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Hanesbrands to have strong cash position at the end of Q1

21
Apr '08
Hanesbrands Inc a leading marketer of innerwear, outerwear and hosiery apparel, reported first-quarter 2008 results.

Earnings per diluted share in the quarter more than tripled to $0.38. Excluding actions, non-GAAP earnings per diluted share increased by 56 percent to $0.42, up $0.15 as a result of reduced long-term debt, lower base interest rates, and operating profit growth. Total net sales decreased by 5.0 percent to $987.8 million, reflective of conditions in the retail marketplace.

"We are very pleased with our profit results in a tough economic climate. Our strong profit growth was driven by continued cost-reduction initiatives and management of our debt structure in spite of a sales decline," Hanesbrands Chief Executive Officer Richard A. Noll said.

"The key to our success is the continued execution of our business strategies of investing in our brands, driving cost reductions and globalizing our supply chain, and effectively investing our cash flow."

Other Quarter Comments:
In March, Hanes launched its television, print and Internet advertising and marketing campaign for Hanes No Ride Up Panties featuring actress Sarah Chalke. The panties are the first products to feature Hanes' new Comfort Fit consumer satisfaction guarantee.

"Our successful profit results in the quarter demonstrate that we have several business levers to increase our EPS as we strive to achieve our long-term growth goals," Noll said.

"We are pleased with our ability to execute cost reductions to deliver our solid profit performance. We are now focused on executing sales and marketing plans for the rest of the year, particularly for the important back-to-school and year-end holiday periods, to best navigate a challenging consumer environment."

Hanesbrands Policy on Guidance:
Hanesbrands follows a policy of not providing quarterly or annual EPS guidance. The company plans to communicate appropriately to provide investors with an understanding of long-term goals, the trends associated with its business and current financial performance.

Hanesbrands Inc


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