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WINSTON-SALEM, N.C. - Underwear maker Hanesbrands says earnings tripled in the first quarter, as cost-cutting efforts helped offset lower sales amid a tough U.S. economic climate.
| HBI | 24.91 |  0.64 |
Winston-Salem, N.C.-based Hanesbrands Inc., which makes pantyhose and the Wonderbra in addition to its namesake T-shirts, reported profit rose to $36 million, or 38 cents per share, from $12 million, or 12 cents per share, a year ago.
Excluding one-time items, adjusted earnings totaled 42 cents per share, up 56 percent year-over-year.
Total sales fell 5 percent to $987.8 million from $1.04 billion a year ago.
Analysts surveyed by Thomson Financial expected profit of 33 cents per share on higher revenue of $1.05 billion.
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AP Business Writer Jennifer Malloy
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