Lower innerwear sales at Hanesbrands
06/02/2007
Intimate apparel, outerwear and hosiery company Hanesbrands Inc. has reported lower sales for the quarter and six-month transition period ended December 30.
During the six-month transition period, a result of the company changing its fiscal year end from June to December, the company only operated for approximately a third of the time as a division of Sara Lee Corporation and began operating as an independent publicly-traded company on September 5.
Total net sales in the December quarter were $1.13 billion, a 4.3% decrease from $1.18 billion in the prior year quarter. Net sales for the six-month period decreased by 3% to $2.25 billion. The December quarter net sales decrease was primarily a result of weakness in the innerwear segment and the intentional discontinuance of low-margin product lines in the outerwear segment.
Net income for the six-month period was $74.1 million, down 60.7% from $188.6 million a year ago.
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