Loading...
•
Mar 28, 2020
Hanesbrands Q1 2020 Earnings Report
First quarter results were significantly affected by the COVID-19 pandemic.
Key Takeaways
HanesBrands reported a decrease in net sales to $1.32 billion due to the COVID-19 pandemic, with an estimated impact of $181 million on net sales and $86 million on operating profit. Despite the pandemic, operating cash flow improved by more than $100 million, and the company is focusing on cash preservation, enhancing liquidity, and producing personal protective garments.
Net sales were $1.32 billion; GAAP and adjusted operating profit were $34 million and $63 million, respectively; and GAAP and adjusted EPS were $(0.02) and $0.05, respectively.
COVID-19 is estimated to have reduced GAAP and adjusted results by $181 million in net sales, $86 million in operating profit, and $0.20 in EPS.
Despite the pandemic, operating cash flow improved by more than $100 million.
Actions were taken to assure cash preservation and balance sheet flexibility and liquidity.
Hanesbrands
Hanesbrands
Forward Guidance
Due to the uncertainty and unpredictability of the COVID-19 pandemic, HanesBrands withdrew its first-quarter and full-year guidance on March 25, 2020. Until visibility of the pandemic’s effect on global economies improves, the company will not provide quarterly and full-year guidance and expectations.