Home / Knowledge / News / Apparel/Garments / Q1 2016 net income up 52.5% to $80.2 m at Hanes
Q1 2016 net income up 52.5% to $80.2 m at Hanes
25
Apr '16
Courtesy: Hanes Brand
Courtesy: Hanes Brand
Hanes Brands, a US based marketer of apparel, reported a rise of 52.5 per cent to $80.2 million in its net income in the first quarter of 2016, ending on April 2, as compared to $52.6 million in the corresponding quarter of 2015 because of acquisition contributions, an increase in innerwear and activewear sales and margin growth.

The company's acquisition of Knights Apparel in April 2015 turned fruitful, as it delivered sales of $21 million during the quarter. Innerwear sales increased 1 per cent and activewear sales increased 3 percent. Besides, the adjusted operating profit margin increased 110 basis points in the first quarter to 12.1 percent of sales.

Diluted earnings per share stood at $0.21 in the first quarter, a rise of 61.5 per cent as compared to $0.13 in Q1 of 2015, ending on April 4.

Net sales reported for the quarter was $1.21 billion as compared to $1.20 billion in the corresponding quarter last year, a rise of 0.8 per cent.

Innerwear segment reported sales of $560.72 million during the quarter ($553.60 million previously), while the activewear segment reported sales of $309.52 million ($301.01 million previously).

Commenting on the results, Richard Noll, chairman and CEO of Hanes Brands said, “We are off to a very good start and tracking to our plan to deliver another year of double-digit EPS growth.”

“We remain focused on our previously announced sales initiatives, reaping acquisition synergies, expanding margins and developing growth plans for our pending acquisition of Champion Europe,” he added.

In its guidance for the full-year 2016, the company expects net sales of $5.8 billion to $5.9 billion. (MCJ)

Fibre2Fashion News Desk

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