Hanesbrands Inc. Reports Third-quarter 2015 Financial Results
Hanesbrands Inc., Winston-Salem, N.C., recently reported record third-quarter results, including double-digit growth for net sales, adjusted operating profit and adjusted earnings-per-share (EPS).
The seventh consecutive quarter of record results was driven by continued acquisition benefits, global supply chain performance, and core sales and margin growth in the innerwear and activewear segments.
Net sales increased 14 percent to $1.59 billion in the quarter ended Oct. 3, 2015. Core sales, which exclude acquisitions and a retailer exit from Canada, increased 3 percent in constant currency.
Adjusted operating profit, excluding actions, increased 16 percent to $251 million, and adjusted EPS, excluding actions, increased 16 percent to $0.50. On a GAAP basis, operating profit increased 35 percent to $208 million and EPS increased 38 percent to $0.40.
Hanesbrands Inc. also expanded its strategic use of cash flow in the quarter by beginning to repurchase company stock in the open market. In the third quarter, the company purchased 10.7 million shares for approximately $311 million.
“We had another great quarter of double-digit growth that reflects our continued value-creation potential,” said Richard A. Noll, chairman and CEO of Hanesbrands Inc. “We again have increased our operating profit and EPS guidance as we continue to drive growth and margin improvement through innovation and acquisition integration. We also reached another milestone in our strategic use of cash flow with the resumption of share buybacks.”
For 2015, Hanesbrands Inc. has updated its full-year guidance, including increased expectations for adjusted operating profit and adjusted EPS. The company now expects full-year 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.