Outdoor financials: Duofold parent reports gains in Q2 sales, revenue
Second-quarter net sales for Hanesbrands (NYSE: HBI), parent of Duofold, rose 9.1 percent on double-digit increases in the company’s three largest business segments -- innerwear, outerwear and international.
Get access to everything we publish when you sign up for Outside+.
Duofold parent reports gains in Q2 sales, revenue
Second-quarter net sales for Hanesbrands (NYSE: HBI), parent of Duofold, rose 9.1 percent on double-digit increases in the company’s three largest business segments — innerwear, outerwear and international.
For the quarter ended July 3, net sales were $1.08 billion versus $986 million last year.
Net income was $85.4 million, or $0.87 per diluted share, versus $30.5 million, or $0.32 per diluted share, last year.
The company said an income tax rate adjustment in the quarter increased EPS by $0.20 compared with last year’s quarter. It added that excluding the tax rate adjustment, EPS of $0.67 in the quarter increased by $0.35, driven by higher sales, improved operating profit margin, and year-ago restructuring, which added $0.32 combined.
Based on performance in the first two quarters, Hanesbrands said it’s raising its 2010 guidance. Full-year net sales growth is expected to be 8 percent to 10 percent, up from the previous guidance of 6 percent to 8 percent issued after first-quarter results. EPS is expected to be in the range of $2.25 to $2.35, up from the previous guidance of $2.15 to $2.27.
–Compiled by Wendy Geister
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.outsidebusinessjournal.com/cgi-bin/snews/stock_report.html.
