Hanesbrands Inc. (NYSE:HBI) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 08:30 am ET


Hanesbrands Inc. (NYSE:HBI) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Hanesbrands Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I'd now like to hand the conference over to your host today, Mr. T.C. Robillard, Chief Investor Relations Officer. Please go ahead, sir.

Thomas C. Robillard

Good day, everyone, and welcome to the Hanesbrands Quarterly Investor Conference Call and Webcast. We are pleased to be here today to provide an update on our progress after the second quarter of 2020. Hopefully, everyone has had a chance to review the news release we issued earlier today. The news release, updated FAQ document and the replay of this call can be found in the Investors section of our hanes.com website. On the call today, we may make forward-looking statements either in our prepared remarks or in the associated question-and-answer session. These statements are based on current expectations or beliefs and are subject to certain risks and uncertainties that may cause actual results to differ materially. These risks include those related to the impact of the COVID-19 pandemic and measures by governmental or regulatory authorities to combat the pandemic on our business and 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.

The company does not undertake to update or revise any forward-looking statements, which speak only to the time at which they are made. Unless otherwise noted, today's references to our consolidated financial results exclude all restructuring and other action related charges and expenses. The use of the term PPE relates to our personal protection garment business, including face masks, face coverings and gowns. Also, please note that unless otherwise stated, all prior year comparisons are to 2019 results that have been rebased to reflect the exited C9 Champion program at Target and the DKNY intimates license. Additional information, including a reconciliation of these and other non-GAAP performance measures to GAAP can be found in today's press release. With me on the call today are Gerald Evans, our Chief Executive Officer; and Scott Lewis, our Chief Accounting Officer and Interim Chief Financial Officer. For today's call, Gerald and Scott will provide some brief remarks, and then we'll open it up to your questions.

I will now turn the call over to Gerald.

Gerald W. Evans

Thank you, T.C. With my retirement next week after 37 years with Hanesbrands, this will be my last quarterly earnings call as CEO. This quarter, I have never been more proud of this organization and our employees' ability to rise to the occasion and meet challenges to deliver exceptional performance, even in the midst of a devastating pandemic. Despite the economic disruption of COVID-19 around the globe, Hanesbrands delivered strong second quarter results, driven by better-than-expected performance in both our apparel and our new PPE businesses. For the quarter, revenue increased 6%, operating profit increased 41%,