Why Clothing Company HanesBrands Shares Are Tumbling Today
Portfolio Pulse from Lekha Gupta
HanesBrands Inc (NYSE:HBI) shares fell after reporting Q4 FY23 results with a 12% Y/Y sales decline to $1.30 billion, missing estimates. The company faced challenges in the U.S. activewear market and Australia, leading to decreased sales across most categories. Despite improved margins from cost-saving initiatives, adjusted EPS missed expectations. The 2024 outlook is below estimates, with anticipated debt reduction. Shares dropped 12.3% to $4.13.
February 15, 2024 | 3:56 pm
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NEGATIVE IMPACT
HanesBrands Inc reported a significant sales decline and missed EPS estimates for Q4 FY23, with a disappointing outlook for 2024. Shares fell 12.3%.
The significant sales decline and missed EPS estimates directly impact investor sentiment and stock price. The disappointing outlook for 2024 further exacerbates concerns, leading to a negative short-term impact on HBI shares.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100