Hanesbrands Inc. Provides Earnings Guidance for the Second Quarter Ending June 29, 2024 and Reiterates Earnings Guidance for the Fiscal Year 2024 Ending December 28, 2024
May 09, 2024 at 07:00 am EDT
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Hanesbrands Inc. provided earnings guidance for the second quarter ending June 29, 2024 and reiterates earnings guidance for the fiscal year 2024 ending December 28, 2024. For the quarter, the company expects net sales of approximately $1.335 billion to $1.375 billion, which includes projected headwinds of approximately $13.5 million from the U.S. Sheer Hosiery divestiture and approximately $25 million from changes in foreign currency exchange rates. At the midpoint, this represents an approximate 6% decrease as compared to prior year on a reported basis and an approximate 3% decrease on an organic constant currency basis. GAAP operating profit of approximately $96 million to $111 million. GAAP earnings per share of approximately $0.02 to $0.06.
For the year, the company expects Net sales of approximately $5.35 billion to $5.47 billion, which includes projected headwinds of approximately $50 million from the U.S. Sheer Hosiery divestiture and approximately $45 million from changes in foreign currency exchange rates. At the midpoint, this represents an approximate 4% decrease as compared to prior year on a reported basis and an approximate 2% decrease on an organic constant currency basis. GAAP operating profit of approximately $430 million to $450 million. GAAP earnings per share of approximately $0.22 to $0.28.
Hanesbrands Inc. designs, manufactures, sources, and sells a range of innerwear apparel, such as t-shirts, bras, panties, shapewear, underwear, and socks, as well as activewear products. It offers everyday apparel in the Americas, Australia, Europe, and Asia under apparel brands, including Hanes, Champion, Bonds, Bali, Maidenform, Bras N Things, Playtex, Wonderbra, Gear for Sports, Berlei, Comfortwash, Alternative and JMS/Just My Size. Its segments include Innerwear, Activewear, and International. Its Innerwear segment includes core apparel products, such as menâs underwear, womenâs panties, childrenâs underwear, socks, and intimate apparel which includes bras and shapewear. Its Activewear segment includes activewear products, such as T-shirts, fleece, performance apparel, sport shirts and thermals. It also sells licensed logo apparel primarily in the mass retail channel and in collegiate bookstores. Its International segment includes innerwear, activewear and home goods products.
Hanesbrands Inc. Provides Earnings Guidance for the Second Quarter Ending June 29, 2024 and Reiterates Earnings Guidance for the Fiscal Year 2024 Ending December 28, 2024