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Q2FY17 GAAP operating profit surges 59% at HanesBrands
03
Aug '16
On a GAAP basis, operating profit at global marketer of apparel HanesBrands totaled $221 million, a surge of 59 per cent year over year in its second fiscal quarter ended July 2, 2016.

However, when excluding pretax charges related to acquisitions, integrations and debt refinancing, adjusted operating profit of $246 million dipped 7 per cent.

Again on a GAAP basis, earnings per diluted share of $0.34 soared 48 per cent from a fiscal ago quarter in the reporting quarter, while adjusted EPS at $0.51 rose much slower at 2 per cent.

According to the marketer, all adjusted consolidated measures exclude $72 million of pretax charges in the quarter under review and $126 million of pretax charges in the second fiscal quarter of 2015-16.

Net sales declined 3 per cent over the prior fiscal's second quarter to $1.47 billion for the quarter ended July 2, 2016, which it said was consistent with the company's expectations.

The company has updated fiscal 2016-17 guidance for net sales which it now expects to be $6.15-6.25 billion, adjusted operating profit of $940-975 million and adjusted EPS of $1.89-1.95. (AR)

Fibre2fashion News Desk - India

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