Hanes unveils new look.

• Position: Triad

It wasn't that long ago that Hanesbrands Inc. was the ugly duckling of big apparel companies in the Triad. While the maker of T-shirts, sweat shirts and pants, underwear, hosiery and bras was consumed with paying down debt, its Triad neighbor, VF Corp., was building a fashion juggernaut on the strength of high-margin brands.

So it was with no small amount of glee that Haneshrands CEO Rich Noll recently told analysts that the company had decreased its debt in 2012 to 2.5 limes EBITDA--earnings before interest, taxes depreciation and amortization--the lowest ratio since its spinoff from Downers Grove, Ill based Sara Lee Corp. in 2006. "That has been a long time coming, and it feels really good," Noll says. Haneshrands got its debt under control the old-fashioned way--cutting costs, selling noncore businesses in Europe and the U.S. and wringing more profit from its best lines. Underwear sales, benefiting from new products and more shelf space, were up 3%, with profit increasing 18%.

Haneshrands stock has risen smartly--gaining about 25% in the six months that ended in early March. VF shares were up only 10%. (of course, VF's price is four times...