Winston-Salem - Despite an increase in sales, activewear and intimate apparel maker Hanesbrands Inc. saw its first quarter earnings dip 20 per cent on the back of higher expenses.
For the first-quarter 2014, net sales increased 12 per cent to US$1.06 billion. However, taking into account first-quarter 2014 pre-tax charges of $43 million related to the acquisition of Maidenform Brands, Inc., and other actions, Hanesbrands saw operating profit decrease 16 per cent to $72 million and earnings decline $41.6 million, or 41 cents a share, down from $51.4 million, or 51 cents a share, a year earlier.
