Outdoor financials: Duofold parent swings to Q4 loss, plus Dick’s
Hanesbrands, parent of Duofold, saw fourth-quarter earnings drop a whopping 106 percent, while Dick's Sporting Goods upped its expectations for the fourth quarter and FY ‘09 due to better-than-anticipated performance.
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Duofold parent swings to Q4 loss
Hanesbrands (NYSE: HBI), parent of Duofold, said it swung to a loss in the fourth quarter battered by a 106.1-percent drop in earnings.
The company reported a loss of $1.1 million, or $0.01 per diluted share, versus $17.9 million, or $0.19 per share, in the fourth quarter of 2008.
Sales for the company were down 4.5 percent, to $988.7 million compared with a year earlier. Adjusted for an extra week in fiscal year 2008, it said sales were up 1 percent year-over-year for the fourth quarter.
For the year, the company’s earnings fell almost 60 percent, to $51.3 million, or $0.54 per diluted share, compared to 2008. Sales for 2009, at $3.8 billion, were down about 8.4 percent. Adjusted for the extra week in fiscal year 2008, sales were down 7 percent.
Hanesbrands also reported an operating profit of $270.9 million for 2009, down from $317.5 million in 2008. The company also paid down $284 million in debt and cut year-end inventory by $241 million.
Hanesbrands reaffirmed its sales growth expectations for 5 percent for 2010 on shelf space and distribution gains.
Dick’s raises Q4, FY ’09 outlooks
Dick’s Sporting Goods (NYSE: DKS) increased its expectations for the fourth quarter and FY ‘09 due to better-than-anticipated performance.
It now anticipates quarterly consolidated earnings of at least $0.54 per share. Its prior forecast was for a profit between $0.41 and $0.46 per share.
Dick’s said sales at stores open at least a year began to improve during the last week of November and grew stronger over the holiday selling period.
The company increased its expectations for those stores in the fourth quarter. Dick’s expects sales at existing stores will now rise about 2 percent in the fourth quarter, compared with its previous guidance for a 4-percent to 6-percent decline.
For 2009, Dick’s boosted its adjusted consolidated earnings outlook to at least $1.17 per share from a previous range of $1.04 to $1.09 per share. It excludes merger and acquisition costs. It also expects sales to fall about 2 percent, which is better than the previous predictions that they would decline between 3 percent and 4 percent.
For 2010, Dick’s said it expects earnings per share to be better than its current 2009 forecast, but did not provide specific figures.
–Compiled by Wendy Geister
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