HanesBrands Posts Better-Than-Expected Q2 Results

(RTTNews) - HanesBrands (HBI) reported second-quarter results with double-digit growth in earnings per share despite market disruption from the COVID-19 pandemic.

The company's second-quarter net income was $161.2 million or $0.46 per share compared to $149.6 million or $0.41 per share last year.

Adjusted earnings were $0.60 per share compared to $0.38 per share reported in the same period of last year.

Net sales declined to $1.74 billion from $1.76 billion generated a year ago.

The year-ago quarter included net sales of $119 million from the now exited C9 Champion mass program and the DKNY intimate apparel license. Excluding the exited programs and foreign exchange rates, total constant-currency net sales for second-quarter 2020 increased 7%.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share and revenue of $1.17 billion. Analysts' estimates typically exclude special items.