HanesBrands Q2 Revenue Decline 5% Due To Macro-Driven Slowdown In Consumer Spending
Portfolio Pulse from Shivani Kumaresan
HanesBrands Inc reported a 5% YoY decline in Q2 2023 sales to $1.44 billion, missing the analyst consensus estimate of $1.46 billion. The company's Innerwear sales increased 3% YoY, while Activewear sales declined 19%. Global Champion brand sales decreased 16%. The company's gross margin contracted 430 basis points YoY to 33.5%. HanesBrands expects 2023 sales of $5.8 billion to $5.9 billion, lower than the estimate of $6.05 billion. HBI shares are trading lower by 3.1%.
August 10, 2023 | 2:53 pm
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NEGATIVE IMPACT
HanesBrands reported lower than expected Q2 sales and provided a lower than expected sales forecast for 2023, leading to a 3.1% drop in its share price.
HanesBrands' lower than expected Q2 sales and lower than expected 2023 sales forecast are likely to negatively impact investor sentiment, leading to a decrease in its share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100