Hanesbrands Inc. Reports Record Quarterly Cash Flow, Double-digit Growth
Hanesbrands Inc., Winston-Salem, N.C., released its third-quarter financial results, which included net sales growth of 11 percent, record cash flow from operations (reaching $337 million) and double-digit earnings-per-share growth.
For the quarter ended Oct. 1, net sales reached $1.76 billion, which the company attributed to organic innerwear growth and acquisition-related international growth.
"As forecasted, we delivered strong growth in the third quarter, and we are generating record cash flow," Gerald W. Evans Jr., CEO of HanesBrands Inc., said in a press release. "Our sales initiatives have re-accelerated organic growth in several core categories, including 2 percent growth in the quarter for the innerwear segment. Our acquisitions, both past and present, are performing extremely well. Our inventory level is declining, and cash flow from operations is already $300 million ahead of last year. Our business is unfolding as expected this year, and we remain confident in our ability to deliver on our full-year guidance."
The acquisitions of Pacific Brands, Champion Europe and Champion Japan helped the company see its 59 percent growth in international sales. The acquisitions contributed approximately $180 million in third-quarter sales.
Due to numerous sporting good retailers going bankrupt, HanesBrands Inc. saw a 2 percent decrease in activewear, but Champion, Hanes Activewear and college bookstore sports apparel all saw increases in sales.
For more information on HanesBrands Inc., visit www.haneslocator.com.