Why Clothing Company HanesBrands Shares Are Tumbling Today

HanesBrands Inc (NYSE:HBI) shares are trading lower after the company reported fourth-quarter FY23 results.

Sales declined 12% Y/Y to $1.30 billion, missing the analyst consensus estimate of $1.36 billion.

On an organic constant currency basis, net sales fell 10% as the global consumer environment was more challenging than expected, particularly in the U.S. activewear market and in Australia.

Innerwear sales declined 1% Y/Y, Activewear sales decreased 24% Y/Y and International sales decreased 9% Y/Y.

Global Champion brand sales decreased 23% Y/Y on a reported basis, …

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