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|HanesBrands Announces Preliminary First-Quarter 2017 Results, Sets Date for Quarterly Investor Call, and Begins Succession Search for Chief Financial Officer|
The company also announced that Chief Financial Officer
Hanes expects to report first-quarter net sales of approximately
For earnings from continuing operations, the company expects GAAP
earnings per diluted share of
Hanes has reaffirmed its full-year 2017 financial guidance issued in February, including expectations for net sales, operating profit, EPS, cash from operations, and acquisition-related pretax charges.
“We’re off to a strong start in 2017, and we are diligently focused on
daily execution and performance,” said Hanes Chief Executive Officer
Moss, 59, who has held executive positions with Hanes for 11 years, will continue to serve as CFO while the company conducts an internal and external search for his successor. Moss’ finance responsibilities include overseeing the finance-related execution of the company’s long-term strategies and improvement initiatives.
“Rick has been an invaluable leader in our organization,” said Evans,
who was promoted to CEO in
Moss helped Hanes navigate from a spinoff company with significant debt to one of the world’s largest basic apparel companies with a strong balance sheet focused on creating shareholder value through brand building, margin growth, international expansion, and disciplined capital deployment.
“This is an opportune time for me and the company to plan my retirement,” Moss said. “As we proceed with the succession process, I will remain focused on supporting our Sell More, Spend Less and Generate Cash strategies and goals for the year. Hanes is a very successful company that is well-positioned to continue creating strong shareholder value for many years.”
Moss joined the company in
Hanes has commissioned executive search firm
First-Quarter Investor Conference Call
At the close of regular trading
The company will hold its quarterly investor conference call at
Replays of the conference call will be available via the Internet and
telephone. An archived replay of the audio webcast will be available in
the investors section of the Hanes corporate website. The telephone
playback will be available from
Note on Adjusted Measures and Reconciliation to GAAP Measures
To supplement financial guidance prepared in accordance with generally accepted accounting principles, Hanes provides quarterly and full-year results and guidance concerning certain non-GAAP financial measures, including adjusted EPS. Adjusted EPS is defined as diluted EPS excluding actions and the tax effect on actions.
Actions during the first quarter of 2017 were adjustments for acquisition-related integration costs. Acquisition-related integration costs include adjustments directly related to the integration of completed acquisitions. These costs include legal fees, consulting fees, severance costs, certain purchase accounting items, facility closures, inventory write-offs, information technology integration costs, and similar charges. While these costs are not operational in nature and are not expected to continue for any singular transaction on an ongoing basis, similar types of costs, expenses and charges have occurred in prior periods and may recur in the future as the company continues to integrate prior acquisitions and pursues any future acquisitions. Hanes has chosen to present non-GAAP measures excluding the effects of these actions to investors to enable additional analyses of past, present and future operating performance and as a supplemental means of evaluating operations absent the effect of acquisition‐related expenses and other actions. Hanes believes these non-GAAP measures provide management and investors with valuable supplemental information for analyzing the operating performance of the company’s ongoing business without giving effect to costs or foreign currency gains associated with the execution and integration of any of the aforementioned actions taken.
Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to, or substitute for, financial results prepared in accordance with GAAP. Further, the non-GAAP measures presented may be different from non-GAAP measures with similar or identical names presented by other companies.
In the first quarter of 2017, Hanes expects to incur approximately
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain “forward-looking statements,” as
defined under U.S. federal securities laws, including those regarding
preliminary quarterly results as well as guidance as to future
performance. These forward-looking statements are based on our current
intent, beliefs, plans and expectations. Readers are cautioned not to
place any undue reliance on any forward-looking statements.
Forward-looking statements necessarily involve risks and uncertainties,
many of which are outside of our control, that could cause actual
results to differ materially from such statements and from our
historical results and experience. These risks and uncertainties include
such things as: the highly competitive and evolving nature of the
industry in which we compete; any inadequacy, interruption, integration
failure or security failure with respect to our information technology;
significant fluctuations in foreign exchange rates; the rapidly changing
retail environment; our complex multinational tax structure; our ability
to properly manage strategic projects; our ability to attract and retain
a senior management team with the core competencies needed to support
our growth in global markets; risks related to our international
operations, including the impact to our business as a result of the
United Kingdom’s recent referendum to leave the
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