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This excerpt taken from the HBI 10-Q filed May 11, 2009. Hosiery
Net sales in the Hosiery segment declined by $14 million or
21%, which was substantially more than the long-term industry
trend primarily due to lower sales of our L’eggs
brand to mass retailers and food and drug stores and our
Hanes brand to national chains and department stores.
Hosiery products continue to be more adversely impacted by
reduced consumer discretionary spending than other apparel
categories, which contributes to weaker retail sales and
lowering of inventory levels by retailers. We expect the trend
of declining hosiery sales to continue consistent with the
overall decline in the industry and with shifts in consumer
preferences. Generally, we manage the Hosiery segment for cash,
placing an emphasis on reducing our cost structure and managing
cash efficiently.
The Hosiery segment gross profit was lower by $10 million
in the first quarter of 2009 compared to the first quarter of
2008. The lower gross profit for the first quarter of 2009
compared to the first quarter of 2008 is the result of lower
sales volume of $9 million and higher other manufacturing
costs of $4 million partially offset by higher product
pricing of $3 million before increased sales incentives.
As a percent of segment net sales, gross profit in the Hosiery
segment was 47.7% in the first quarter of 2009 compared to 53.0%
in the first quarter of 2008, declining as a result of the items
described above.
The lower Hosiery segment operating profit in the first quarter
of 2009 compared to the first quarter of 2008 is primarily
attributable to lower gross profit partially offset by lower
distribution expenses of $1 million and lower technology
consulting expenses of $1 million. A significant portion of
the selling, general and administrative expenses in each segment
is an allocation of our consolidated selling, general and
administrative expenses, however certain expenses that are
specifically identifiable to a segment are charged directly to
each segment. The allocation methodology for the consolidated
selling, general and administrative expenses for the first
quarter of 2009 is consistent with the first quarter of 2008.
Our consolidated selling, general and administrative expenses
before segment allocations was $31 million lower in the
first quarter of 2009 compared to the first quarter of 2008.
This excerpt taken from the HBI 10-Q filed Oct 31, 2008. Hosiery
Net sales in the Hosiery segment declined by $23 million or
12%, which was substantially more than the long-term trend
primarily due to lower sales of the Hanes brand to
national chains and department stores and the L’eggs
brand to mass retailers and food and drug stores. We expect
the trend of declining hosiery sales to continue consistent with
the overall decline in the industry and with shifts in consumer
preferences.
As a percent of segment net sales, gross profit percentage was
48.6% in the nine months of 2008 compared to 46.7% in 2007.
While the gross profit percentage was higher, gross profit
dollars were lower for the nine months of 2008 compared to 2007
as a result of unfavorable product sales mix of $9 million,
lower sales volume of $6 million and other vendor price
increases of $2 million partially offset by savings from
our cost reduction initiatives and prior restructuring actions
of $3 million, lower sales incentives of $3 million,
lower other manufacturing overhead costs of $2 million and
lower on-going excess and obsolete inventory costs of
$2 million.
Hosiery segment operating profit was flat in the nine months of
2008 compared to 2007 primarily due to lower distribution
expenses of $3 million and savings from our cost reduction
initiatives and prior restructuring actions of $2 million
and lower non-media related MAP expenses of $1 million
partially offset by the lower gross profit. A significant
portion of the selling, general and administrative expenses in
each segment is an allocation of our consolidated selling,
general and administrative expenses, however certain expenses
that are specifically identifiable to a segment are charged
directly to each segment. The allocation methodology for the
consolidated selling, general and administrative expenses for
the nine months of 2008 is consistent with 2007.
Table of Contents
Our consolidated selling, general and administrative expenses
before segment allocations was $2 million higher in the
nine months of 2008 compared to 2007.
This excerpt taken from the HBI 10-Q filed Aug 1, 2008. Hosiery
Net sales in the Hosiery segment were lower by $9 million
or 7% in the six months of 2008 compared to 2007 primarily due
to lower sales of the Hanes brand to national chains and
department stores and the L’eggs brand to mass
retailers and food and drug stores. Although the decline has
slowed in recent years, we expect the trend of declining hosiery
sales to continue consistent with the overall decline in the
industry and with shifts in consumer preferences.
As a percent of segment net sales, gross profit percentage was
51.3% in the six months of 2008 compared to 46.9% in 2007
primarily due to lower production costs of $2 million,
savings from our cost reduction initiatives and prior
restructuring actions of $2 million, lower sales incentives
of $2 million and lower excess and obsolete inventory costs
of $2 million partially offset by unfavorable product sales
mix of $4 million and lower sales volume of $2 million.
