Hanesbrands blames “cotton inflation” for results
20/04/2012
Results for the quarter showed a net sales increase of 1% for the inner segment, which now includes hosiery, but operating profit was 31% down copared to the same period in 2011.
In outerwear, sales decreased by 9%.
Chief executive, Richard Noll, said the results were in line with expectations. “Now, with the worst of the cotton inflation behind us, our operating profit margin for the remainder of the year should average in the low double digits,” he said. “Sales, profits and cash-flow are running consistent with, or better than, our plans. When coupled with the visibility of our pricing and costs for the rest of the year, we feel very good about our momentum and are confident in our ability to achieve our full-year financial goals.”
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