Hanesbrands Inc Stock Price, News & Analysis

HanesBrands Inc. (NYSE: HBI) announced it expects to report fourth-quarter 2022 net sales slightly above expectations, with adjusted operating profit in line with forecasts. The company will hold a financial call on February 2, 2023. Following the resignation of CFO Michael Dastugue, Scott Lewis is appointed as Interim CFO. The company highlights its Full Potential plan and ongoing strategies for cost savings and refinancing upcoming maturities, while cautioning about industry risks.

HanesBrands collaborates with Champion Australia and HoMie to launch the Reborn capsule collection, featuring 50 unique recycled garments. Proceeds support HoMie's initiatives for homeless youth, including an eight-month paid internship program. The collection has upcycled over 1,800 pounds of waste into 2,190 garments. It incorporates NFC tags to share the collection’s social impact and enhance customer experience. This partnership aims to foster a zero-waste circular economy through innovation and environmental stewardship.

HanesBrands announced a significant achievement with its associates in Latin America planting approximately 100,000 trees as part of its global sustainability strategy. This initiative will capture about 6,100 metric tons of carbon dioxide, equating to recycling 2,100 tons of waste. The tree planting occurred across El Salvador (34,000 trees), Honduras (25,000 trees), and the Dominican Republic (41,000 trees). The project benefits local ecosystems by planting nearly 425 native species, reinforcing HanesBrands’ commitment to sustainability.

Champion announced its inaugural nationwide Hoodie Swap event on November 19, allowing fans to exchange any pre-owned hoodie for a new Champion hoodie for free at participating stores. This promotion celebrates Champion’s legacy as the inventor of the hoodie. The event will run from 11:00 am to 2:00 pm, or while supplies last, with a limit of one swap per customer. Additionally, Champion will donate all swapped hoodies to Refried Apparel for sustainable repurposing, aligning with the brand's commitment to social responsibility.

HanesBrands reported a 7% decline in net sales to $1.67 billion for Q3 2022, with a 3% drop in constant currency. GAAP EPS from continuing operations was $0.23, down from $0.50 year-over-year, while adjusted EPS was $0.29 compared to $0.53 in Q3 2021. The company anticipates further challenges in Q4, projecting net sales of $1.40-$1.45 billion, indicating a 15% decline year-over-year in constant currency. Operating profit fell to $141 million, with gross profit down 20%. The board declared a cash dividend of $0.15 per share.

HanesBrands (NYSE: HBI) will host an internet audio webcast for its third-quarter 2022 investor conference call at 8:30 a.m. ET on November 9, 2022. The company will release its financial results for the quarter ending October 1, 2022 before the call. Interested participants can register in advance for the call or access the live webcast via the corporate website www.Hanes.com/Investors. A replay will be available post-call.

HanesBrands (HBI) has signed a 10-year strategic partnership with the University of California, Berkeley, granting HBI exclusive rights to design, manufacture, and distribute collegiate fan apparel. The agreement encompasses popular brands including Champion and Hanes, enhancing the university's retail presence. This partnership aligns with HBI's commitment to sustainable practices and responsible manufacturing. The initiative reflects HBI's strategy to expand its market reach and supports the university's branding efforts.