Hanesbrands’ 2Q Results Show Firm On Track To Meet Strategic Goals; Shares Undervalued
Narrow-moat Hanesbrands’ second-quarter performance reinforced our investment thesis that top-line growth will recover and margins are poised for expansion with the company delivering improved sequential organic sales trends, 25% growth in the online channel (9% of sales) and a 100 basis point improvement in adjusted gross margin to 39.5%. Furthermore, management believes that organic sales are on track to turn positive in the second half (which we view as achievable) and that disciplined invent...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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