US-based global marketer of everyday basic apparels, HanesBrands has reported that its net sales surged 1 per cent to US $ 1.22 billion for the quarter ended April 2, 2016.
The retailer in its press release has also mentioned that adjusted operating profit (excluding actions) zoomed 10 per cent to US $ 147 million, and adjusted EPS (excluding actions) increased by 18 per cent to US $ 0.26. On a GAAP basis, operating profit of the company climbed 36 per cent to US $ 122 million and EPS soared by 62 per cent to US $ 0.21. The growth at HanesBrands is the result of the company’s multiyear acquisition strategy and continued development in principal business operating margin.
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In the period under review, HanesBrands’ innerwear sales increased by 1 per cent, and activewear sales surged 3 per cent. However, international sales plunged 1 per cent as a result of adverse currency exchange rates.
Commenting on the results, Richard A. Noll, Hanes Chairman & CEO said, “We are off to a very good start and tracking to our plan to deliver another year of double-digit EPS growth. We remain focused on our previously announced sales initiatives, reaping acquisition synergies, expanding margins, and developing growth plans for our pending acquisition of Champion Europe.”
