Hanesbrands is raising its full-year guidance after reporting a strong first quarter. Diluted earnings per share for Q1 were up 32 percent to 49 cents. Net sales rose 12 percent to $1.04 billion. Hanesbrands credited its Gear For Sports business (acquired last November) and growth in international business and organic outerwear. The company’s FY guidance has been raised to a range of $2.70 to $2.90, up from previous guidance of $2.60 to $2.80.
“We significantly beat our expectations in the quarter and are off to a strong start in 2011,” commented CEO Richard Noll in a statement. “Our brands are strong and are performing well. We are raising prices appropriately to deal with input-cost inflation, and as we leverage our scale and infrastructure, the benefits of increased sales and acquisitions are dropping through to the bottom line.”
