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)
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