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
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