WASHINGTON (dpa-AFX) - HanesBrands Inc. (HBI) reported first-quarter net income of $51.38 million or $0.51 per share, compared to a loss of $26.83 million or $0.27 per share last year. Net sales declined 3 percent to $945 million. The company said, while its net sales were hampered by a sluggish retail environment, operating profit margin expanded 790 basis points over the year-ago quarter, benefitting from an improved cotton-cost and product-pricing environment and the company's Innovate-to-Elevate margin-enhancement initiatives. Gross profit improved 28.3 percent year-over-year.
On average, 11 analysts polled by Thomson Reuters expected the company to report profit of $0.50 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $944.96 million for the quarter.
Hanes reaffirmed its 2013 guidance for net sales of approximately $4.6 billion; and profit per share in the range of $3.25 to $3.40. Analysts expect the company to report fiscal 2013 profit per share of $3.43 on revenue of $4.58 billion.
The company recently announced the initiation of a regular quarterly dividend. The Board has authorized a dividend of $0.20 per share to be paid June 3, 2013, to stockholders of record at the close of business on May 20, 2013.
Copyright(c) 2013 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2013 AFX News
