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HanesBrands Q2 FY20: sales $1.73 bn; net income $162 mn

Aug '20
Pic: HanesBrands
Pic: HanesBrands
HanesBrands, a US-based global marketer of branded everyday basic apparel, reported 1.3 per cent decline in its net sales to $1.73 billion during its second quarter (Q2) fiscal 2020 ended on June 27, 2020 compared to $1.76 billion in same period last year. However, net income for the quarter rose to $161.8 million (Q1 FY19: $149.5 million).
“Despite the effects of pandemic-caused disruptions to global economies, our business is in great shape. We performed significantly better than our base-case scenario in both our apparel business and our new protective garment business,” Gerald Evans Jr, Hanes chief executive officer, said in a press release. “Point-of-sale trends are improving for apparel, and in the case of US innerwear basics and US champion, point-of-sale trends in May and June were higher than pre-Covid levels.”
Gross profit for the quarter were down 6.3 per cent to $633.0 million ($675.5 million). Selling, general and administrative expenses dropped to $391.4 million ($445.9 million). Company’s operating profit rose 5.2 per cent to $241.5 million ($229.6 million). 
Sales of innerwear segment jumped 66.5 per cent to $1.09 billion ($657.4 million) during the second quarter. However, sales of activewear decreased 52.0 per cent to $168.3 million ($350.6 million). International sales plunged 19.7 per cent during Q2 FY20 to $456.8 million ($568.8 million).
“While there is still near-term uncertainty concerning the ongoing economic impact of the Covid-19 pandemic, we believe we are positioned to drive growth and seize opportunities over the next several years,” Evans Jr said.

Fibre2Fashion News Desk (JL)

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