Hanes’ Innovate-to-Elevate strategy harnesses the company’s industry-leading brand power, innovation platforms, and low-cost supply chain to drive profitability improvement. Hanes has increased its adjusted operating profit margin by 400 basis points over the past five years using the Innovate-to-Elevate strategy to increase shelf space, gain market share, lower costs, internalize production of higher-volume programs, and introduce higher-margin products.
The company’s innovation platforms include Flexible Fit bras that utilize Smart Size technology, ComfortBlend fabric used in numerous Innerwear and Activewear categories, X-Temp evaporation-control fabric being rolled out in Innerwear, and Vapor quick-dry fabric used in Activewear products.
Hanes has also generated $1.9 billion in cumulative cash from operations over the past five years. In 2013, the company completed its debt prepayment initiative, instituted a regular quarterly cash dividend, and acquired Maidenform Brands, Inc. The company’s priority for future cash deployment will be additional acquisitions that meet stringent criteria to generate value.
Hanes has also reaffirmed all of its full-year 2014 guidance issued Jan. 29, 2014, including expectations for net sales of slightly less than $5.1 billion, adjusted operating profit excluding actions of $640 million to $660 million, adjusted EPS excluding actions of $4.60 to $4.80, and net cash from operating activities of $450 million to $550 million.
“We had a record year in 2013, and our guidance calls for another record year in 2014,” Hanes Chairman and Chief Executive Officer Richard A. Noll said.
“Our Innovate-to-Elevate strategy is working very well, and we have ample opportunities to generate additional value by applying it to more parts of our business, to our recently acquired Maidenform brand, and to future acquisitions. When you consider the potential earnings leverage from additional bolt-on acquisitions, we believe we are very well positioned to produce continued double-digit earnings growth for many years to come.”
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