HanesBrands (NYSE:HBI), a leading marketer of everyday basic apparel under world-class brands, today announced that it is reaffirming its 2013 financial guidance in conjunction with investor meetings and a presentation and webcast Wednesday, Sept. 11, 2013, at the Goldman Sachs Global Retailing Conference.
Hanes reaffirmed its full-year 2013 guidance for sales of approximately $4.55 billion; operating profit of $550 million to $575 million; EPS of $3.50 to $3.65; and free cash flow of $450 million to $550 million. The company’s guidance does not reflect any potential contributions or impact from the acquisition of Maidenform Brands, Inc., which is expected to close in the fourth quarter.
“We continue to track to our expectations for significant margin expansion in 2013 with strong year-over-year growth for operating profit, EPS and cash flow,” Hanes Chairman and Chief Executive Officer Richard A. Noll said. “Back-to-school sales started softer than desired, as many retailers have announced, but we saw sell-through trends for our products improve in late August and early September. Our Innovate-to-Elevate platforms continue to succeed and are driving margin expansion.”
Noll and company Chief Financial Officer Richard D. Moss will meet with investors and make a presentation on Wednesday at the Goldman Sachs conference in New York City. The presentation, which will consist of five to 10 minutes of company remarks followed by a Goldman Sachs-moderated question-and-answer session, will be webcast live from 1:30 to 2:10 p.m. and will be accessible via the Hanes corporate website,
The company anticipates taking questions at the conference regarding the progress of its proposed acquisition of Maidenform Brands (NYSE:MFB). Hanes announced July 24, 2013, that it had entered into a definitive agreement to acquire Maidenform Brands for $23.50 per share in an all-cash transaction valued at approximately $575 million on an enterprise-value basis.
The acquisition is expected to close by Tuesday, Oct. 8, 2013, pending approval by Maidenform stockholders voting at a special meeting on Thursday, Oct. 3, 2013, and satisfaction of other customary closing conditions.