Hanesbrands Inc. managed to overcome a drop in first-quarter sales to drive earnings up 200.1 percent thanks to lower restructuring costs and reduced interest expense.
Profits for the three months ended March 29 shot up to $36 million, or 38 cents a share, as sales dipped 7.9 percent to $543.7 million.
“Our strong profit growth was driven by continued cost-reduction initiatives and management of our debt structure in spite of a sales decline,” said Richard Noll, chief executive officer. “The key to our success is the continued execution of our business strategies of investing in our brands, driving cost reductions and globalizing our supply chain, and effectively investing our cash flow.”
For complete coverage, see Tuesday’s issue of WWD.