By  on April 22, 2008

Hanesbrands Inc. said earnings tripled in the first quarter, boosted by cost-cutting initiatives that offset weak sales in a tough retail environment.

For the three months ended March 29, earnings reached $36 million, or 38 cents a diluted share, up from $12 million, or 12 cents, in the year-ago period. Excluding one-time items, earnings were 42 cents, up from 15 cents last year. Sales for the quarter fell 5 percent to $987.8 million from $1.04 billion, as a result of a pull back in consumer spending.

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