HanesBrands Drops After Earnings and Guidance

Shares of HanesBrands  (HBI) – Get Report were down after the apparel retailer posted lower-than-expected third-quarter earnings and said fourth-quarter profit and revenue would drop.

The Winston-Salem, N.C., company’s stock at last check was down 21% to $12.90.

HanesBrands posted a 43% drop in earnings to $103.2 million, or 29 cents a share, from $185 million, or 51 cents, in the year-earlier quarter.

Revenue dropped 3.1% to $1.81 billion.

A survey of analysts by FactSet produced consensus estimates for Hanesbrands of GAAP profit of 35 cents a share, or an adjusted 42 cents, on revenue of $1.81 billion.

Source link

error: Content is protected !!

New Report