American clothing company HanesBrands has announced that acquisition benefits, strong Activewear performance and increased operating efficiencies drove record second quarter results.
For the second quarter ended June 28 2014 net sales increased 12% to $1.34bn and operating profit increased 27% to $231m, despite a continuing uncertain economic environment.
As a result of strong second quarter results, HanesBrands has raised its 2014 full-year financial guidance. Increased full-year expectations include adjusted operating profit of $710 million to $730 million, up $45 million; and net cash from operating activities of $500 million to $600 million, up $25 million. The company has refined its expectations for net sales for the year to approximately $5.075 billion.
Hanes chief executive officer, Richard A. Noll, said: “Our record first-half results are a testament to the value we are creating through our Innovate-to-Elevate, self-owned supply chain, and acquisition strategies.
“We remain confident in our business model and our performance momentum.”