HanesBrands Reports Second Quarter Financial Results
Net Sales Decline Due to Currency Headwinds
Key Highlights
HanesBrands, a leading US-based apparel manufacturer, has reported net sales from continuing operations of $995 million for the second quarter of 2023. This represents a 4% decrease compared to the same period last year. The decline was primarily driven by unfavorable currency exchange rates, which accounted for 150 basis points of the decrease.
The company's net sales declined to $995,393 million from $1,035 billion in the same period last year. This is below the analyst's expectations of $0.10 per share.
HanesBrands designs, manufactures, sources, and sells a range of innerwear apparel, including t-shirts, bras, panties, shapewear, and underwear. The company's global supply chain is balanced across the East and West, leveraging large-scale facilities in low-cost countries.
Conclusion: Despite the challenging economic environment and currency headwinds, HanesBrands remains a strong and resilient company with a diverse product portfolio and a global supply chain. The company's focus on innovation and sustainability positions it well for continued success in the future.
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