Hanesbrands reports net sales of $1.2 billion
US apparel company Hanesbrands has said that its net sales for the third quarter rose to $1.23 billion, up 5% from $1.17 billion during the same time period in 2010.
The company said the growth was buoyed by demand for socks and male underwear, for which sales rose 4% and 10% respectively. Hanesbrands said its outerwear segment also increased 11% thanks to its $55 million acquisition of Gear for Sports in November 2010.
Hanesbrands expects the growth to continue with fourth quarter net sales expected to reach between $1.2 billion to $1.3 billion.
“We are very pleased with our strong profit and margin growth in the third quarter,” Richard A. Noll, chairman and chief executive officer for Hanesbrands, said in a statement. “It validates our investment in our brands, our approach to managing inflation with price, and our ability to control costs. We will stay focused on executing our strategies to deliver strong results for the remainder of 2011.”
