HanesBrands Q2 2017 net sales increase 12%

Second quarter sales in the online channel globally increased approximately 25 per cent and represented approximately 9 per cent of total sales. On a GAAP basis, second quarter operating profit of $229 million increased 3 per cent and diluted EPS of $0.47 increased 38 per cent.

"We continued our strong start to 2017 in the second quarter, consistent with our guidance," said Hanes chief executive officer Gerald W Evans Jr. "Organic sales trends continued to improve sequentially, acquisitions are contributing value as expected, and our cash-flow efforts, including disciplined inventory management, are generating strong results."

"Our team is doing a great job executing our Sell More, Spend Less, Generate Cash strategies and laying the foundation for taking our performance to the next level in the years to come through our Project Booster initiative. We are planning for the future while executing in the present," added Evans Jr.

The company expects total net sales of approximately $1.80 billion in the third quarter of 2017, an increase of approximately 2.5 per cent compared with the third quarter 2016. More back-to-school shipments are expected to fall in the third quarter than a year ago as retailers time orders closer to sales events.

For fiscal 2017, the company expects net sales of $6.45 to $6.55 billion, GAAP operating profit of $845 to $895 million, adjusted operating profit excluding actions of $935 to $975 million, GAAP EPS for continuing operations of $1.70 to $1.82, adjusted EPS for continuing operations excluding actions of $1.93 to $2.03, and record net cash from operations of $625 to $725 million. (RR)

Fibre2Fashion News Desk – India