HanesBrands posts profit for 1st quarter

WINSTON-SALEM, N.C. (AP) -- HanesBrands Inc. posted a first-quarter profit Tuesday as lower cotton costs and higher prices helped offset slower sales for the clothing company.

The underwear, T-shirt and sock maker said that it earned $51.4 million, or 51 cents per share, for the quarter that ended March 30. That is compared with a loss of $26.8 million, or 27 cents per share, in the same quarter last year.

Hanes total revenue declined to $945.5 million from $973.1 million, which the company attributed to a "sluggish" retail environment. Analysts polled by FactSet were anticipating earnings of 50 cents per share on revenue of $949 million.

The results were on the high-end of its preliminary report it issued earlier this month. Based on first-quarter results, the company reaffirmed its 2013 forecast for earnings between $3.25 to $3.40 per share and revenue of $4.6 billion. Analysts had forecast earnings of $3.41 per share.

Hanes announced earlier this month that it would begin making a regular quarterly dividend payment. The company said Tuesday that it will pay 20 cents per share on June 3 to shareholders of record as of May 20. This is its first quarterly dividend since its spinoff as an independent public company in 2006.

Shares of the Winston-Salem, N.C. company jumped 2 percent to close at $48 but were unchanged in after-hours trading on the news.