American-based fashion business HanesBrands has recorded a 1.3 per cent lift in international sales for the third quarter of FY24, buoyed by a market rightsizing in Australia.
The global fashion business owns the Australian-born brands Bonds, Berlei and Voodoo, as well as other brands such as Sheridan and Jockey. Its international markets also include Asia and the Americas.
The company’s international sales hit US$259 million (~A$387 million) in the last quarter, which included a $7 million headwind from unfavourable foreign exchange rates.
According to HanesBrands, this also constituted a 4 per cent lift on a constant currency basis (minus exchange rate fluctuations) “as sales grew in the Americas and Asia and were consistent with prior year in Australia as the company begins to anniversary the worst of Australia’s macroeconomic-driven headwinds.”
This follows similar trajectories from local fashion and retail brands and businesses that have also recorded improvements in sales despite high interest rates and weak consumer sentiment. This includes The Iconic and Kogan.com, with other businesses weathering the challenges better - such as Peter Alexander under Premier Retail and Universal Store.
It also matches a gradual improvement in consumer confidence, which has recently broken out of its near two-year historic low.
HanesBrands' international market growth in the last quarter has offset a US$10 million fall in revenue in the United States market, bringing total global revenue to US$937 million.