HanesBrands expects Q1FY17 sales at $1.38bn

17 Apr '17

1 min read

In its preliminary results announced for the first quarter of fiscal 2017, marketer of apparel and innerwear HanesBrands expects net sales of approximately $1.38 billion and strong net cash from operations. Hanes also projects GAAP earnings per diluted share (EPS) of between $0.19 and $0.20 and adjusted EPS, excluding actions of $0.28 to $0.29.

The company expects a modest use of cash for the quarter of $25 million to $50 million.

Hanes also announced the retirement of its chief financial officer Richard Moss, who will retire at the end of 2017. The company has initiated an internal and external search for CFO candidates to succeed Moss.

Hanes reaffirmed its full fiscal 2017 financial guidance issued in February, including expectations for net sales, operating profit, EPS, cash from operations, and acquisition-related pretax charges.

"We are off to a strong start in 2017, and we are diligently focused on daily execution and performance,” CEO Gerald Evans said. "This year is an important transition as we set the foundation of another decade of success." (AR)

Fibre2Fashion News Desk – India

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