Home / Knowledge / News / Apparel/Garments / Hanes plans to hike price for products made with cotton
Hanes plans to hike price for products made with cotton
29
Jan '11
HanesBrands reported its fourth-quarter and full-year 2010 results, completing a successful year of double-digit net sales growth and increased earnings per share.

Hanes' net sales for the year increased by 11.2 percent to $4.33 billion, driven by significant share gains and consecutive quarterly sales growth rates of 8 percent, 9 percent, 11 percent and 16 percent, respectively. Earnings per share were $2.16, compared with $0.54 last year, and exceeded the company's previous guidance of $2.07 to $2.12 as a result of lower-than-expected expenses related to debt refinancing.

For 2011, Hanes expects continued double-digit growth with projected net sales of approximately $4.85 billion to $5.0 billion and EPS of approximately $2.60 to $2.80.

“We had a great year in which we significantly exceeded our initial sales expectations by generating double-digit growth and gaining significant market share,” Hanes' Chairman and Chief Executive Officer Richard A. Noll said. “Our growth platform is working and we are focused on continued share gains. With our strong brands and global supply chain, we are in good position to address the challenges of inflation with our retail partners and continue increasing sales and market share.”

2010 Financial Highlights and Business Segment Summary

Fourth-quarter 2010 EPS of $0.29 reflects a reduction of $0.14 for expenses related to debt refinancing. The company had previously estimated that debt-refinancing expenses would reduce EPS by $0.20 in the quarter. As expected, the quarter's EPS was also impacted by higher cotton costs and higher expenses to service sales growth.

Last year's fourth-quarter EPS was a loss of $(0.01), including the impact of $0.57 for debt refinancing and restructuring and related costs. Excluding these expenses, the company would have earned $0.56 in last year's fourth quarter.

Sales growth for the year and fourth quarter were driven by significant market-share gains, positive retail sell-through of the company's products, and retail inventory restocking. Net shelf-space and distribution gains contributed 5 percentage points of growth in the fourth quarter and 6 percentage points for the year. The Gear For Sports acquisition, completed Nov. 1, 2010, added 4 percentage points of sales growth in the fourth quarter.

“Our sales growth in 2010 was broad-based with increases in nearly every country and in every category except sheer hosiery,” Noll said. “Sales increased with nine of our top 10 U.S. customers, led by impressive market share growth, most notably in men's underwear with share growth of nearly 5 points and share growth of 1 to 2 points each for socks, activewear, plus-size women's apparel, and bras.”

“We have visibility to macro trends from the consumer all the way back through the supply chain to cotton, and 2011 looks to be unfolding as we expected,” Noll said. “We believe this visibility coupled with our brand strength gives us a competitive advantage to manage our business in this inflationary environment.”

Click here for more details

Hanesbrands Inc

Must ReadView All

Textiles minister Smriti Irani at a press conference with minister of state for textiles, Ajay Tamta, the principal director general (M&C), PIB, AP Frank Noronha and other dignitaries. Courtesy: PIB

Apparel/Garments | On 23rd May 2017

Special package for knitwear coming soon: Irani

Union textiles minister Smriti Irani said that the government of...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search