Covid-19 impact: HanesBrands posts drop in Q1 sales

First-quarter net sales at HanesBrands were 1.32 billion dollars compared with 1.59 billion dollars a year ago. The company said in a statement that year-ago quarter included net sales of 94 million dollars from the now exited C9 Champion mass program and the DKNY intimate apparel license. Excluding the exited programs, the impact of Covid-19, and foreign exchange rates, the company added, total constant-currency net sales for the first-quarter 2020 would have increased 1.6 percent. First-quarter GAAP operating profit and adjusted operating profit were 34 million dollars and 63 million dollars, respectively, compared with 150 million dollars and 171 million dollars a year ago, respectively. GAAP and adjusted EPS were negative 2 cents and 5 cents, respectively, compared with 22 cents and 27 cents a year ago, respectively.