US-based innerwear, outerwear and hosiery apparel company Hanesbrands Inc. has reported a decline in net income for the first quarter of 2007.

Total net sales increased $7 million, or 0.7%, to $1.04 billion, up from $1.03 billion for the corresponding quarter in 2006. Growth in the outerwear segment resulted from double-digit gains for Champion activewear and increases for Hanes casual wear, which more than offset generally flat sales in the innerwear segment and declines in other segments.
Net income was $12 million, down from $74.6 million a year ago, which reflected increased interest expense, reduced operating profit and a higher effective income tax rate.