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HanesBrands misses fourth-quarter profit and revenue expectations

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WINSTON-SALEM, North Carolina — HanesBrands Inc. on Thursday posted worse-than-expected quarterly results and issued weak guidance, sending its shares down in extended trading.

The Winston-Salem, North Carolina-based company said it had profit of $119.2 million, or 30 cents per share, for the fourth quarter. Earnings, adjusted for costs related to mergers and acquisitions, were 44 cents per share. That compares with net income of $89.4 million, or 22 cents per share, a year earlier.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for adjusted earnings of 46 cents per share.

The underwear, T-shirt and sock maker posted revenue of $1.41 billion in the period, down 7.4 percent from the prior year and short of Street forecasts. Six analysts surveyed by Zacks expected $1.53 billion.

For the year, the company behind brands including Champion, Playtex and its namesake reported profit of $428.9 million, or $1.06 per share. Adjusted income for 2015 was $1.66 per share. Revenue was reported as $5.73 billion.

Looking ahead to fiscal 2016, HanesBrands expects full-year adjusted earnings in the range of $1.85 to $1.91 per share, with revenue in the range of $5.8 billion to $5.9 billion. Analysts surveyed by FactSet forecast earnings per share of $1.90 on revenue of $6.03 billion, on average.

HanesBrands shares have dropped slightly since the beginning of the year. The stock shed more than 11 percent in extended after the release of the report, to $26.06.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HBI at http://www.zacks.com/ap/HBI

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Keywords: HanesBrands, Earnings Report

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