UPDATE 2-Hanesbrands Q4 adj profit in-line, sees EPS growth

* Q4 adj EPS $0.56, rev $988.7 mln vs est $984.7 mln

* Reaffirms 2010 sales growth of 5 pct

* Sees EPS growth of at least 25 pct in 2010

* Sees cotton inflation to hurt in 2010 (Adds conference call details)

Jan 27 (Reuters) - Innerwear maker Hanesbrands Inc (HBI.N) posted adjusted quarterly profit in line with market expectations and said its capital structure would enable it to consider acquisition opportunities.

The company, whose brands include Hanes, Champion, Playtex and Wonderbra, said it saw a slightly positive sell-through for the first three weeks of January.

"The new programs in men's underwear have already begun to ship, with the new intimate apparel program starting to ship in second quarter. The remaining growth in the back half of the year will be driven by replenishment of these new programs," Chief Executive Richard Noll said in a conference call with analysts.

Hanesbrands sees cotton inflation to hurt by $10 million through the first three quarters of 2010, but expects to offset this by cost reductions.

However, if inflation becomes systemic, "we have the ability to price," said the company which realigned its global supply chain with the October start-up of its Nanjing fabric production plant in China.

The company also reaffirmed its 2010 sales outlook of 5 percent growth, helped by significant shelf-space and distribution gains.

"When you combine the benefits of expected sales growth, operating margin improvement, and lower interest expense, we could see EPS growth of at least 25 percent and possibly up to 35 percent or more in 2010," Noll said.

Hanesbrands, which recently resumed its Haitian sewing operations, posted a net loss for the fourth quarter, hurt by higher costs.

It suffered a net loss of $1.1 million, or 1 cent per share, for the period ended Jan. 3, compared with a net income of $17.9 million, or 19 cents a share, a year ago.

Excluding items, Hanesbrands earned 56 cents a share.

Revenue of the company, which also makes casual wear and active wear, rose 1 percent to $988.7 million, after adjusting for company's extra week last year.

Analysts on average had expected earnings of 56 cents per share on revenue of $984.7 million, according to Thomson Reuters I/B/E/S.

Hanesbrands also said it expects interest expense to fall by $20 million to $25 million in 2010 due to deleveraging.

Shares of the Winston-Salem, North Carolina-based company closed at $23.16 Wednesday on the New York Stock Exchange. (Reporting by Shobhana Chadha in Bangalore; Editing by Gopakumar Warrier)