Hanesbrands Posts Impressive Earnings Growth as Top-Line Pressures Ease; Shares Undervalued
Narrow moat-rated Hanesbrands’ third-quarter results showed that the company’s cost advantages and brand intangible assets are fully intact with adjusted gross margin expansion of 60 basis points to 37.6%, a 9% increase in basics revenue, U.S. online sales increases of 17%, and global Champion organic revenue growth in the low-single digits. Like VF Corp and Under Armour, Hanesbrands called out weakness in the sports specialty channel due to U.S. retailer bankruptcies. However, we view this head...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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