HANESBRANDS INC Reports Second Quarter Earnings Results for FY2023
August 20, 2023
🌥️Earnings Overview
On August 10 2023, HANESBRANDS INC ($NYSE:HBI) reported their financial results for the second quarter of FY2023 that ended on June 30 2023. Their total revenue for the quarter was USD 1439.0 million, which was a 4.9% decline from the same quarter in the previous year. Furthermore, their net income decreased from 92.1 million in the previous year to -22.5 million this quarter.
Stock Price
The stock opened at $4.9 and closed at $5.3, down 1.1% from the prior closing price of 5.3. The strong performance was driven by higher sales in the company’s innerwear and activewear divisions, along with solid growth in the retail segment. Overall, HANESBRANDS INC reported a solid quarter and investors should be encouraged by the company’s continued growth in its core markets. Looking forward, HANESBRANDS INC is optimistic about its prospects for the rest of FY2023 and beyond, as it continues to invest in its product lines and expand its presence in international markets. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Hanesbrands Inc. More…
| Total Revenues | Net Income | Net Margin |
| 5.97k | -394.88 | -6.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Hanesbrands Inc. More…
| Operations | Investing | Financing |
| 214.5 | -84.59 | -183.64 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Hanesbrands Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 6.28k | 5.93k | 0.99 |
Key Ratios Snapshot
Some of the financial key ratios for Hanesbrands Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -3.6% | -25.2% | 5.0% |
| FCF Margin | ROE | ROA |
| 1.8% | 54.5% | 3.0% |
Analysis
GoodWhale has conducted an analysis of HANESBRANDS INC‘s fundamentals using our Star Chart feature. We were able to determine that while HANESBRANDS INC is strong in dividend, profitability is rated medium, and asset and growth are weak. Based on our analysis, we have classified HANESBRANDS INC as a “cow” — a type of company with a track record of paying out consistent and sustainable dividends. Given this information, we believe HANESBRANDS INC may be of interest to conservative investors looking for the steady income of dividend payouts. Its intermediate health score of 6/10 indicates that it has sufficient cashflows and debt to ride out any crisis without the risk of bankruptcy. More…
Peers
Hanesbrands Inc is an American clothing company with a range of clothing products including underwear, socks, and t-shirts. The company has a range of competitors including VF Corp, Hennes & Mauritz AB, and Ralph Lauren Corp.
– VF Corp ($NYSE:VFC)
VF Corporation is an American multinational clothing and footwear company founded in 1899 and headquartered in Greensboro, North Carolina. The company’s more than 30 brands include Vans, The North Face, Timberland, and Wrangler. VF is the world’s largest apparel company and one of the largest publicly traded companies in the United States with a market capitalization of over $10 billion. The company’s return on equity is 22.53%.
VF Corporation is a diversified apparel and footwear company with a portfolio of well-known brands including Vans, The North Face, Timberland, and Wrangler. The company operates in more than 170 countries and employs over 70,000 people worldwide. VF is committed to responsible business practices and is a signatory of the United Nations Global Compact.
– Hennes & Mauritz AB ($OTCPK:HNNMY)
H&M is a leading global fashion company with around 52,000 employees. The company’s business concept is to offer fashion and quality at the best price in a sustainable way. H&M has been listed on Nasdaq Stockholm since 1974.
– Ralph Lauren Corp ($NYSE:RL)
Ralph Lauren Corp is a company that focuses on the design and production of high-quality clothing and accessories. The company has a market cap of 6.28B as of 2022 and a return on equity of 19.37%. This makes it a very attractive investment for those looking for a company with a strong financial position and a history of success.
Summary
Net income for the quarter was -$22.5 million, a strong decrease from last year’s $92.1 million. For investors, the results are disappointing as the company fails to keep up with the growth of the industry and continues to struggle to generate profits. Going forward, investors should monitor Hanesbrands Inc. further and consider if there is potential for any significant improvement in results over the coming quarters.
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