Home / Knowledge / News / Apparel/Garments / 'We are trending in the right direction' - Hanesbrands Chairman
'We are trending in the right direction' - Hanesbrands Chairman
31
Jul '09
Rich A. Noll – Chairman, CEO of Hanesbrands
Rich A. Noll – Chairman, CEO of Hanesbrands
Hanesbrands Inc., a leading marketer of innerwear, outerwear and hosiery apparel, reported results for the 2009 second quarter.

Total net sales in the second quarter declined by 8 percent to $986.0 million, while GAAP earnings per diluted share were $0.32, compared with $0.60 in the year-ago second quarter. Excluding restructuring and other actions, non-GAAP earnings per diluted share in the second quarter were $0.42, compared with $0.65 a year ago.

“We are pleased with our second-quarter performance in the midst of a significant recession,” Hanesbrands Chairman and Chief Executive Officer Richard A. Noll said. “We achieved the sales trend improvement that we expected versus the first quarter, and our operating margin excluding actions of 9.8 percent was greater than 2008's full-year margin of 9.7 percent. We remain sharply focused on execution, cost control, conservative inventory management, and generating cash to pay down debt.”

Noteworthy Financial Highlights
Selected highlights for the quarter ended July 4, 2009, compared with the year-ago quarter ended June 28, 2008, include:
- Second-quarter sales were $986.0 million, compared with $1.07 billion a year ago. The 8 percent sales decline was better than the decline rate of the past two sequential quarters, which were also impacted by the recession. Total net sales declined by 13 percent in the first quarter 2009 and by 11 percent in the 14-week fourth quarter of 2008.

The sales decline rate for the Innerwear segment,which consists of replenishment-oriented basic apparel, continued in the mid-single digits. Second-quarter sales declined by 4 percent, compared with a decline of 6 percent in the first quarter.

Outerwear segment sales saw the significant trend improvement that the company anticipated. Second-quarter outerwear sales declined by 11 percent, compared with the first quarter's 21 percent decline. Based on the strength of advance orders, especially fleece, the company expects continued sequential improvement in the segment's sales decline rate with third-quarter sales expected to decline in the mid-single digits or better.

The second-quarter sales decline in the International segment was 20 percent, similar to the decline in the first quarter. Excluding the impact of foreign exchange rates on currency, International sales declined by 11 percent in the second quarter.Based on current currency trading trends, the negative currency effect is expected to diminish in the third and fourth quarters.

Hosiery segment sales declined by 14 percent in the second quarter, compared with a 21 percent decline in the first quarter.

“We are trending in the right direction,” Noll said. “We saw the decline rate improve sequentially in three of our four primary segments. We are now eagerly watching retail sell-through during the important back-to-school season. We expect single-digit declines in the third quarter's total net sales, and depending on retail sell-through during the back-to-school season, the rate of sales decline could improve over the second-quarter's sales decline.”

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search