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Hanesbrands Inc. posted an improved second quarter, citing its innovate-to-elevate platforms as a contributor to the period’s results.
For the three months ended June 29, net income jumped to $121.6 million, or $1.19 a diluted share, versus $1.2 million, or 1 cent, a year ago. Excluding a $66.1 million loss for discontinued operations, net income a year ago would have been $67.3 million, or 67 cents a share. Operating profit for the second quarter rose 51.3 percent to $181.4 million from $120 million. Net sales for the period rose 1.6 percent to $1.2 billion from $1.18 billion.
For the six months, net income was $173 million, or $1.70 a diluted share, against a loss of $25.6 million, or 26 cents. Net sales for the six months dipped 0.4 percent to $2.14 billion from $2.15 billion.
According to the company, its innovate-to-elevate platforms integrate the “strengths of the company’s iconic brands, low-cost supply chain and product innovation.”
Richard A. Noll, chairman and chief executive officer, said, “We are on solid footing to continue to deliver value for consumers, retailers and investors. We have moved into the low end of our target range for sustained operating profitability sooner than anticipated….”
Hanesbrands last week said it inked a deal to acquire Maidenform Brands Inc. for $575 million. The transaction is still subject to the approval of Maidenform shareholders.
The company now expects full-year net sales of $4.55 billion, with earnings per share forecasted at between $3.50 and $3.65. That’s compared with its prior guidance of full-year net sales of $4.6 billion and EPS between $3.25 and $3.40.