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Hanesbrands' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Before we begin as a result of the reduce size of share hosiery and changing trends, Hanesbrands decided in the first quarter of 2012 to change its external segment exporting to include hosiery operations within Innerwear segment. Hosiery had previously been reported as a separate segment. Prior-year segment sales and operating profit results including other minor allocation changes have been revised to conform to the current year presentation.

With me on the call today are Rich Noll, our Chief Executive Officer; Bill Nictakis, one of our two Co-Chief Operating Officers and Rick Moss, our Chief Financial Officer. For today’s call Rich will highlight a few big picture themes. Bill will provide a sense of what’s happening in a few our businesses and Rick will emphasize some of the financial aspects of our results.

I’ll now turn the call over to Rich.

Rich Noll

Thank you, Charlie. Well obviously we are not pleased with the loss in Q1. We are tracking well relative to our expectations with sales, profits and cash flow running at or above our plans.

When you couple that with the visibility of our pricing and costs for the rest of the year we feel very good about our momentum and our ability to achieve our full year guidance. Let me give you a few specifics.

First our core categories which sustained price increases of more than 20%, such as underwear and panties, continue to perform well with both retail sales growth and our shipments being at or above our plans. Champion was also very strong with sales increases in the mid-teens.

Second we’ve made good progress repositioning our U.S. Imagewear to focus more on branded sectors and de-emphasized the low end commodity segments. And in fact we’re a little ahead of that schedule.

Third we executive the majority of our previously announced supply chain actions to adjust capacities and these actions costs us a little less than planned.

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