Hanes’ Innovate-to-Elevate strategy integrates the company’s brand superiority, industry-leading innovation and low-cost supply chain to provide higher valued products while lowering production costs. The company’s Tagless apparel platform, Smart Sizes bra platform and ComfortBlend fabric platform incorporate big-idea innovation to span brands, product categories, business segments, retailer and distribution channels, and geographies. The Innovate-to-Elevate strategy provides the company the opportunity to increase its annual operating margin into the range of 12 percent to 14 percent over time.
Hanes also is reaffirming all of its full-year 2013 guidance issued Feb. 5, 2013, including expectations for net sales of approximately $4.6 billion, operating profit of $500 million to $550 million, EPS of $3.25 to $3.40, and free cash flow of $350 million to $450 million.
Hanes expects to continue to generate significant levels of free cash flow with normalized annual free cash flow of approximately $400 million increasing as profitability rises. Regarding uses of free cash flow, the company is developing a cash deployment strategy as it completes its planned debt reduction in 2013. While the company has not determined specific details or timing, Hanes expects its cash deployment strategy will include a mix of dividends, low-risk bolt-on acquisitions and share repurchases.
“Leveraging our consumer franchise, driving our margin-enhancing Innovate-to-Elevate strategy, and being good stewards of our cash flow should allow us to substantially increase earnings per share over time and drive superior shareholder returns for many years to come,” Hanes Chairman and Chief Executive Officer Richard A. Noll said.
Management will also discuss at its investor day meeting tactics to return International segment growth to historical levels over time.
( Source SportsOneSource )
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