to US$90.8m
- Net sales up 5% to $1.23bn
- Highlights strong operating profitability
Strong profitability in its core business helped apparel group Hanesbrands to lift third quarter profits by nearly half, significantly outpacing the company’s 5% revenue growth.
Operating profits in the US business’s innerwear division rose 44% in the period, while outerwear recorded a 45% increase and direct to consumer a 16% rise.
Furthermore, said Hanesbrands, its acquisition of Gear for Sports in November last year had “contributed significantly” to outerwear growth.
Revenues for innerwear were up slightly in the quarter, while socks and male underwear rose 4% and 10% respectively.
Outerwear revenues were up 11% thanks to the Gear for Sports acquisition and international sales rose 12%, helping to offset declines in intimate apparel.
Company chairman and CEO Richard Noll said he was “very pleased” with the margin growth, adding: “It validates our investment in our brands, our approach to managing inflation with price, and our ability to control costs.”
The company is now targeting earnings per share growth of more than 25% for the full year, narrowing its guidance range to $2.75-2.85.
While still-high cotton costs weighed on first quarter profit at sock, T-shirt and underwear maker Hanesbrands Inc, the company still managed to beat forecasts and says it believes the worst of the co...
T-shirt and underwear maker HanesBrands says its decision to raise prices three times over the past year in response to rising input costs "worked well" in its core business, and that retailers "have ...
Naturally Advanced Technologies Inc has been awarded the USDA Certified Biobased Product Label for its Crailar fibre, which is made from flax and other bast fibres....
Hanesbrands recorded a better than expected first-quarter net loss as the basic apparel brand increased prices to offset rising cotton costs. ...
El Salvador based manufacturer Partex Apparel International has been awarded US$1.1m, plus interest, from Gear for Sports which allegedly failed to pay for several shipments of sports apparel....
One of the largest global apparel companies with brands including Calvin Klein, Tommy Hilfiger, Van Heusen, Izod, Arrow and Bass, PVH Corp is to evaluate the use of the new Crailar fibre in its dress ...
Naturally Advanced Technologies Inc, producer of the Crailar fibre made from flax and other bast fibres, is getting closer to its first full phase of production and says improvements in its cycle time...
Apparel group HanesBrands has reported a 25% jump in full-year profit, but admitted that sales softened during the fourth quarter....
- Supply chain takeaways from Sourcing at MAGIC
- Why voters don’t want more global supply chains
- Cotton supply chain transparency an ongoing issue
- Denim and athleisure top picks for back-to-school
- No simple way to be sustainable, says SAC CEO
- H&M takes action over Myanmar child labour breach
- Vietnam garment industry calls for strategy update
- US Q2 in brief - Burlington Stores, Destination XL
- Zara USA faces US$5m deceptive pricing lawsuit
- EU clothing imports from China continue to plunge
- Too Many Standards
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Under Armour, Inc. (UA) - Financial and Strategic SWOT Analysis Review
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Myanmar's Garment Sector in 2015 - now with updated members' directory