Hanesbrands Inc., the parent of Hanes and Champion, reported relatively flat sales for the first quarter, but profit tumbled 84% as the company continued its transition to a standalone business.
Revenues edged up less than 1% to $1.04 billion, from $1.03 billion. Growth in the outerwear segment resulted from double-digit gains for Champion activewear and increases for Hanes casualwear. Hanesbrands said the Champion brand has achieved annual compound growth of more than 15% over the past two years. Net income dropped to $12 million, or 12 cents per share, from $74.6 million, or 77 cents a year ago. Excluding one-time charges, net income totaled $26.2 million.
