Clothing Company HanesBrands Q3 Earnings Miss Estimates - Activewear & Consumer Spending Slowdown Take Its Toll
Portfolio Pulse from Shivani Kumaresan
HanesBrands Inc reported a Q3 FY23 sales decline of 9.6% YoY to $1.51 billion, missing the analyst consensus estimate of $1.55 billion. The company's gross margin contracted 260 basis points YoY to 31.1%, and operating income fell 53.2% to $66 million. Adjusted EPS of $0.10 missed the consensus estimate of $0.11. The company lowered its 2023 sales and EPS outlook. Despite the disappointing results, HBI shares are trading higher by 1.90% at $4.30.
November 09, 2023 | 5:35 pm
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HanesBrands reported lower than expected Q3 FY23 sales and EPS, and lowered its 2023 outlook. Despite this, HBI shares are trading higher.
HanesBrands reported lower than expected Q3 FY23 sales and EPS, and also lowered its 2023 outlook. These factors would typically lead to a decrease in the stock price. However, HBI shares are trading higher, indicating that investors may have already priced in the disappointing results or are optimistic about the company's future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100