HanesBrands records sales growth in Q1

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The global marketer of branded daily basic clothing based in the US, HanesBrands, said its sales for the first quarter which closed last April 3 this year grew by 25.3 percent, acquiring $1.5 billion.

The recorded increase is higher than the recorded $1.2 billion sales recorded in the similar period of time last year.

The company, however, said in the said quarter, it has amassed a net loss of $263.2 million. 

“Our strong first-quarter results showed growth across all business segments,” said HanesBrands chief executive officer Steve Bratspies in a press statement. “Champion continued its rapid growth, driven by strong consumer demand. We gained share in US innerwear, and our Hanes Total Support Pouch launch shows how our brands can appeal to younger consumers with a combination of innovative products and compelling marketing. Our global online sales grew more than 80 per cent as we focus on empowering consumers to shop when, where and how they want to shop,” he furthered.

During the first quarter this year, the gross profit of the company grew to $602.6 million.

Its expenses on general, administrative, and selling, on the other hand, hit $412.5 million.

The company’s operating income has also increased to $190.2 million.

The rise in sales was seen on the innerwear segment, which recorded an increase of 35.0 percent to $570.4 million in three months, as well as on the activewear sales which saw an increase by 26.4 percent to $364.0 million.

In this year’s first quarter, HanesBrands’ international sales jumped to 18.2 percent to $506.2 million. 

“Our first-quarter results show the competitive advantages of our supply chain as well as the rapid progress we’re making on our full potential plan to generate long-term revenue and profit growth,” according to Bratspies.