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Text: We're pleased to be here today to provide an update on our progress after the second quarter of 2021.
Hopefully, everyone has had a chance to review the news release we issued earlier today.
These risks include those related to the impact of the COVID-19 pandemic and measures taken by governmental or regulatory authorities to combat the pandemic on our business and our operations as well as the business and operations of the consumer, our customers, suppliers, business partners and labor force.
These risks also include those detailed in our various filings with the SEC, which may be found on our website as well as in our news releases.
Given the short-term volatility of comparisons due to the impact of the COVID-19 pandemic, we have focused our comparisons to 2019.
Please note that unless otherwise stated, all comparisons are to 2019 results that have been rebased to reflect the move of our European innerwear business to discontinued operations as well as the exited C9 program at mass and the DKNY intimate apparel license.
With me on the call today are Steve Bratspies, our Chief Executive Officer; and Michael Dastugue, our Chief Financial Officer.
I can't express enough how grateful and proud I am of their dedication, their focus on safety and commitment to serving our consumers and customers under extremely challenging circumstances.
Our associates are our greatest strength, and I want to make sure they're recognized for all their hard work.
To that end, over the past month, I've finally been able to get out, see parts of the business and interact with some of our amazing associates.
I'm inspired by their commitment and talent.
There is a lot of excitement around our Full Potential plan and our associates are fully engaged.
I visited some of our retail stores and came away impressed by the knowledge of our associates and their energy around serving consumers.
And let me tell you, consumers are out shopping.
It was exciting to see high levels of traffic in our stores.
I also had the chance to tour our New York Design Center, spent time with that incredible team and see a wide range of innovative new products in our pipeline for both innerwear and activewear.
It's hard to believe it's been a year since my first day at HanesBrands.
Reflecting back, it's clear this is truly an amazing global company with a number of competitive advantages, iconic brands, distribution scale, owned manufacturing, a deep commitment to sustainability, a strong balance sheet and 61,000 passionate associates across more than 47 countries.
We've accomplished a lot in a relatively short period of time.
We refreshed the leadership team, which is setting a new pace and driving change.
We underwent a deep assessment of the business that not only highlighted competitive advantages I just mentioned, but also underscore the opportunities ahead of us and the changes we need to make.
We developed our Full Potential plan to unlock growth, which we shared with you in May, and we've taken action to simplify the portfolio, streamline decision-making and organize the business to optimize future growth.
We're still early in our journey.
However, I am encouraged by the progress we've made, and I'm excited about the opportunities ahead as we execute our Full Potential plan to generate higher, more consistent levels of revenue and profit growth.
Today, I'll focus my remarks on two key topics.
First, our strong second quarter performance and our increased outlook for the remainder of the year; and second, a brief update on our Full Potential plan.
Looking at the second quarter, we delivered strong results despite the increasingly challenged global environment and higher levels of inflation.
Revenue, operating profit, operating margin and earnings per share all exceeded the high end of our guidance range.
We delivered strong operating cash flow performance in the quarter, and we further strengthened our balance sheet.
With the volatility from the pandemic impacting short-term comparability, like many of you, we are anchoring our comparisons to 2019.
For the quarter, sales and operating profit increased 15% and 14%, respectively, compared to the second quarter of 2019.
Revenue momentum continued to build across both our innerwear and activewear businesses globally.
In U.S. innerwear, sales were 19% higher than second quarter 2019.
Over this time period, we gained 160 basis points of market share with gains in each product category across basics and intimates.
In addition to the strong underlying performance of our brands, the category experienced above-average growth due to certain transitory items such as retailer inventory restocking, government stimulus and pent-up consumer demand.
In U.S. activewear, sales increased 15%, driven by growth in Champion.
We were pleased to see continued growth in Champion brand with global sales up 21% from 2019 levels.
And In International, sales were 11% higher than 2019 with double-digit growth in Champion and high single-digit growth in innerwear in spite of COVID headwinds around the world.
With respect to our outlook, we raised our second half and full year expectations for sales, operating profit and earnings per share to reflect stronger-than-expected momentum in our business as well as benefits from the Child Tax Credit Payments in the U.S. What's most encouraging to me about our second half outlook, despite higher-than-expected inflation, we're well positioned to generate higher operating profit dollars while continuing to execute against our brand investment strategy.
Investing in our brands is critical to the long-term success and health of our business, and we remain committed to it.
Now turning to the second topic, our Full Potential plan.
They were only in the early stages, we made progress in the quarter, and we're encouraged at how the plan is unfolding.
Without going through every initiative that we spoke to in May, let me provide a couple of updates.
With respect to our Champion growth initiative, in May, we told you we were going to do three things to grow the brand, grow our core sweats business, expand our women's and kids product offering and expand into adjacent categories.
In the U.S., we're introducing several new products in our core fleece category.
