Hanesbrands reports Q3 adjusted EPS 15c, consensus 16c

Reports Q3 revenue $891.68M, consensus $905.26M. “Our top-line results for the quarter reflect an unanticipated late quarter shift in replenishment orders at one of our large U.S. retail partners; however, we saw underlying fundamentals of our business continue to improve in the quarter. Our inventory position at retail is strong. We’re encouraged by our unit point-of-sale trends, which sequentially improved each month during the quarter. We are also pleased with our strong back-to-school season as the Hanes brand continued to gain market share,” said Steve Bratspies, CEO. “In addition, the continued execution of our cost savings initiatives drove operating profit growth and operating margin expansion, which along with lower interest expense, combined to generate a 25% increase in adjusted earnings per share in the quarter. Looking forward, our team remains focused on driving the business and the successful completion of the transaction with Gildan.”