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Article Date: February 2018
Word Count: 448

Hanesbrands Takes $457 Million Tax Write Down in Q4


Hanesbrands’ net loss was $384,611,000 against income of $157,112,000 in the final quarter, which included a $457 million non-cash write down of its deferred tax asset, on revenues that expanded 4% to $1,645,175,000 from $1,575,309,000. Adjusted net income, excluding the write down, acquisition costs, business disruptions and contingent consideration related to Champion Europe, was $188,972,000 compared to $201,171,000 in Q4 ’16. Headwinds to Q4 profitability also included higher distribution expenses, additional marketing investments and revenue mix. The charges also weighed on the full year 2017, ending with net income of $61,894,000 down from $539,382,000 on sales that were 7% higher ... Log in to view full article.

 


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