Please also note, Hanesbrands recently announced exiting certain international and domestic imagewear businesses that are now classified as discontinued operations and as noted in today’s press release, additional information will be in our 10-Q and has been provided in the Investors section of our Hanesbrands.com website. Unless otherwise noted, today’s speakers will be discussing our performance from our continuing operations.
With me on the call today are Rich Noll, our Chief Executive Officer; Gerald Evans, one of our two Co-Chief Operating Officers; and Rick Moss, our Chief Financial Officer. For today’s call, Rich will highlight a few of our accomplishments through the first half of the year, Gerald will provide a sense of what is happening in a few of our businesses, and Rick will emphasize some of the financial aspects of our results.
I will now turn the call over to Rich.
Rich NollThank you, Charlie. When we started the year we outlined two goals, to successfully manage through the cotton bubble and to derisk our business. When you look at this quarter’s solid results, you will see we’re making good progress towards both. We’ve accomplished much over the past six months and remain pleased with sales, profit and cash flow, all running at or better than our plans. And in fact from an EPS basis, we’re running a little over a dime ahead of where we thought would be at mid-year and I am sure somebody will ask me about that in the Q&A section.So let’s start with an update on our efforts to derisk our business and then follow with how our core business is navigating the cotton bubble. First let me speak to the major actions we’ve undertaken to reduce risk and volatility in the imagewear category. In May, we announced our plans to sell the European imagewear operations and to exit private label and Outer Banks in the U.S. These moves allow us to devote our energy and resources to our branded businesses while removing volatility inherent in the sectors we exited.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV