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Hanesbrands Q2 net sales touch $1.12 bn

Jul '07
Hanesbrands Inc, a leading marketer of innerwear, outerwear and hosiery apparel reported results for the 2007 second quarter.

Total net sales were $1.12 billion, comparable to last year, and earnings per diluted share were $0.26, which, as expected, were significantly lower than a year ago primarily because of several factors related to the company's new independent structure following its spinoff in September 2006.

“Hanesbrands continued executing its key improvement strategies in the quarter and delivered strong cash flow,” Hanesbrands Chief Executive Officer Richard A. Noll said. “Sales in the quarter were comparable to a year ago, and our expanded margins for the first half were driven by strong cost controls. Our cash flow allowed us to make additional prepayments on long-term debt and repurchase shares in the quarter.”

Quarter and Six-Month Financial Highlights:

Financial highlights for the quarter and six-month period ended June 30, 2007, include:
• Total net sales in the quarter increased by $2 million to $1.12 billion from the year-ago quarter ended July 1, 2006.
The company continues to focus on driving innovation in the innerwear segment and improving the mix of products sold in the outerwear segment.

• Operating profit, based on generally accepted accounting principles, was $88.1 million in the quarter, up from $79.9 million a year ago, and was $157.0 million in the first six months, compared with $176.1 million a year ago.

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