HanesBrands Reports First-quarter 2015 Financial Results
HanesBrands, Winston-Salem, N.C., announced that acquisition benefits helped drive record first-quarter financial results for the second consecutive year.
Net sales increased 14 percent to $1.2 billion in the quarter ended April 4, 2015, while adjusted operating profit excluding actions increased 16 percent to $133 million and adjusted EPS excluding actions increased 16 percent to $0.22. The record results reflect the benefits of the company’s multiyear acquisition strategy and continued improvement in base business operating margin.
“We are off to a great start in 2015, once again delivering a double-digit increase in EPS, while tracking to our full-year growth plans,” Hanes' chairman and CEO Richard A. Noll said. “Our acquisition strategy continues to create value with DBApparel, Maidenform and Gear for Sports all contributing substantially to our double-digit growth. In addition, we are raising our 2015 performance outlook to reflect the recent acquisition of Knights Apparel.”
Since the end of the first quarter, Hanes closed on the acquisition of Knights Apparel, a leading seller of licensed collegiate logo apparel in the mass retail channel. Hanes has increased its full-year 2015 guidance to reflect the expected contributions from Knights Apparel and has updated its expectations for currency exchange rates for the rest of the year.
For 2015, Hanes now expects net sales of approximately $5.9 billion to $5.95 billion; adjusted operating profit of $853 million to $873 million; and adjusted EPS of $1.61 to $1.66. The new guidance represents an increase over 2014 results of 10.9 percent to 11.8 percent for net sales, 12 percent to 14 percent for adjusted operating profit, and 13 percent to 17 percent for adjusted EPS.
To read the full release, visit www.hanesbrands.com.