UPDATE: Hanesbrands Q2 Net Profit Down 99%

Hanesbrands

reported a 99% drop in its second-profit. Hanesbrands posted its quarterly profit at $1.23 million, or $0.01 per share, versus $86.8 million, or $0.89 per share, in the year-ago period. Its earnings from continuing operations came in at $0.67 per share. Its net sales rose 1.1% to $1.18 billion. However, analysts were expecting earnings of $0.49 per share on sales of $1.25 billion. Its gross margin declined to 31.1% from 35.1%. Hanesbrands shares fell 1.02% to close at $30.02 yesterday.