Hanesbrands Inc. said Monday that it will lay off 250 management-level employees in an effort to control costs after posting a first-quarter loss. In the three months ended April 4, the Winston-Salem, N.C.-based apparel firm recorded a loss of $19.3 million, or 20 cents a diluted share, against profits of $36 million, or 38 cents, in the same year-ago quarter.Excluding one-time items in both periods, such as restructuring costs, the apparel manufacturer posted earnings per share of 3 cents in the quarter versus 42 cents a year ago. On average, analysts polled by Yahoo Finance, who do not normally account for such items, expected a loss of 5 cents a share.Sales in the quarter fell 13.2 percent to $857.8 million from $987.8 million. Innerwear sales fell 6 percent to $513.8 million, while outerwear sales dropped 21 percent to $214.9 million. The hosiery category declined 21 percent to $52.8 million, and international sales dropped 20 percent to $83.2 million.A Hanesbrands spokesman said about 200 of the cuts will come at the company’s Winston-Salem headquarters, with another 30 across the U.S. and the remainder abroad. He said 9,300 people are employed domestically, with 33,700 abroad.The manufacturer expects to record about $15 million in restructuring charges related to the layoffs, mostly in the second quarter. It had previously eliminated 210 management and corporate positions in the fourth quarter.“Our overall results were in line with our expectations and were significantly impacted by the economic recession,” said chairman and chief executive officer Richard Noll. Noll sounded tentative moving into the rest of fiscal 2009. “Retailers, while still experiencing soft retail sell-through, are beginning to loosen inventory restraints,” Noll said on a conference call with investors. “This may be a false bottom, a situation for which we are on guard, or it may be a turning point.”Hanesbrands stock shed 41 cents, or 2.9 percent, to close the session before the earnings announcement at $13.75.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim