Feb 23, 2010
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Hanesbrands sees 2010 EPS growth of 25% to 35%

Feb 23, 2010

Feb 23 (Reuters) - Hanesbrands Inc (HBI.N) said on Tuesday 23 February it expects earnings to grow 25 percent to 35 percent this year as demand for its products grow and the company cuts costs.

Bali Intimates from Hanesbrands - Photo: www.balicompany.com

Hanesbrands also said it could double earnings over the next three to four years, based on its growth outlook for 2010.

"Hanesbrands is at an inflection point to begin realizing its significant growth potential," Chief Executive Richard Noll said in a statement.

The company, whose brands include Hanes, Champion, Playtex and Wonderbra, expects sales to grow 5 percent to 8 percent in 2010.

Sales growth estimates are based on significant shelf-space and distribution gains and a potential rebound in consumer spending, Hanesbrands said.

For 2011 and beyond, the company said it targets annual net sales growth between 2 percent and 4 percent, while its profit growth target is between 10 percent and 20 percent.

Shares of the Winston-Salem, North Carolina-based company closed at $24.57 Monday 22 February on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anne Pallivathuckal)

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