US: Hanesbrands FY profit leaps after Maidenform buy
- FY net profit up 101% to US$330.5m
- Q4 net profit down 60% to $32.3m on charges
- FY net sales up 2% to $4.63bn
The US company’s fourth quarter profit was impacted by $80m of charges associated with the acquisition, but sales for the three months to 28 December were up 12%, with Maidenform supplying 9% of that growth.
Hanesbrands said lower cotton costs and the benefits of its Innovate-to-Elevate programme had improved its profitability.
As a result, the company increased its guidance for fiscal 2014, predicting net sales of close to $5.1bn and adjusted earnings per diluted share of $4.60-4.80.
Describing the performance as “outstanding”, Hanesbrands chairman and CEO Rich Noll said: “We are raising our 2014 earnings guidance because we are increasingly confident that the momentum of our Innovate-to-Elevate strategy will deliver even better results.
“The combination of our brand power, low-cost supply chain and innovation platforms is generating value and growth opportunities.”
Hanesbrands’ Innerwear segment posted sales up 20% for the quarter and 5% for the year, boosted by a “significant” contribution from Maidenform.
Activewear – previously known as Outerwear – recorded sales up 1% in the fourth quarter and full-year, but international operating profits were impacted by currency, rising 1% in the quarter but flat for the year.
Hanesbrands said its direct-to-consumer sales rose 14% in the fourth quarter, and 2% in the full year.
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