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.
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