Hanesbrands Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 28, 2013; Provides Earnings Guidance for Fiscal 2014
January 29, 2014 at 09:01 pm
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Hanesbrands Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended Dec. 28, 2013. For the quarter, net sales were $1,285,790,000 against $1,153,256,000 for the same period of last year. Operating profit was $71,698,000 against $153,011,000 for the same period of last year. Income from continuing operations before income tax expense was $30,169,000 against $87,173,000 for the same period of last year. Income from continuing operations was $32,266,000 against $78,215,000 for the same period of last year. Net income was $32,266,000 against $80,388,000 for the same period of last year. Net income per diluted share was $0.32 against $0.80 for the same period of last year. Total Adjusted EBITDA was $79,896,000 against $174,371,000 for the same period of last year.
For the year, net sales were $4,627,802,000 against $4,525,721,000 for the same period of last year. Operating profit was $515,186,000 against $440,115,000 for the same period of last year. Income from continuing operations before income tax expense was $395,801,000 against $262,945,000 for the same period of last year. Income from continuing operations was $330,494,000 against $232,443,000 for the same period of last year. Net income was $330,494,000 against $164,681,000 for the same period of last year. Net income per diluted share was $03.25 against $1.64 for the same period of last year. Total Adjusted EBITDA was $588,575,000 against $525,959,000 for the same period of last year. Net cash from operating activities was $591,281,000 against $553,607,000 for the same period of last year. Capital expenditures were $37,538,000 against $40,570,000 for the same period of last year.
For 2014, Hanes expects net sales of slightly less than $5.1 billion; adjusted operating profit excluding actions of $640 million to $660 million; adjusted EPS excluding actions of $4.60 to $4.80; and net cash from operating activities of $450 million to $550 million. The company expects its acquisition of Maidenform to contribute approximately $500 million in sales and approximately $25 million of operating profit in 2014. Interest expense and other expense are expected to be approximately $85 million combined. The full-year tax rate is expected to be in the low teens. As is typical, Hanes expects its tax rate will fluctuate by quarter, with the rate being slightly higher in the first half of the year. On a GAAP basis, full-year 2014 diluted EPS will vary depending on actual performance, charges and tax rate. GAAP diluted EPS could be in the range of $3.80 to $4.30. GAAP operating profit for 2014 could be in the range of $540 million to $590 million. For CapEx spending in 2013, the company will be about $60 million to $70 million, call it, $65 million.
Hanesbrands Inc. designs, manufactures, sources, and sells a range of innerwear apparel, such as t-shirts, bras, panties, shapewear, underwear, and socks, as well as activewear products. It offers everyday apparel in the Americas, Australia, Europe, and Asia under apparel brands, including Hanes, Champion, Bonds, Bali, Maidenform, Bras N Things, Playtex, Wonderbra, Gear for Sports, Berlei, Comfortwash, Alternative and JMS/Just My Size. Its segments include Innerwear, Activewear, and International. Its Innerwear segment includes core apparel products, such as menâs underwear, womenâs panties, childrenâs underwear, socks, and intimate apparel which includes bras and shapewear. Its Activewear segment includes activewear products, such as T-shirts, fleece, performance apparel, sport shirts and thermals. It also sells licensed logo apparel primarily in the mass retail channel and in collegiate bookstores. Its International segment includes innerwear, activewear and home goods products.
Hanesbrands Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 28, 2013; Provides Earnings Guidance for Fiscal 2014