US clothing company HanesBrands' Q1 FY21 sales grow 25% to $1.5 bn

12 May '21

2 min read

Pic: HanesBrands

HanesBrands, a US-based global marketer of branded everyday basic apparel, has reported 25.3 per cent sales growth to $1.5 billion in its first quarter (Q1) FY21 ended on April 3, 2021, compared to the sales of $1.2 billion in same period previous fiscal. However, the company incurred a net loss during the quarter of $263.2 million (Q1 FY20: $7.8 million).

“Our strong first-quarter results showed growth across all business segments,” Steve Bratspies, chief executive officer at HanesBrands, said in a press release. “Champion continued its rapid growth, driven by strong consumer demand. We gained share in US innerwear, and our Hanes Total Support Pouch launch shows how our brands can appeal to younger consumers with a combination of innovative products and compelling marketing.

“Our global online sales grew more than 80 per cent as we focus on empowering consumers to shop when, where and how they want to shop,” Bratspies added.

The company’s gross profit during Q1 FY21 increased to $602.6 million ($706.74 million), while selling, general and administrative expenses were $412.5 million ($370.1 million). Hanesbrands’ operating income rose to $190.2 million ($47.9 million).

Sales of innerwear segment for the three-month period jumped 35.0 per cent to $570.4 million ($422.4 million), whereas activewear sales were up 26.4 per cent to $364.0 million ($288.0 million). The company’s international sales for Q1 FY21 surged 18.2 per cent to $506.2 million ($428.2 million).

“Our first-quarter results show the competitive advantages of our supply chain as well as the rapid progress we’re making on our full potential plan to generate long-term revenue and profit growth,” Bratspies concluded in the release.

Fibre2Fashion News Desk (JL)

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