HanesBrands shares rise as Q4 net sales expected slightly above guidance range

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By Sam Boughedda

HanesBrands Inc (NYSE:HBI) shares rallied Friday after the company said it expects to report fourth-quarter net sales slightly above the top end of its outlook range and adjusted operating profit at the midpoint of the range when it reports earnings at the start of February.

The company also confirmed that its Chief Financial Officer, Michael Dastugue, has resigned and will leave the company on February 28. He cited family reasons as his reason for stepping away. Scott Lewis, HanesBrands' Chief Accounting Officer, and Controller will become Interim Chief Financial Officer until a successor is named.

The company's shares are currently trading over 3% above Thursday's close, trading around the $8.21 mark.

"We are pleased we delivered fourth-quarter net sales and adjusted operating profit that were above or in-line with our outlook given the dynamic macro environment, including ending 2022 with inventory units below last year's level," said Steve Bratspies, CEO HanesBrands. "Our Full Potential plan is progressing, and we have a clear financial strategy that we will continue to execute, including plans to refinance upcoming maturities as well as increase cost savings."

"We are very fortunate to have a strong financial team at HanesBrands, and I am pleased to have Scott Lewis step back into the Interim CFO position – a role he held and performed extremely well prior to Michael joining the Company," he added.