By  on April 23, 2013

A reduction in expenses of more than $100 million allowed Hanesbrands Inc. to report a higher-than-expected profit despite lower sales in the first quarter.

In the three months ended March 30, the Winston-Salem, N.C.-based manufacturer of knitwear, innerwear and activewear posted net income of $51.4 million, or 51 cents a diluted share, 1 cent above the analyst consensus estimate of 50 cents. In the prior-year quarter, the firm reported a loss of $26.8 million, or 27 cents, 3 cents of which was attributed to discontinued operations.

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