Hanesbrands Q1 Net and Sales Rise, Guidance Lifted

Hanesbrands Inc. registered increases in first-quarter sales and profits that narrowly missed analysts’ consensus estimates and raised its full-year guidance to reflect the acquisition of Knights Apparel completed earlier this month. In the three months ended April 4, the Winston-Salem, N.C.-based innerwear and activewear maker posted net income of $52.6 million, or 13 cents a diluted share, 26.7 percent above the $41.6 million, or 10 cents, recorded during the first quarter of fiscal 2013. Adjusted EPS, excluding acquisition-related and other special items, was 22 cents a diluted share, 1 cent below the 23-cent consensus estimate. Revenues rose 14.1 percent, to $1.21 billion from $1.06 billion a year ago, falling slightly below the $1.23 billion expected, on average, by analysts. Stripping out $184 million in sales contributed by DBApparel, acquired last August, revenues would have declined 3.3 percent to $1.02 billion. Gross margin improved to 36.9 percent of sales from 33.7 percent a year ago. The purchase of DBApparel, which does the lion’s share of its business in Europe, transformed Hanesbrands’ international operations. Revenues more than doubled to $283.2 million from $110 million in last year’s quarter, prior to the closing of the acquisition, and operating profit in international nearly tripled, rising to $22.1 million

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