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Champion Boosts Undervalued Hanesbrands

David Swartz (david.swartz@morningstar.com)

 Hanesbrands HBI slightly exceeded our sales and earnings expectations in the first quarter. Sales of $1.59 billion beat our forecast of $1.53 billion despite an unexpectedly high year-over-year negative $46 million impact from foreign currency. GAAP and adjusted earnings per share of $0.22 and $0.27, respectively, both exceeded our forecast by $0.01.