Hosiery segment operating profit was higher in the six months of
2008 compared to 2007 primarily due to the higher gross profit,
lower distribution expenses of $2 million, lower non-media
related MAP expenses of $2 million and savings from our
cost reduction initiatives and prior restructuring actions of
$1 million. A significant portion of the selling, general
and administrative expenses in each segment is an allocation of
our consolidated selling, general and administrative expenses,
however certain expenses that are specifically identifiable to a
segment are charged directly to each segment. The allocation
methodology for the consolidated selling, general and
administrative expenses for the six months of 2008 is consistent
with 2007. Our consolidated selling, general and administrative
expenses before segment allocations was flat in the six months
of 2008 compared to 2007.
Table of Contents
This excerpt taken from the HBI 10-Q filed May 7, 2008. Hosiery
Net sales in the Hosiery segment were lower by $7 million
or 9.4% in the first quarter of 2008 compared to 2007 primarily
due to lower sales of the Hanes brand to national chains
and department stores and the L’eggs brand to mass
retailers and food and drug stores. We expect the trend of
declining hosiery sales to continue consistent with the overall
decline in the industry and with shifts in consumer preferences.
As a percent of segment net sales, gross profit percentage was
53.0% in the first quarter of 2008 compared to 45.7% in 2007
primarily due to lower production costs of $3 million and
lower sales incentives of $2 million. These lower expenses
were partially offset by an unfavorable product sales mix of
$4 million.
Hosiery segment operating profit was higher in the first quarter
of 2008 compared to 2007 primarily due to the improvement in
gross profit, savings from our cost reduction initiatives and
prior restructuring actions of $1 million and lower non
media related MAP expenses of $1 million. A significant
portion of the selling, general and administrative expenses in
each segment is an allocation of our consolidated selling,
general and administrative expenses, however certain expenses
that are specifically identifiable to a segment are charged
directly to each segment. The allocation methodology for the
consolidated selling, general and administrative expenses for
the first quarter of 2008 is consistent with 2007. Our
consolidated selling, general and administrative expenses before
segment allocations was flat in the first quarter of 2008
compared to 2007.
These excerpts taken from the HBI 10-K filed Feb 19, 2008. Hosiery
Net sales in the Hosiery segment decreased primarily due to the
continued decline in sheer hosiery consumption in the United
States. Outside unit volumes in the Hosiery segment decreased by
13% in 2006, with an 11% decline in L’eggs volume to
mass retailers and food and drug stores and a 22% decline in
Hanes volume to department stores. Overall the hosiery
market declined 11%.
Table of Contents
Gross profit percentage in the Hosiery segment increased from
38.0% in 2005 to 40.2% in 2006. The increase resulted primarily
from improved product sales mix and pricing.
The decrease in Hosiery segment operating profit is primarily
attributable to lower sales volume.
Hosiery
Net sales in the Hosiery segment decreased primarily due to the continued decline in sheer hosiery consumption in the United States. Outside unit volumes in the Hosiery segment decreased by 13% in 2006, with an 11% decline in L’eggs volume to mass retailers and food and drug stores and a 22% decline in Hanes volume to department stores. Overall the hosiery market declined 11%.
Table of ContentsGross profit percentage in the Hosiery segment increased from 38.0% in 2005 to 40.2% in 2006. The increase resulted primarily from improved product sales mix and pricing. The decrease in Hosiery segment operating profit is primarily attributable to lower sales volume. This excerpt taken from the HBI 10-Q filed Nov 5, 2007. Hosiery
Net sales in the Hosiery segment were slightly lower by
$2 million in the nine month period in 2007 compared to the
same nine month period in 2006 primarily due to lower sales of
the L’eggs brand to mass retailers and food and drug
stores.
As a percent of segment net sales, gross profit percentage was
46.7% in the nine month period in 2007 compared to 38.9% in the
same nine month period in 2006 primarily due improved plant
performance of $8 million and $4 million in savings
from our cost reduction initiatives and prior restructuring
actions.
Hosiery segment operating profit was higher in the nine month
period in 2007 compared to the same nine month period in 2006
primarily due to a higher gross profit, $8 million in lower
media, advertising and promotion expenses and $10 million
in lower allocated selling, general and administrative expenses
and the improvement in gross profit. Our consolidated selling,
general and administrative expenses before segment allocations
were lower in the nine month period in 2007 compared to the same
nine month period in 2006 primarily due to lower spin off and
related charges, lower media, advertising and promotion
expenses, lower distribution expenses, amortization of gain on
curtailment of postretirement benefits and lower pension expense
offset by lower allocations of overhead costs, higher
accelerated depreciation and higher technology consulting
expenses.
This excerpt taken from the HBI 10-Q filed Aug 3, 2007. Hosiery
Net sales in the Hosiery segment were lower by $9 million
in the six month period in 2007 compared to the same six month
period in 2006 primarily due to lower sales of the
L’eggs brand to mass retailers and food and drug
stores. We expect this trend to continue as a result of shifts
in consumer preferences which is consistent with a sustained
decline in the hosiery industry.
As a percent of segment net sales, gross profit percentage was
46.9% in the six month period in 2007 compared to 38.1% in the
same six month period in 2006 primarily due improved plant
performance of $9 million.
