HanesBrands, a leading global marketer of everyday basic apparel, has recently announced its financial results for the second quarter ended July 2, 2016. The company’s net sales noted a decline of 3 per cent to US $ 1.47 billion in the review period.
However, the company release mentions that on a GAAP basis, operating profit of US $ 221 million increased by 59 per cent in the reporting quarter. When excluding Pre-tax charges related to acquisitions, integrations and other actions, and debt refinancing, adjusted operating profit of US $ 246 million plunged 7 per cent.
The company says that its second quarter and year-to-date results are in line with its plans and consistent with the underlying assumptions for the full-year 2016 guidance. It has updated 2016 GAAP guidance for operating profit and has reaffirmed 2016 guidance for net sales, adjusted operating profit, adjusted EPS, and net cash from operations. The company’s 2016 guidance calls for net sales of US $ 6.15 billion to US $ 6.25 billion, adjusted operating profit of US $ 940 million to US $ 975 million, adjusted EPS of US $ 1.89 to US $ 1.95, and net cash from operations of US $ 750 million to US $ 850 million.
Also Read – HanesBrands reports 1% surge in Q1 Net Sales
Confident about plans for the year ahead, Elect Gerald W. Evans Jr., Hanes COO & CEO states, “Despite a tough comparison with a strong quarter in prior year, second quarter 2016 somehow fallen in our plan. We have planned 8 per cent growth in net sales at the midpoint and double-digit growth in EPS as our growth initiatives in full year guidance plan.”
