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HanesBrands Updates Guidance; Shows Strength in Innerwear, Activewear – WWD

HanesBrands is proving the innerwear and activewear trends are not ending anytime soon. 

The Winston-Salem, N.C.-based innerwear and activewear firm — dad or mum to manufacturers resembling Hanes, Bali, Playtex, Maidenform, L’eggs and Wonderbra, amongst others — reported quarterly earnings Thursday morning earlier than the market opened, with top-line revenues rising above each final 12 months’s and 2019’s pre-pandemic ranges due to power in innerwear, activewear, authorities stimulus checks and pent-up demand from coronavirus-related retailer closures. HanesBrands raised its full-year monetary outlook consequently, inflicting firm shares to leap practically 5 % in pre-market hours. 

Maidenform

Shapewear by Maidenform, which is owned by HanesBrands. 
Courtesy Picture

“Our iconic manufacturers proceed to resonate with shoppers around the globe and I’m very inspired by the progress on our Full Potential development plan,” Steve Bratspies, HanesBrands chief executive officer, stated in a press release. “I’m extraordinarily pleased with the best way our associates carried out underneath difficult situations, delivering gross sales, revenue and earnings development above our expectations and above the second quarter of each 2020 and 2019. We’re seeing robust momentum throughout our enterprise and have raised our outlook for the second half of the 12 months.”

Complete revenues for the three-month interval ending July 3 elevated 13 % to $1.75 billion, in contrast with $1.5 billion throughout the identical interval in 2020. 

Nonetheless, enhanced promoting, common and administrative bills meant income fell in need of 2020’s second quarter. The corporate logged $128 million in earnings through the three-month interval, in contrast with $161 million a 12 months earlier. 

Throughout product classes, activewear revenues surged 140 %, or $236 million through the quarter, year-over-year, due to strength in the Champion and Hanes manufacturers, in addition to a rise in gross sales within the sports activities and school licensing companies. Gross sales of intimates elevated 150 %, year-over-year, with triple-digit development in bras and shapewear. Excluding personal-protective gear, complete innerwear gross sales elevated 62 %, in contrast with a 12 months earlier. 

In February, the corporate stated it might not pursue the PPE enterprise sooner or later. 

“It’s encouraging to see that COVID-19 vaccines are rolling out around the globe,” Bratspies stated on the time. “Consequently, this rollout, together with slowing retail orders and a flood of aggressive choices have dramatically lowered our future gross sales alternatives.” 

As well as, HanesBrands’ worldwide enterprise grew by 91 %, or $228 million, through the quarter, year-over-year, or 11 %, or $48 million, in contrast with 2019’s second quarter. 

HanesBrands now expects web gross sales for the 2021 fiscal 12 months to be between $6.75 billion and $6.85 billion, up from its earlier estimates of $6.2 billion and $6.3 billion. The agency additionally expects adjusted earnings-per-share to be within the vary of $1.68 to $1.76 every, up from the earlier vary of $1.51 to $1.59. 

The corporate ended the quarter with $3.6 billion in long-term debt and $676 million in money and money equivalents. 

Shares of Hanesbrands, which closed down 1.77 % to $18.35 Wednesday, are up greater than 24 %, year-over-year. 

https://wwd.com/business-news/monetary/hanesbrands-earnings-updates-guidance-1234893294/ | HanesBrands Updates Steerage; Exhibits Energy in Innerwear, Activewear – WWD

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