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Hanesbrands announces first quarter earnings

Thursday 09th of November 2006 04:00:00 PM

T-shirts and polo-shirts marketer Hanesbrands has announced its results for the quarter to September 30th.

Following a spin-off from Sara Lee in an initial public offering in September, the firm reported net sales of $1.12 billion (£0.59 billion).

The results – which are down 1.7 per cent year-on-year – are attributed to the company's restructuring.

Hanesbrands chief executive Richard Noll welcomed the move, indicating the spin-off is now complete and the t-shirts company is able to focus on its long-term growth goals.

"The results for our September quarter and comparisons to a year ago are influenced by the spin-off from Sara Lee and the resulting capital structure of the company that took place in the quarter," he added, indicating that sales had generally been "consistent with last year".

Excluding restructuring costs, Hanesbrands recorded an operating profit of $124.6 million – up 15.7 per cent on last year – with gains attributed to cost-reduction strategies.

Meanwhile, food and household products manufacturer Sara Lee reported $333 million profit on the back of the sale of Hanesbrands, gaining $158 million in tax benefits from the spin-off, according to the Associated Press.

The firm markets innerwear, outerwear and hosiery, including polo-shirts and t-shirts, under consumer brands such as Hanes, Champion, Playtex and Wonderbra.

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