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Q3FY15 net sales climb 14% at Hanesbrands
30
Oct '15
Net sales in the third fiscal quarter ended October 3, 2015 at global marketer of innerwear and outerwear, Hanesbrands climbed 14 per cent year over year.

In a press release, Hanes said its net sales increased 14 per cent year on year to $1.59 billion in the third quarter of fiscal 2015, while core sales, which exclude acquisitions and a retailer exit rose 3 per cent in constant currency.

Innerwear net sales expanded 3 per cent over the third quarter of prior fiscal and operating profit in the segment drove up 5 per cent.

“Sales of intimates rebounded with high-single-digit growth on strength in bras and shapewear, while sales of basics were up slightly versus the fiscal ago quarter,” it added.

Activewear results in the quarter were strong with net sales growth of 22 per cent and operating profit growth of 39 per cent driven by double-digit Champion growth and the acquisition of Knights Apparel.

“Core sales, which exclude acquisitions, climbed 2 per cent with growth of more than 30 per cent for Champion in the department-store, mid-tier and sporting goods channels,” the company informed.

“International sales and operating profit increased significantly, despite negative foreign currency impacts, as a result of the acquisition of DBApparel in Europe and strong results in Japan,” Hanesbrands stated.

In the reporting quarter, adjusted operating profit excluding actions surged 16 per cent to $251 million, and adjusted EPS excluding actions grew 16 percent to $0.50.

On a GAAP basis, operating profit soared 35 per cent from a fiscal ago quarter to $208 million and EPS drove up 38 per cent to $0.40.

“All adjusted consolidated measures and comparisons exclude approximately $43 million and $63 million of pretax charges related to acquisitions and other actions in the third quarters of both fiscal's,” it explained.

Hanes also expanded its strategic use of cash flow in the quarter by beginning to repurchase company stock in the open market and purchased 10.7 million shares for approximately $311 million in the quarter under review.

“We had another great quarter of double-digit growth that reflects our continued value-creation potential,” Hanes chairman and chief executive officer Richard Noll said.

“We again have increased our operating profit and EPS guidance as we continue to drive growth and margin improvement through innovation and acquisition integration,” Noll added.

Hanes has updated its full-fiscal guidance, including increased expectations for adjusted operating profit and adjusted EPS.

The company now expects full-fiscal net sales of approximately $5.85 billion, adjusted operating profit of $880 million to $890 million, and adjusted EPS of $1.66 to $1.68. (AR)

Fibre2Fashion News Desk – India

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