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Mar 30, 2024
Hanesbrands Q1 2024 Earnings Report
Hanesbrands delivered solid first quarter results with sales at the midpoint of its outlook and better-than-expected adjusted operating profit.
Key Takeaways
HanesBrands reported net sales of $1.16 billion, which was at the midpoint of the company's expected range. GAAP and Adjusted gross margin was 39.9%. GAAP operating profit was $52 million and adjusted operating profit was $84 million. The company reduced inventory by 28% year-over-year and generated $26 million in cash flow from operations.
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 expectations.
GAAP operating profit was $52 million. Adjusted operating profit of $84 million exceeded the high-end of the Company’s expectations.
Reduced inventory 28% year-over-year. Generated cash flow from operations of $26 million.
Hanesbrands
Hanesbrands
Hanesbrands Revenue by Geographic Location
Revenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The Company is providing second-quarter 2024 guidance, including net sales of $1.335 billion to $1.375 billion; GAAP operating profit of $96 million to $111 million; Adjusted operating profit of $115 million to $130 million; GAAP EPS of $0.02 to $0.06; and, Adjusted EPS of $0.07 to $0.11.
Positive Outlook
- Net sales of approximately $5.35 billion to $5.47 billion
- GAAP operating profit of approximately $430 million to $450 million.
- Adjusted operating profit of approximately $500 million to $520 million
- GAAP earnings per share of approximately $0.22 to $0.28.
- Adjusted earnings per share of approximately $0.42 to $0.48.
Challenges Ahead
- Net sales of approximately $5.35 billion to $5.47 billion, which includes projected headwinds of approximately $50 million from the U.S. Sheer Hosiery divestiture and approximately $45 million from changes in foreign currency exchange rates.
- GAAP operating profit of approximately $430 million to $450 million.
- Adjusted operating profit of approximately $500 million to $520 million, which includes a projected headwind of approximately $9 million from changes in foreign currency exchange rates.
- GAAP and Adjusted Interest expense of approximately $260 million.
- GAAP and Adjusted Other expenses of approximately $36 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income