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Hanesbrands announces long-term growth goals
31 Oct '06
3 min read
The income tax rate for the quarter was 34.0 percent, up from 17.2 percent a year ago as a result of Hanesbrands' independent tax structure.
"We also are fully engaged in creating a lower-cost global supply chain. In September, we announced plans to close three manufacturing facilities and relocate work to lower-cost facilities in the Western Hemisphere."
"Two weeks ago, we announced plans to consolidate three distribution centers in the United States in order to generate increased efficiency."
The Hanesbrands board of directors has approved changing the company's fiscal year end from the Saturday closest to June 30 to the Saturday closest to Dec. 31. The 52-week fiscal 2007 will begin on Sunday, Dec. 31, 2006, and end on Saturday, Dec. 29, 2007. Results for quarter ended Sept. 30, 2006, and the quarter ending Dec. 30, 2006, will be reported as a transition, or stub, period.
In fiscal 2007, Hanesbrands has a goal of establishing a solid base on which to execute long-term growth. The company will have overlapped the net sales effect of exiting low-margin sales in fiscal 2006, and therefore, its current annual sales run rate of approximately $4.5 billion reflects a good baseline from which to build.
"We also are fully engaged in creating a lower-cost global supply chain. In September, we announced plans to close three manufacturing facilities and relocate work to lower-cost facilities in the Western Hemisphere."
"Two weeks ago, we announced plans to consolidate three distribution centers in the United States in order to generate increased efficiency."
The Hanesbrands board of directors has approved changing the company's fiscal year end from the Saturday closest to June 30 to the Saturday closest to Dec. 31. The 52-week fiscal 2007 will begin on Sunday, Dec. 31, 2006, and end on Saturday, Dec. 29, 2007. Results for quarter ended Sept. 30, 2006, and the quarter ending Dec. 30, 2006, will be reported as a transition, or stub, period.
In fiscal 2007, Hanesbrands has a goal of establishing a solid base on which to execute long-term growth. The company will have overlapped the net sales effect of exiting low-margin sales in fiscal 2006, and therefore, its current annual sales run rate of approximately $4.5 billion reflects a good baseline from which to build.
Hanesbrands Inc
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