Hanes CFO Moss to retire, announces preliminary Q1 results
HanesBrands has announced that Chief Financial Officer Richard D. Moss will retire from the company at the end of 2017. The company is conducting an internal and external search for Moss’ successor.
Moss joined HanesBrands in 2006 as Treasurer, and was promoted to CFO in 2011. As CFO, he helped the company exit debt by overseeing the finance-related execution of long-term strategies and improvement initiatives. Moss will remain with the company as it searches for his successor.
“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.
The announcement follows the company’s record setting fourth quarter that included net sales of $1.58 billion and a 37% increase in earnings per share to $0.41. The acquisitions of Pacific Brands of Australia, Champion Europe and Champion Japan contributed $243 million and 78% growth in international sales.
The positive performance may spill into Hanes' first quarter of 2017. The company said it expects first quarter net sales to be $1.38 billion and its GAAP diluted earnings per share from continuing operations and adjusted earnings per share from continuing operations to range between $0.19 to $0.20 and $0.28 to $0.29, respectively. The expectations compare with first quarter GAAP EPS guidance of $0.21 to $0.24 and adjusted EPS guidance of $0.27 to $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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