Hanesbrands Q1 adj. op profit $84M beats high-end; reaffirms FY guidance

Hanesbrands Inc.

2024-Q1 EPS reported -$0.11 revenue$1,156,201,000

Net sales $1.16B, down 17% YoY (organic constant currency -15%); gross margin 39.9% +750bps YoY.
GAAP operating profit $52M; adjusted operating profit $84M (+32% YoY) exceeded company's high-end guidance.
Inventory reduced 28% YoY to $1.42B; operating cash flow $26M; leverage 5.0x net debt/adj. EBITDA (down from 5.4x).
Q2 guidance: net sales $1.335B-$1.375B, adj. EPS $0.07-$0.11. FY 2024 reaffirmed: adj. EPS $0.42-$0.48, >$300M debt paydown.
U.S. Innerwear gained 50bps market share; Global Champion sales down 26% (25% constant currency), in line with outlook.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Hanesbrands Inc. reported first quarter ended March 30, 2024 results: revenue $1.16 billion. Guidance reaffirmed.

Period: first quarter ended March 30, 2024
Revenue: $1.16 billion
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Media contact: Nicole Ducouer (336) 986-7090 Analysts and Investors contact: T.C. Robillard (336) 519-2115 HanesBrands Announces First-Quarter 2024 Results • Net sales were $1.16 billion, the midpoint of the Company’s expected range. • GAAP and Adjusted gross margin of 39.9% increased 750 and 720 basis points, respectively, compared to prior year, ahead of

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Source: SEC EDGAR

accession 0001359841-24-000020

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