UPDATE 2-Hanesbrands posts surprise Q1 profit, to cut 250 jobs

* Q1 adj. EPS $0.03/shr vs est -$0.05

* Q1 sales down 13 pct, misses estimates

* To lay off 250 mgmt employees * Take $15 mln charge mainly in Q2

* Shares down about 5 pct (Adds conference call details, background)

April 27 (Reuters) - Underwear maker Hanesbrands Inc (HBI.N) posted a surprise quarterly adjusted profit as tight cost control helped offset a drop in sales, and said it would lay off 250 management employees to cut expenses further.

Hanesbrands, which also makes casual wear and active wear, expects to incur restructuring and related charges of about $15 million primarily in the second quarter.

In January, the company cut 310 jobs. As of April 15, it had about 45,000 employees.

"Given the sales declines that we are seeing we felt we needed to take swift and important action," a company executive said on a conference call with analysts. Hanesbrands has seen declining sales in three of its last four quarters.

For the quarter ended April 4, the company posted a net loss of $19.3 million, or 20 cents a share, compared with a net profit of $36.0 million, or 38 cents a share, a year ago.