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This excerpt taken from the HBI 10-Q filed May 11, 2009. Selling,
General and Administrative Expenses
Our selling, general and administrative expenses were
$31 million lower in the first quarter of 2009 compared to
the first quarter of 2008. Our cost reduction efforts resulted
in lower expenses in the first quarter of 2009 compared to the
first quarter of 2008 related to lower technology consulting
expenses of $13 million, savings of $6 million from
our prior restructuring actions for compensation and related
benefits, lower non-media related media, advertising and
promotion expenses (“MAP”) expenses of
$3 million, lower distribution expenses of $3 million
and lower accelerated depreciation of $1 million.
Our media related MAP expenses were $15 million lower in
the first quarter of 2009 compared to the first quarter of 2008
as we chose to reduce our spending. In addition, our media
related MAP expenses were higher in the first quarter of 2008 to
support the launch of Hanes No Ride Up Panties and
marketing initiatives for Playtex. MAP expenses may vary
from period to period during a fiscal year depending on the
timing of our advertising campaigns for retail selling seasons
and product introductions.
Our pension and stock compensation expenses, which are noncash,
were higher by $8 million and $3 million,
respectively, in the first quarter of 2009 compared to the first
quarter of 2008. The higher pension expense is primarily due to
the lower funded status of our pension plans at the end of 2008
which resulted from a decline in the fair value of plan assets
due to the stock market’s performance during 2008. We also
incurred higher expenses of $1 million in the first quarter
of 2009 compared to the first quarter of 2008 as a result of
opening retail stores. We opened four retail stores during the
first quarter of 2009.
This excerpt taken from the HBI 10-Q filed Oct 31, 2008. Selling,
General and Administrative Expenses
During the third quarter of 2008, we approved actions to close
nine manufacturing facilities and eliminate approximately 8,100
positions in El Salvador, Mexico, Costa Rica, Honduras and the
United States during the next twelve months. The production
capacity represented by the manufacturing facilities will be
relocated to lower cost locations in Asia, the Caribbean Basin
and Central America. We recorded a charge of $21 million
that was primarily attributable to employee termination and
other benefits recognized in accordance with benefit plans
previously communicated to the affected employee group and
$9 million in charges related to exiting supply contracts,
which was partially offset by a $2 million favorable
settlement of a lease obligation for a lower amount than
previously estimated.
In the third quarter of 2008, we recorded $14 million in
one-time write-offs of stranded raw materials and work in
process inventory determined not to be salvageable or
cost-effective to relocate related to the closure of the nine
manufacturing facilities in the “Cost of sales” line.
In addition, in connection with our consolidation and
globalization strategy, in the third quarters of 2008 and 2007,
we recognized non-cash charges of $4 million and
$12 million, respectively, in the “Cost of sales”
line and a non-cash credit of $2 million and a non-cash
charge of $1 million, respectively, in the “Selling,
general and administrative
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expenses” line in the third quarters of 2008 and 2007
related to accelerated depreciation of buildings and equipment
for facilities that have been closed or will be closed.
These actions, which are a continuation of our consolidation and
globalization strategy, are expected to result in benefits of
moving production to lower-cost manufacturing facilities,
leveraging our large scale in high-volume products and
consolidating production capacity.
During the third quarter of 2007, we incurred $2 million in
restructuring charges which primarily related to employee
termination and other benefits associated with previously
approved actions for plant closures.
This excerpt taken from the HBI 10-Q filed Aug 1, 2008. Selling,
General and Administrative Expenses
Our selling, general and administrative expenses were flat in
the six months of 2008 compared to 2007. Our media related MAP
expenses were higher in the six months of 2008 primarily to
support the launch of Hanes No Ride Up Panties and
marketing initiatives for Playtex. We experienced higher
technology consulting and related expenses of $13 million,
higher MAP expenses of $6 million, higher computer software
amortization of $3 million and $3 million of higher
distribution expenses in the six months of 2008 compared to
2007. In addition, we incurred $4 million in amortization
of gain on curtailment of postretirement benefits in the six
months of 2007 which did not recur in 2008.
