Hanesbrands (NYSE:HBI), a leading manufacturer of undergarments and athletic apparel, contributed 177 basis points to the Fund’s return, as its stock rose from $12.53 to $17.88, for a total return of 43.8%. Hanesbrands had a strong finish to its fiscal year 2018, posting its highest quarterly sales growth in eight years and its first annual sales increase since 2014. Management noted continued strong growth of its global brand Champion, international innerwear growth, increased sales for underwear and shapewear in the U.S. and the expansion of its direct-to-consumer sales channel. The company also used its cash flows to pay down debt and expects to further reduce leverage in 2019.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund first-quarter 2019 shareholder commentary.
