Research Desk Line-up: Ralph Lauren Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 17, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Hanesbrands Inc. (NYSE: HBI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=HBI, following the Company's release of its second quarter fiscal 2017 on August 01, 2017. The Company's revenue increased 11.8% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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For three months ended July 01, 2017, Hanesbrands' revenue increased 11.8% on a y-o-y basis to $1.65 billion from $1.47 billion in Q2 FY16.The increase was mainly attributable to acquisition contribution.
For the reported quarter, Hanesbrands' gross profit increased 15.9% to $645.90 million from $557.29 million in Q2 FY16. During Q2 FY17, the Company's gross margin increased 140 basis points to 39.2% of revenue from 37.8% of revenue in Q2 FY16. For the reported quarter, Hanesbrands' adjusted gross profit margin increased 100 basis points to 39.5% of revenue from 38.5% of revenue in Q2 FY16. The increase was due to acquisition related mix and efficiencies within supply chain.
During Q2 FY17, the Company's selling, general, and administrative expenses (SG&A) increased 250 basis points to 25.3% of revenue from 22.8% of revenue in Q2 FY16. For the reported quarter, Hanesbrands' adjusted SG&A expenses increased 220 basis points to 24.0% of revenue from 21.8% of revenue in Q2 FY16.
During Q2 FY17, the Company's EBITDA increased 30.3% to $256.61 million from $196.89 million in Q2 FY16.
For the reported quarter, Hanesbrands' EBIT margin decreased 110 basis points to 13.9% of revenue from 15% of revenue in Q2 FY16.During Q2 FY17, the Company's adjusted EBIT margin decreased 120 basis points to 15.5% of revenue from 16.7% of revenue in Q2 FY16.
During Q2 FY17, Hanesbrands' net income increased 34.4% to $172.16 million on a y-o-y basis from $128.14 million in Q2 FY16. For the reported quarter, the Company's adjusted net income increased 94 basis points to $196.66 million on a y-o-y basis from $194.83 million in Q2 FY16. During Q2 FY17, Hanesbrands' diluted EPS increased 38.2% to $0.47 on a y-o-y basis from $0.34 in Q2 FY16. For the reported quarter, the Company's adjusted diluted EPS increased 3.9% to $0.53 on a y-o-y basis from $0.51 in Q2 FY16. The adjusted diluted EPS was in-line with analysts' expectations.
On July 25, 2017, the Company's Board of Directors declared cash dividend of $0.15 on common stock, to be paid on September 06, 2017, for stockholders of record as of August 15, 2017.
Hanesbrands' Segment Details
Innerwear -During Q2 FY17, the Innerwear segment's revenue decreased 2.5% to $719.01 million from $737.69 million in Q2 FY16. For the reported quarter, the segment's operating profit decreased 7.7% to $164.28 million from $178.02 million in Q2 FY16.
Activewear -During Q2 FY17, the Activewear segment's revenue increased 1.4% to $379.76 million from $374.51 million in Q2 FY16. For the reported quarter, the segment's operating profit decreased 9.8% to $49.63 million from $55.01 million in Q2 FY16.
International -During Q2 FY17, the International segment's revenue increased 76.2% to $475.24 million from $269.66 million in Q2 FY16. For the reported quarter, the segment's operating profit increased 151.8% to $58.31 million from $23.15 million in Q2 FY16. The increase was attributable to synergies in Europe as well as a positive product mix in Asia.
As on July 01, 2017, Hanesbrands' cash and cash equivalents decreased 2.4% to $449.42 million from $460.25 million in Q4 FY16. For the reported quarter, the Company's inventories increased 8.7% to $2.00 billion from $1.84 billion in Q4 FY16.
During Q2 FY17, Hanesbrands' long-term debt increased 8.3% to $3.80 billion from $3.51 billion in Q4 FY16.
In H1 FY17, Hanesbrands' cash provided by operating activities was $34.25 million from negative $129.08 million in H1 FY16.
For Q3 FY17, Hanesbrands expects revenue to be $1.80 billion and estimates EPS to be in the range of $0.54-$0.57. It also expects adjusted EPS to be in the range of $0.59-$0.61.
For FY17, Hanesbrands expects revenue in the range of $6.45 billion-$6.55 billion and operating profit in the band of $845 million-$895 million. The Company estimates adjusted operating profit to be in the range of $935 million-$975 million and EPS to be in the band of $1.70-$1.82 for fiscal 2017.
Hanesbrands expects adjusted EPS to be in the range of $1.93-$2.03 and estimates cash from operations to be in the range of $625 million-$725 million.
On Wednesday, August 16, 2017, the stock closed the trading session at $24.31, rising 1.08% from its previous closing price of $24.05. A total volume of 3.21 million shares have exchanged hands. Hanesbrands' stock price surged 6.48% in the last one month, 19.05% in the past three months, and 15.05% in the previous six months. Furthermore, since the start of the year, shares of the Company have rallied 12.70%. The stock is trading at a PE ratio of 15.97 and has a dividend yield of 2.47%. The stock currently has a market cap of $8.87 billion.
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