The higher expenses were offset by $13 million of savings
from our prior restructuring actions primarily for compensation
and related benefits, $8 million of lower pension expense,
$3 million of lower stock compensation expense, and
$3 million of lower non-media related MAP expenses. MAP
expenses may vary from period to period during a fiscal year
depending on the timing of our advertising campaigns for retail
selling seasons and product introductions.
Our cost reduction efforts have allowed us to offset higher
investments in our strategic initiatives of higher MAP expenses
of $6 million and higher technology consulting expenses of
$9 million during the six months of 2008 compared to 2007.
This excerpt taken from the HBI 10-Q filed May 7, 2008. Selling,
General and Administrative Expenses
Our selling, general and administrative expenses were flat in
the first quarter of 2008 compared to 2007. Our cost reduction
efforts have allowed us to offset higher investments in our
strategic initiatives of higher media related media, advertising
and promotion expenses (“MAP”) of $10 million and
higher technology consulting expenses of $9 million during
the first quarter of 2008. Our media related MAP expenses were
higher in the first quarter of 2008 to support the launch of
Hanes No Ride Up Panties and marketing initiatives for
Playtex.
The higher expenses were offset by $8 million of savings
from our prior restructuring actions primarily for compensation
and related benefits, $4 million of lower pension expense,
$2 million of lower stock compensation expense,
$2 million of lower distribution expenses and
$2 million of lower non-media related MAP expenses. MAP
expenses may vary from period to period during a fiscal year
depending on the timing of our advertising campaigns for retail
selling seasons and product introductions.
These excerpts taken from the HBI 10-K filed Feb 19, 2008. Selling,
General and Administrative Expenses
Table of Contents
Selling, general and administrative expenses declined due to a
$31 million benefit from prior year restructuring actions,
an $11 million reduction in variable distribution costs and
a $7 million reduction in pension plan expense. These
decreases were partially offset by a $47 million decrease
in recovery of bad debts, higher share-based compensation
expense, increased advertising and promotion costs and higher
costs incurred related to the spin off. Measured as a percent of
net sales, selling, general and administrative expenses
increased from 22.5% in 2005 to 23.5% in 2006.
Selling, General and Administrative Expenses
Table of ContentsSelling, general and administrative expenses declined due to a $31 million benefit from prior year restructuring actions, an $11 million reduction in variable distribution costs and a $7 million reduction in pension plan expense. These decreases were partially offset by a $47 million decrease in recovery of bad debts, higher share-based compensation expense, increased advertising and promotion costs and higher costs incurred related to the spin off. Measured as a percent of net sales, selling, general and administrative expenses increased from 22.5% in 2005 to 23.5% in 2006. This excerpt taken from the HBI 10-Q filed Nov 5, 2007. Selling,
General and Administrative Expenses
Selling, general and administrative expenses were
$35 million lower in the nine month period in 2007 compared
to the same nine month period in 2006. Our expenses were lower
partially due to lower spin off and related charges of
$36 million, $26 million of lower media, advertising
and promotion expenses that were primarily non-media related,
$6 million in amortization of gain on curtailment of
postretirement benefits and $5 million of savings from
prior restructuring actions. The lower media, advertising and
promotion expenses are primarily non-media related and may vary
from period to period due to timing of actual spending during
the full year 2007 versus 2006. The lower non-media expenses are
primarily attributable to cost reduction initiatives and better
deployment of these resources. In addition, our pension expense
was lower by $12 million which included a $5 million
adjustment related to the final separation of our pension assets
and liabilities from those of Sara Lee.
Our cost reduction efforts during the nine month period have
allowed us to offset higher stand alone expenses associated with
being an independent company of $11 million and make
investments in our strategic initiatives resulting in higher
technology consulting expenses of $10 million and
$7 million of higher media related media, advertising and
promotion expenses in the nine month period in 2007. In
addition, our allocations of overhead costs were
$22 million lower during the nine month period in 2007
compared to the same nine month period in 2006. Accelerated
deprecation was $2 million higher in the nine month period
in 2007 as a result of facilities closed or that will be closed
in connection with our consolidation and globalization strategy.
