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Hanesbrands profit misses consensus by 37.1% in fiscal Q4

Hanesbrands Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 2 came to 29 cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS climbed 11.2% year over year from 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $114.4 million, a gain of 7.9% from $106.0 million in the prior-year period.

The normalized profit margin rose to 8.0% from 7.0% in the year-earlier period.

Total revenue decreased 7.4% on an annual basis to $1.41 billion from $1.52 billion, and total operating expenses declined 9.7% on an annual basis to $1.19 billion from $1.32 billion.

Reported net income rose 32.6% from the prior-year period to $119.0 million, or 30 cents per share, from $89.8 million, or 22 cents per share.

For the year, the company's normalized net income totaled $1.15 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.68.

EPS rose 13.1% from $1.02 in the prior year.

Normalized net income was $464.3 million, an increase of 11.9% from $414.9 million in the prior year.

Full-year total revenue increased 7.6% on an annual basis to $5.73 billion from $5.32 billion, and total operating expenses increased 6.6% year over year to $4.86 billion from $4.56 billion.

The company said reported net income grew 5.9% on an annual basis to $427.9 million, or $1.06 per share, in the full year, from $404.0 million, or 99 cents per share.