HanesBrands, a leading global marketer of everyday basic apparel under world-class brands, has announced preliminary first quarter 2017 results. The retailer expects to report first-quarter net sales of approximately US $ 1.38 billion and strong net cash from operations. The company expects a modest use of cash for the quarter at US $ 25-50 million.
For earnings from continuing operations, the company expects GAAP earnings per diluted share of US $ 0.19 to US $ 0.20 and adjusted EPS excluding actions of US $ 0.28-0.29.
“We’re off to a strong start in 2017, and we are diligently focused on daily execution and performance,” said Hanes Chief Executive Officer Gerald W. Evans Jr. “This year is an important transition as we set the foundation of another decade of success.”
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The company has also announced its hunt for new Chief Financial Officer (CFO) as current CFO Richard D. Moss has decided to retire at the end of 2017. Hanes has commissioned executive search firm Heidrick & Struggles to assist in the CFO succession.
