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We successfully navigated the recession of 2009 - Hanes CEO
28 Jan '10
2 min read
Hanesbrands Inc. one of the world's largest apparel essentials companies, reported results for the fourth-quarter and full-year 2009, a year in which the company managed through the recession and created strong momentum for growth in 2010.
The company reaffirmed that it expects sales growth of approximately 5 percent in 2010, led by significant shelf-space and distribution gains, and expects free cash flow generation of $300 million or more.
In the 2009 fourth quarter, Hanesbrands' net sales run rate was consistent with the company's stated expectations, and the company generated strong free cash flow. Also in the quarter, the company refinanced its capital structure to provide better flexibility for growth.
Key fourth-quarter and full-year 2009 performance measures include:
• Q4 EPS loss of $(0.01) but Q4 non-GAAP EPS excluding actions up 12 percent to $0.56.
• Q4 net sales of $988.7 million up 1 percent after adjusting for the company's 53rd week last year.
• Full-year free cash flow generation of $326 million, with proceeds used to reduce debt by $284 million and fund $75 million in cash fees and costs associated with debt refinancing during the year.
“We successfully navigated the recession of 2009 and emerged with momentum for growth in 2010,” Hanesbrands Chairman and Chief Executive Officer Richard A. Noll said. “We are fully focused on leveraging the growth platform that we have built. With our strong brands and our low-cost global supply chain, we are in a great position to expand market share in all of our key geographies.”
Click here for more details.
The company reaffirmed that it expects sales growth of approximately 5 percent in 2010, led by significant shelf-space and distribution gains, and expects free cash flow generation of $300 million or more.
In the 2009 fourth quarter, Hanesbrands' net sales run rate was consistent with the company's stated expectations, and the company generated strong free cash flow. Also in the quarter, the company refinanced its capital structure to provide better flexibility for growth.
Key fourth-quarter and full-year 2009 performance measures include:
• Q4 EPS loss of $(0.01) but Q4 non-GAAP EPS excluding actions up 12 percent to $0.56.
• Q4 net sales of $988.7 million up 1 percent after adjusting for the company's 53rd week last year.
• Full-year free cash flow generation of $326 million, with proceeds used to reduce debt by $284 million and fund $75 million in cash fees and costs associated with debt refinancing during the year.
“We successfully navigated the recession of 2009 and emerged with momentum for growth in 2010,” Hanesbrands Chairman and Chief Executive Officer Richard A. Noll said. “We are fully focused on leveraging the growth platform that we have built. With our strong brands and our low-cost global supply chain, we are in a great position to expand market share in all of our key geographies.”
Click here for more details.
Hanesbrands Inc
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