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This excerpt taken from the HBI 10-Q filed Aug 3, 2007. Selling,
General and Administrative Expenses
Selling, general and administrative expenses were
$25 million lower in the six month period in 2007 compared
to the same six month period in 2006. Our expenses were lower
partially due to lower media, advertising and promotion expenses
of $21 million. The lower media, advertising and promotion
expenses are primarily non-media related and may vary from
period to period due to timing of actual spending during the
full year 2007 versus 2006. The lower non-media expenses are
primarily attributable to cost reduction initiatives and better
deployment of these resources. In addition, we incurred lower
spin off and related charges of $18 million, lower
distribution expenses of $5 million and $4 million in
amortization of gain on curtailment of postretirement benefits.
These lower expenses were offset by lower allocations to
inventory cost of $15 million and higher technology
consulting expenses of $7 million.
This excerpt taken from the HBI 10-Q filed May 14, 2007. Selling,
General and Administrative Expenses
Selling, general and administrative expenses were
$11 million higher in the first quarter of 2007 compared to
the same quarter in 2006. Our expenses were higher in the first
quarter of 2007 primarily due to a reduction of allocations to
inventory cost of $7 million, higher technology consulting
expenses of $4 million, higher distribution expenses of
$3 million, incremental stand alone expenses associated
with being an independent company of $2 million and offset
by the elimination of allocations from Sara Lee of
$6 million. Our higher expenses were primarily offset by
lower spending in media, advertising and promotion of
$6 million and lower non-recurring spin off and related
expenses of $3 million in the first quarter 2007 compared
to the same quarter in 2006. The lower media, advertising and
promotion expenses are primarily due to timing of actual
spending during the full year 2007 versus 2006.
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This excerpt taken from the HBI 8-K filed Nov 29, 2006. Selling,
General and Administrative Expenses
SG&A expenses declined due to a $36 million impact from
lower benefit plan costs, increased recovery of bad debts and a
lower cost structure achieved through prior restructuring
actions, offset in part by increases in total advertising and
promotion costs. SG&A expenses in fiscal 2004 included a
$7.5 million charge related to the discontinuation of the
Lovable U.S. trademark, while SG&A expenses in
fiscal 2005 included a $4.5 million charge for accelerated
depreciation of leasehold improvements as a result of exiting
certain store leases. Measured as a percent of net sales,
SG&A expenses declined from 23.5% in fiscal 2004 to 22.5% in
fiscal 2005.
This excerpt taken from the HBI 10-Q filed Nov 13, 2006. Selling,
General and Administrative Expenses
SG&A expenses declined due to a $5 million benefit from
prior year restructuring actions, a $4 million reduction in
pension and post-retirement expense, a $3 million decrease
in ongoing share-based compensation expense, a $4 million
decrease in media, advertising and promotion costs and an
$8 million decrease in corporate allocations associated
with Sara Lee ownership. These decreases were partially offset
by $20 million in higher costs primarily associated with
charges incurred related to the spin off and related costs and
costs associated with being an independent company.
This excerpt taken from the HBI 10-K filed Sep 28, 2006. Selling,
General and Administrative Expenses
SG&A expenses declined due to a $36 million impact from
lower benefit plan costs, increased recovery of bad debts and a
lower cost structure achieved through prior restructuring
activities, offset in part by increases in total advertising and
promotion costs. SG&A expenses in fiscal 2004 included a
$7.5 million charge related to the discontinuation of the
Lovable U.S. trademark, while SG&A expenses in
fiscal 2005 included a $4.5 million charge for accelerated
depreciation of leasehold improvements as a result of exiting
certain store leases. Measured as a percent of net sales,
SG&A expenses declined from 23.5% in fiscal 2004 to 22.5% in
fiscal 2005.
This excerpt taken from the HBI 8-K filed Sep 5, 2006. Selling, General and Administrative Expenses
SG&A expenses decreased year over year primarily as a result of decreases in SG&A expenses in our business segments. During fiscal 2004, SG&A expenses were favorably impacted by $48 million from lower charges related to the sales of receivables at a discount from the face value to a limited purpose subsidiary of Sara Lee and $21 million from reductions in media advertising and promotion expenditures. These favorable items were in part offset by an $8 million increase in selling and distribution expenses and a $7.5 million charge related to discontinuing the Lovable U.S. trademark. Measured as a percent of net sales, SG&A expenses decreased from 24.1% in fiscal 2003 to 23.5% in fiscal 2004. | EXCERPTS ON THIS PAGE:
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