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Hanesbrands reports results of six-month transition period ended Dec 30

02
Feb '07

Hanesbrands Inc reported results for the quarter and six-month transition period ended Dec. 30, 2006. Results in the quarter and six-month period include items associated with restructuring, the company's spinoff as an independent company, and other actions resulting in both one-time gains and charges.

During the six-month transition period, a result of the company changing its fiscal year end from June to December, Hanesbrands operated for approximately one-third of the time as a division of Sara Lee Corporation. Hanesbrands began operating as an independent publicly traded company on Sept. 5, 2006.

"We have successfully completed our first full quarter as an independent company, and we are looking forward to putting the transition period behind us," Hanesbrands Chief Executive Officer Richard A. Noll said.

"We undertook a number of transition actions that went as planned thanks to a tremendous amount of hard work and dedication by employees and our external business partners.

"Regarding performance in the transition period, sales began to soften in the December quarter, but the company's operating profit margin in the six-month period excluding restructuring and special items was on track."

"Our ability to generate strong cash flow from operations and balance sheet improvements enabled us to pay down long-term debt by more than $106 million and make a voluntary $48 million contribution to reduce our underfunded liability forqualified pension plans."

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