Hanes Reports Second-Quarter Results, Discusses Discontinuation of Outer Banks and Private Label Business
For the first half, discontinued operations had a loss per diluted share of $0.69—a loss of $0.03 in the first quarter and a loss of $0.66 in the second quarter. In February when the company issued financial guidance for 2012, the company's expectations for what are now discontinued operations were net sales of approximately $190 million, an operating loss of less than $1 million, and cash flow from operations of approximately $15 million.
The company has not yet revealed the buyer of its European imagewear business, nor what will happen with the Outer Banks brand. In a statement posted on Hanesbrands' website, the company said details on discontinued segments will be available in its 10-Q SEC filing for the second quarter. Promo Marketing will have more on this story as information becomes available.
For more information, visit www.hanesbrands.com.