HanesBrands CFO to depart at year’s end

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Undergarment maker HanesBrands’ shares were higher in after-hours trading on Wednesday after announcing that its chief financial officer will step down at the end of 2017.

Richard Moss will retire as chief financial officer at the end of 2017, after holding executive positions for 11 years at the US-based company known for basic, budget-friendly undergarments. He will stay on in his current capacity while the company searches for his successor, according to Gerald Evans, who was promoted to chief executive officer in October.

Mr Evans called Mr Moss an “invaluable leader”, adding: “This year is an important transition as we set the foundation of another decade of success.”

HanesBrands shares rose 7 per cent in after-hours trading following the announcement.

HanesBrands also announced preliminary sales results for the quarter ending April 1, saying it expects net sales to clock in at $1.38bn. It said that it anticipates reporting earnings per diluted share of 19-20 cents, and adjusted earnings per share of 28c-29c, compared to its previous first-quarter guidance of GAAP earnings in the range of 21c-24c and adjusted EPS of 27-29c.

Hanes also reaffirmed its previous full-year guidance for 2017. The company’s shares have fallen more than 21 per cent over the past 12 months, as it faces increasing competition in its core underwear niche, particularly on the bargain-focused front.

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