Hanesbrands Formulates Project to Support Organic Growth and Cut Costs; Shares Undervalued
Narrow-moat Hanesbrands posted disappointing first-quarter top-line performance with organic sales down 4%. However, this was in line with management expectations (with full-year guidance reaffirmed), and we think the company continues to be on track to deliver our full-year expectations for a slight increase in organic sales (with acquisition contributions resulting in high-single digit overall sales growth) and a slight decline in operating margin (resulting in mid-single-digit operating incom...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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