PromoWire (11/14-11/15): Notes And News Releases From Around The Promo Industry
(Editor’s Note: PromoWire by PPAI Media is a running digest of updates from organizations around the promotional products industry. PPAI Media will consider newsworthy entries submitted by any member organization.)
Proforma CEO Vera Muzzillo Wins The Silver Stevie Award
Vera Muzzillo, CEO of Proforma (PPAI 196835, D13), has been named the Silver Award winner in the Female Executive of the Year category at the 20th annual Stevie Awards for Women in Business. This international competition honors women executives, entrepreneurs and employees, and for decades has been hailed as the world’s premier business award.
- Under Muzzillo’s leadership, the company has achieved impressive milestones for the past four decades. This year, Proforma celebrated $620 million in sales, ranked No. 5 on PPAI’s inaugural Top 100 Distributors List and on Counselor’s 2023 Top Distributor List, and ranked No. 126 on Franchise Times’ Top 400 List, a significant leap from its 2022 ranking at No. 156.
“This organization is full of so many incredible women who serve as trailblazers in their respective industries,” says Muzzillo. “I’m so proud to have found a community of women who share the common goal of inspiring the next generation of female leaders both professionally and personally. I’m filled with gratitude to be honored among them.”
Proforma President Doug Kordel says, “Vera’s leadership serves as an inspiration to us all, motivating our distributor owners, sales professionals, supplier partners and support center team members to continue in the journey toward a brighter future. We commend her resilience and celebrate her profound impact on the lives around her.”
HanesBrands’s Q3 Financials Report Progress In Core Areas
HanesBrands’s (PPAI 191138, S10) third-quarter financial results showed continued improvement in key performance metrics despite a challenging sales environment. Highlights include these accomplishments:
- GAAP gross margin of 31.1% decreased 260 basis points compared to the prior year and adjusted gross margin of 35.5% increased 100 basis points over the prior year, which is ahead of expectations.
- Reduced inventory by 17%, or $319 million sequentially, and 29%, or $620 million year-over-year.
- Generated cash flow from operations of $155 million in the quarter and $287 million year-to-date.
- Reduced total debt by $144 million in the quarter and approximately $270 million year-to-date. Ended the quarter with approximately $1.2 billion of liquidity.
The company says it continues to expect to exit the year with meaningfully higher gross and operating margins, generate approximately $500 million of full-year operating cash flow and pay down more than $400 million of debt in 2023.
“We’ve continued to drive improvement in core fundamentals while simultaneously assessing our business and options to unlock shareholder value,” says CEO Steve Bratspies. “Despite the difficult global macroeconomic environment, which continues to pressure sales, we delivered meaningful improvement across key performance metrics and initiated an evaluation of strategic alternatives for our global Champion business. Our innerwear innovation is hitting the market and we’re gaining market share. Adjusted margins continue to improve as input cost inflation eases and we see the benefits of cost savings and efficiency initiatives.”