Struggling Q3 Contributes To $96 Million Loss For HanesBrands In 2023
In its latest financial statement, HanesBrands (PPAI 191138, S10) reported a decline of 9.5% in third quarter sales compared to the same quarter in 2022.
- This decline has contributed to a $95.6 million loss for the nine months of 2023 in comparison to the same period in 2022.
- The publicly traded company has appointed three new directors to its board.
The Q3 Numbers For HanesBrands
As a publicly traded company, HanesBrands is required to post quarterly financial reports.
- Its sales for Q3 of 2023 amounted to $1.51 billion, representing a 9.5% decline from Q3 of 2022.
- The HanesBrands’ activewear sales segment fell by 17% in Q3, which the company concluded was “driven by ongoing headwinds within the activewear category.”
- The Champion brand saw sales decline 19% in Q3.
These numbers contributed to an overall yearly decline in sales numbers through the first nine months of 2023 compared to the same period in 2022.
- Through 2023’s first three quarters, the company has recorded a $95.6 million loss compared to that span in 2022.
- This amounts to a drop of 8.8% in year over year sales in 2023 through the end of September.
- Total sales through Q3 is $4.3 billion.
To view the full financial report from HanesBrands, click here.
Additions To The Board
Amid these reported losses, HanesBrands announced on November 16 that it had named three new independent directors to its board. Those directors include:
- Colin Browne, former COO of Under Armour
- Natasa Chand, founder of NoBo and former executive at Amazon
- Jon Mehas, CEO of Vineyard Vines
“We are pleased to welcome Colin, Natasha and John as independent directors to the HanesBrands Board,” says Ronald L. Nelson, charman of the board at HanesBrands. “They bring important relevant experience in retail, consumer brands and operations, and we look forward to gaining their insights as the company continues to focus on driving improved performance and pursues key ongoing initiatives including the evaluation of alternatives for the global Champion business.”
- Nelson says the company is “fully supportive” of CEO Steve Bratspies.
- The board will temporarily expand to 13 directors with the addition of Browne, Chand and Mehas, but it will return to 10 directors effective at the 2024 annual meeting of stockholders.