We've added a number of new performance and lifestyle products in our women's line.
And in footwear, in the first half, we've more than doubled our points of distribution and the number of pairs sold as compared to 2019.
We believe the initial momentum in our footwear business underscores the consumers' affinity for the Champion brand, and their brand interest across product categories.
We feel good about the momentum we're seeing in Champion and there's a lot to be about around the globe.
We remain confident in our Full Potential plan to grow this brand to $3 billion.
Looking at our U.S. innerwear initiative, we're encouraged by the underlying momentum and market share gains we've seen in both basics and intimates.
Our latest Boxer brief innovation, total support pouch, continues to perform well, with a dedicated marketing effort that targets consumers differently than we have in the past.
Total Support Pouch is attracting a younger consumer to the Hanes franchise.
We've significantly outpaced our initial sales projections.
And as we highlighted in May, we increased our second half marketing investment behind Total Support Pouch to build on our momentum.
In terms of our direct-to-consumer initiative, agile teams are deployed and driving improved site experience, conversion and speed as we continue the journey to know our consumers better.
We've increased our digital marketing investment at the top and bottom of the funnel with consistently better returns.
As a result, we're encouraged to see trends improving in certain digital metrics.
As compared to last year and 2019, conversion and average order value are both up.
The number and value of repeat consumers continues to increase across all of our brands.
Repeat consumers not only spend more they're an important indicator of consumer engagement.
While it's very early in our journey, we remain confident in the significant growth opportunity ahead.
Lastly, we're making progress on our cost savings initiatives.
As we mentioned in May, while we don't expect the savings and investments to match dollar for dollar in every period, we're confident that we can fully offset our investments over the course of our Full Potential plan.
We've identified a number of opportunities in SG&A and cost of goods.
For example, as we work through our SKU reduction initiative, one of the benefits is greater manufacturing and distribution efficiencies as we produce fewer, more profitable SKUs.
We're also working on a number of multi-global initiatives or big ideas that can generate large year-over-year savings, things such as global vendor consolidation and raw material platform.
We feel good about the opportunities we are finding, and we'll continue to update you along the way.
Then I'll return with some closing comments.
I'm excited to be finishing up my first three months here at HanesBrands.
As I evaluated this opportunity, there were three things that really attracted me to HanesBrands, the people, the brands, and the Full Potential plan to capture future growth opportunities, all are exceeding my initial expectations.
It's great to be able to speak to such strong results on my first earnings call.
We exceeded the high end of our expectations across all of our key metrics, driven by continued top line momentum in both global innerwear and activewear businesses.
In my remarks today, I'll be comparing our results to the second quarter of 2019.
For the quarter as compared to 2019, sales increased 15% with double-digit growth in each of the segments.
Operating profit increased 14%, cash flow from operations increased 43% to $195 million, and our leverage improved to 2.9 times.
With that summary, let's turn to the details of the quarter's results.
Sales increased $233 million to $1.75 billion.
The impact from foreign exchange rates contributed approximately $26 million or 175 basis points to the quarter's growth.
Adjusted gross profit increased $102 million or 18% compared to 2019, while adjusted gross margin increased approximately 75 basis points to 39%.
The margin expansion was driven by leverage from higher sales, the benefit from product mix and the impact from foreign exchange rates.
These items more than offset the higher expedite cost and sourcing premiums we experienced to meet the stronger-than-expected demand in the quarter.
Adjusted operating profit increased $29 million or 14% to $236 million.
Adjusted operating margin of 13.5% was approximately 15 basis points lower than the second quarter of 2019.
Higher investments in brand marketing essentially offset the fixed cost leverage from the higher sales.
Adjusted earnings per share from continuing operations increased 24% to $0.47, while GAAP earnings per share from continuing operations increased 2% to $0.42.
Now let me take you through our segment performance.
U.S. innerwear sales increased 19% or $123 million over 2019 with comparable double-digit growth in both basics and intimates.
The growth was driven by two factors: first, the strong underlying performance of our brands, which resulted in market share gains across our basics and intimates product portfolios.
And second, the benefit of certain transitory items such as stimulus, restocking and pent-up consumer demand that drove category growth rates above historical levels.
For the quarter, innerwear operating margin of 23.8% was 150 basis points above 2019.
The margin improvement was driven by volume leverage and sales mix, which more than offset higher expedite cost and increased investments in brand marketing.
Turning to U.S. activewear.
Revenue increased 15% or $53 million driven by growth across the online, wholesale and distributor channels.
Our sports and college licensing business increased significantly from last year.
However, it remains below 2019 levels as on-campus attendance in the spring was still below pre-pandemic levels.
Looking at Champion brand within the activewear segment, Champion increased 20% as compared to 2019.
Activewear's operating margin of 10.2% declined 290 basis points compared to 2019 as the leverage from higher sales was more than offset by higher expedite and distribution costs to meet the higher-than-expected demand as well as increased investments in brand marketing.
