Hanesbrands (asi/59528) expects to report increased net sales of $1.38 billion for the first quarter of 2017, according to preliminary quarterly results the apparel maker has released. The Winston-Salem, NC-based company also revealed that it has begun the search for a new chief financial officer following current CFO Richard D. Moss’ decision to retire by the end of the year.
As for the first quarter, Hanes’ anticipated revenue tally of $1.38 billion is up a reported 13% over the same quarter the prior year. Hanes also expects to report strong net cash from operations. Meanwhile, Hanes reaffirmed its full-year 2017 financial guidance issued in February, including expectations that net sales will rise to $6.45 billion to $6.55 billion. Reaching the midpoint of that range would represent about 8% annual net sales growth, according to Hanes. The company plans to hold its first-quarter investor conference call on May 2.
“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.”
After 2017, a different top financial executive will be in charge of helping spearhead that success. Moss, 59, will retire by the year’s conclusion. While Hanes searches internally and externally for his replacement, he will continue to serve as CFO – a responsibility that includes overseeing the finance-related execution of the company’s long-term strategies and improvement initiatives.
Moss started with Hanes in 2006 as treasurer. Five years later, he earned a promotion to CFO. He has been instrumental in helping Hanes grow “from a spinoff company with significant debt into one of the world’s largest basic apparel companies with a strong balance sheet,” according to a company statement.
“Rick has been an invaluable leader in our organization,” said Evans, who was promoted to CEO in October 2016. “I know Rick has been looking forward to retirement, and I am grateful that he committed to staying on through my transition as CEO. We expect a very smooth succession process for the CFO role.”