Apparel group Hanesbrands raised its full-year sales and earnings guidance after second quarter net profits nearly trebled to US$85.4m from $30.6m a year ago.
Sales increased 9.1% to $1.08bn, boosted by double-digit revenue rises from the US company’s three main business segments: innerwear, outerwear and international.
Hanesbrands said new sales programmes had resulted in significant shelf-space gains, with the result also helped by increased retail sell-through, retailer restocking and foreign currency exchange rates.
The health of the company’s core business was partially offset by declines in hosiery and other business, but direct-to-consumer sales were up slightly.
International sales rose 14%, thanks to double-digit gains in all countries bar Mexico and Japan.
“We continued our strong start in 2010,” said Hanesbrands chairman and CEO Richard Noll.
“Our brands are performing well with consumers, helping drive share gains in core categories and delivering strong productivity for the new sales programmes we secured for this year.”
The company now expects full-year sales growth of 8-10%, up from its previous estimate of 6-8%, and earnings per diluted share of $2.25-2.35, up from $2.15-2.27.
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