So we’ve had very good visibility for the remainder of the year for both price and costs as I said. Cotton costs are locked through December. And we’ve confirmed pricing with our retailers for over 95% of our expected U.S. volume. And finally we’re making good progress on de-risking our balance sheet.

Our inventories have peaked for the year and as they decline they will begin to generate substantial cash. We remain firmly committed to using that cash to pay down debt for the rest of 2012 and 2013.

So to sum up, the largest margin impacts of cotton inflation, the supply chain realignment and the operating losses associated with Imagewear are now behind us. Therefore, as planned our operating margins for the rest of the year should return to a more normal average of low double digits.

I’ll now turn the call over to Bill to give you a little bit more detail. Bill?

Bill Nictakis

Thanks, Rich. We saw a solid performance in our core domestic retail categories in both Innerwear and Outerwear segments during the first quarter. Our consumers and retail partners continue to prefer our leading brands as evidenced by retail sell through in the first quarter that was at or better than planned and the continued increases in shelf space that we have achieved across our businesses.

Let me touch on a few highlights for the quarter starting with Innerwear, and first let me discuss price. The short answer is that the pricing strategies and tactics that we have implemented are meeting or exceeding both our expectations and those of our customers.

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