Hosiery segment operating profit was higher in the six month
period in 2007 compared to the same six month period in 2006
primarily due to $14 million in lower allocated selling,
general and administrative expenses and the improvement in gross
profit. Our consolidated selling, general and administrative
expenses before segment allocations were lower in the six month
period in 2007 compared to the same six month period in 2006
primarily due to lower media, advertising and promotion
expenses, lower spin off and related charges, lower distribution
expenses and amortization of gain on curtailment of
postretirement benefits offset by lower allocations to inventory
cost and higher technology consulting expenses.
This excerpt taken from the HBI 10-Q filed May 14, 2007. Hosiery
Net sales in the Hosiery segment decreased by $4 million in
the first quarter of 2007 compared to the same quarter in 2006
primarily due to lower sales of the L’eggs brand to
mass retailers and food and drug stores. We expect this trend to
continue as a result of shifts in consumer preferences.
As a percent of segment net sales, gross profit percentage
increased in the first quarter of 2007 to 45.7% from 41.1% in
the same quarter in 2006 primarily due cost savings initiatives
and manufacturing efficiencies of $3 million which were
offset by the impact on gross profit of lower sales of
approximately $2 million.
Hosiery segment operating profit increased in the first quarter
of 2007 as compared to the same quarter in 2006 primarily due to
$6 million in lower allocated selling, general and
administrative expenses and the improvement in gross profit.
This excerpt taken from the HBI 8-K filed Nov 29, 2006. Hosiery
Net sales in the hosiery segment decreased primarily due to
$42 million from unit volume decreases and $5 million
from unfavorable product sales mix. Outside unit volumes in the
hosiery segment decreased by 8% in fiscal 2005, with a 7%
decline in L’eggs volume to mass retailers and food
and drug stores and a 13% decline in Hanes volume to
department stores. The 8% volume decrease was in line with the
overall hosiery market decline. Net sales also were adversely
affected year over year by a $6 million impact of the
53rd week in fiscal 2004.
Gross profit percentage in the hosiery segment decreased from 38.7% in
fiscal 2004 to 38.0% in fiscal 2005. The decrease resulted
primarily from $1 million in unfavorable product sales mix.
The increase in hosiery segment operating profit is attributable
primarily to a
$16 million decrease in allocated media advertising and promotion
costs and allocated SG&A expenses partially offset by a
decrease in sales. Hosiery segment operating profit
was also adversely affected year over year by a $2 million
impact of the 53rd week in fiscal 2004.
This excerpt taken from the HBI 10-Q filed Nov 13, 2006. Hosiery
Net sales in the hosiery segment decreased primarily due to the
continued decline in the U.S. sheer hosiery consumption. As
compared to the quarter ended October 1, 2005, overall
sales for the hosiery segment declined 16% which is due to a
continued reduction in sales of L’eggs to mass
retailers and food and drug stores and declining sales of
Hanes to department stores. Overall the hosiery market
declined 11%. We expect this trend to continue as a result of
shifts in consumer preferences.
Gross profit declined due to the decline in net sales. Segment
operating profit increased slightly due to $5 million in
lower allocated selling, general and administrative costs offset
by the decline in net sales.
This excerpt taken from the HBI 10-K filed Sep 28, 2006. Hosiery
Net sales in the hosiery segment decreased primarily due to
$42 million from unit volume decreases and $5 million
from unfavorable product sales mix. Outside unit volumes in the
hosiery segment decreased by 8% in fiscal 2005, with a 7%
decline in L’eggs volume to mass retailers and food
and drug stores and a 13% decline in Hanes volume to
department stores. The 8% volume decrease was in line with the
overall hosiery market decline. Net sales also were adversely
affected year over year by a $6 million impact of the
53rd week in fiscal 2004.
Gross margin in the hosiery segment decreased from 41.5% in
fiscal 2004 to 40.7% in fiscal 2005. The decrease resulted
primarily from $1 million in unfavorable product sales mix.
The decrease in hosiery operating segment income is attributable
primarily to a decrease in sales, partially offset by a
$16 million decrease in media advertising and promotion
spending and SG&A expenses. Hosiery operating segment income
was also adversely affected year over year by a $2 million
impact of the 53rd week in fiscal 2004.
This excerpt taken from the HBI 8-K filed Sep 5, 2006. Hosiery We are the leading marketer of women’s sheer hosiery in the United States, occupying the number one position by sales. We compete in the hosiery market by striving to offer superior values and executing integrated marketing activities, as well as focusing on the style of our hosiery products. In addition to the Hanes, L’eggs and Just My Size brands, we market hosiery products under licensing agreements with DKNY and Donna Karan. Our fiscal 2005 net sales from our hosiery segment were $353.5 million, representing approximately 7% of total net sales. Consistent with a sustained decline in the hosiery industry due to changes in consumer preferences, our net sales from hosiery sales have declined each year since 1995. | EXCERPTS ON THIS PAGE:
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