Hanesbrands' Multichannel Strategy Taking Longer Than Expected; Shares Undervalued
Narrow-moat Hanesbrands announced 12% fourth-quarter revenue growth, well below our expectation for a 21% increase. We believe Hanesbrands is still in a strong position to thrive in ongoing e-commerce channel shifts, but we now anticipate a period of lower top-line growth, as mass-merchant and department-store traffic losses (about 65% of sales) are too large to immediately be offset by online sale gains (about 11% of U.S. sales). That said, we think competitive advantages stemming from brand st...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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