C9 Exit Hurts but Should Not Overshadow Hanesbrands' Activewear, Direct, and International Momentum
Hanesbrands' second-quarter update was in line with our expectations, but the news that Target will exit its contract for the exclusive C9 by Champion line in 2020 is grabbing investors' attention. C9 generated $380 million in trailing 12-month revenue, or 5.7% of total TTM revenue, with operating margins roughly in line with core U.S. Champion margins (roughly 14%-15%). While we're likely to trim our $29 fair value estimate by a dollar or two to account for the lost revenue, we believe today's ...Hanesbrands is a marketer of basic innerwear and activewear apparel in the Americas, Europe, Australia and Asia/Pacific under some apparel brands, including Hanes, Champion, Bonds, DIM, Maidenform, Bali, Playtex, Lovable, Bras N Things, Nur Die/Nur Der, Alternative, L'eggs, JMS/Just My Size, Wonderbra, and Gear for Sports. The company's segments are: Innerwear, which includes apparel products, such as men's underwear, women's panties, children's underwear, socks and intimate apparel; Activewear, which includes T-shirts, fleece, performance apparel, sport shirts and thermals; and International, which includes innerwear, activewear, hosiery and home goods products, sold outside of the United States.
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