Hanesbrands ups FY guidance on acquisitions
Underwear and activewear maker Hanesbrands has upped its full-year guidance to reflect pending acquisitions and debt refinancing.
Hanes said it now expects 2016 net sales of around US$6.15bn to $6.25bn, up from a previous guidance range of $5.8bn to $5.9bn. The renewed outlook reflects expected contributions from the pending acquisitions of Champion Europe, expected to close in late June, and Pacific Brands Limited, which is expected to close in July.
On a GAAP basis, diluted EPS is expected in the range of $1.51 to $1.57, compared with previous guidance of $1.63 to $1.73 due to acquisition-related charges. Adjusted to exclude these costs, EPS is expected in the range of $1.89 to $1.95, up from previous guidance of $1.85 to $1.91.
Operating profit is expected to be in the range of $940m to $975m, up from previous expectations of $920m to $950m.
"Our 'Sell More, Spend Less and Make Acquisitions' strategy continues to create value," said Hanes chief operating officer Gerald Evans Jr. "The acquisitions of Champion Europe and Pacific Brands will make meaningful contributions to our ongoing success and growth, and we are looking forward to adding these operations and their strong management teams to our worldwide portfolio."
In its first-quarter, Hanesbrands posted profit and sales growth, also driven by its recent acquisitions.
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