HanesBrands (HBI) Misses Q4 EPS by 6c, Guidance Misses

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HanesBrands Announces Fourth-Quarter and Full-Year 2023 Results

February 15, 2024 7:00 AM EST

Exceeds year-end goals with respect to its four key 2023 performance metrics, despite a challenging sales environment. Sees positive inflection with respect to margins and leverage. Fourth quarter gross margin of 38.1% increased 400 basis points compared to prior year. Adjusted gross margin of 38.2% increased approximately 395 basis points over prior year, ahead of expectations. Unlocked tied-up working capital, ending the year with inventory below $1.4 billion, ahead of expectations. For full-year 2023, inventory improved 31% year-over-year, or $612 million. Generated $562 million of cash flow from operations, ahead of expectations. With stronger-than-expected operating cash flow, the... More