Switching to our International segment.
Revenue increased 11% compared to 2019.
On a constant currency basis, sales increased 5% or $22 million.
We experienced growth in Australia behind our Bonds brand.
We also saw growth in Europe and the Americas, while sales in Asia Pacific declined driven by ongoing COVID headwinds in Japan.
For the quarter, the International segment's operating margin of 12.9% was 250 basis points below 2019 levels, driven by increased investments in brand marketing as well as deleveraging Asia Pacific from lower sales.
Touching briefly on Champion in the quarter.
Global Champion sales increased 21% over 2019 on a reported basis and 18% on a constant currency basis.
Champion sales in the U.S. which include all Champion brand sales in our activewear, innerwear and other segments increased 25%.
Champion sales in our International segment increased 15% on a reported basis and 9% in constant currency as compared to the second quarter 2019.
Turning to cash flow.
We generated $195 million of operating cash flow in the quarter driven by strong operating results and focused working capital management.
Looking at the balance sheet, inventory is coming down, our turns are improving, and we're on track with our SKU reduction initiative.
And our leverage at the end of the quarter improved to 2.9 times on a net debt-to-adjusted EBITDA basis as compared to 3.7 times a year ago.
And now turning to guidance.
However, I'd like to share a few thoughts to frame our outlook.
Similar to our prior remarks, my guidance comparisons will be to 2019.
At a high level, we increased our second half guidance for sales, operating profit and earnings per share by $375 million, $35 million and $0.08, respectively, compared to our prior outlook.
And we have factored the following puts and takes of the current environment into our guidance.
First, we're staying committed to our strategy that we rolled out in May.
Long term, we believe it's the right thing to do for our business and our brands.
We're going to continue to increase the investment behind our brands, and we're excited about the consumer reaction that we're getting.
Second, we see stronger-than-expected demand in both our innerwear and activewear businesses, which is being further fueled by the benefits from the recent Child Tax Credit Payments in the U.S. And third, rising COVID cases continue to weigh on the macro environment.
It's creating headwinds from additional lockdowns, most recently in Japan and Australia.
It's also creating incremental disruptions to supply chains around the world.
This, in turn, is driving cost pressure as well as higher levels of inflation relative to our prior outlook.
One of the advantages to owning our supply chain is that we have very good visibility, which allows us to be proactive.
Our supply chain team is doing a great job managing these challenges as well as identifying additional savings and efficiencies to partially offset the increased inflation pressures.
The estimated increase in cost and inflation pressure is approximately 40 basis points of operating margin pressure in the second half relative to our previous outlook.
Looking at our key guidance metrics.
From a revenue perspective, we raised our second half and full year outlook.
For the full year, we increased our revenue guidance by $550 million, bringing the range to $6.75 billion to $6.85 billion.
We also issued third quarter revenue guidance of $1.78 billion to $1.81 billion.
And at the midpoint, our guidance now implies revenue growth of 11% for the third quarter, 15% for the fourth quarter and 13% for the full year as compared to 2019.
The higher revenue outlook is driving our increased operating profit and earnings per share guidance for the second half and full year.
Our full year guidance for both GAAP and adjusted operating profit increased $65 million.
We now expect full year adjusted operating profit to be in the range of $880 million to $910 million.
For the third quarter, we issued adjusted operating profit guidance of $235 million to $245 million.
Our full year guidance for adjusted earnings per share from continuing operations increased $0.17, bringing our range to $1.68 to $1.76.
With respect to our guidance for cash flow from operations, we now expect to generate approximately $550 million for the full year.
I'm incredibly pleased to have you on the team.
So we certainly have a lot of good things going on in the business.
As I step back, the key highlights I see coming in the second quarter are we delivered strong results, which exceeded the high end of our expectations.
We're upbeat given the momentum in our underlying business, which is reflected in our increased outlook for the second half.
We plan to continue to increase investments in our brands in the second half despite the challenges in the global environment.
We remain committed to our growth strategy and investing in our brands is critical to the long-term success of HanesBrands.
Our Full Potential plan is in place, and we're rapidly executing against it to generate higher, more consistent revenue and profit growth.

user
q2 adjusted earnings per share $0.47 from continuing operations.
q2 gaap earnings per share $0.42 from continuing operations.
q2 sales $1.75 billion versus refinitiv ibes estimate of $1.59 billion.
sees q4 adjusted earnings per share $0.37 to $0.42 from continuing operations.
sees fy adjusted earnings per share about $1.68 to $1.76 from continuing operations.
sees q3 gaap earnings per share $0.42 to $0.45 from continuing operations.
sees q3 sales about $1.78 billion to $1.81 billion.
sees fy sales about $6.75 billion to $6.85 billion.
sees q4 sales about $1.71 billion to $1.78 billion.

assistant