Hanesbrands Inc. Provides Earnings Guidance for the Third Quarter Ending October 1, 2022 and Full Year Ending December 31, 2022
August 11, 2022 at 07:30 am EDT
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Hanesbrands Inc. provided earnings guidance for the third quarter ending October 1, 2022 and full year ending December 31, 2022. For the quarter, the company expects net sales from continuing operations of approximately $1.73 billion to $1.78 billion, which includes a projected headwind of approximately $58 million from changes in foreign currency exchange rates. At the midpoint, this represents 1% growth over prior year on a constant currency basis, or a 2% decline on a reported basis. GAAP operating profit from continuing operations to range from approximately $129 million to $149 million. GAAP earnings per share from continuing operations to range from approximately $0.20 to $0.25.
For the full year, the company expects Net sales from continuing operations of approximately $6.45 billion to $6.55 billion, which includes a projected headwind of approximately $165 million from changes in foreign currency exchange rates. At the midpoint, this represents an approximate 2% decline as compared to prior year on a constant currency basis and a 4% decline on a reported basis. GAAP operating profit from continuing operations to range from approximately $570 million to $620 million. GAAP earnings per share from continuing operations to range from approximately $0.97 to $1.09.
Hanesbrands Inc. designs, manufactures, sources, and sells a range of innerwear apparel, such as t-shirts, bras, panties, shapewear, underwear, and socks, as well as activewear products. It offers everyday apparel in the Americas, Australia, Europe, and Asia under apparel brands, including Hanes, Champion, Bonds, Bali, Maidenform, Bras N Things, Playtex, Wonderbra, Gear for Sports, Berlei, Comfortwash, Alternative and JMS/Just My Size. Its segments include Innerwear, Activewear, and International. Its Innerwear segment includes core apparel products, such as menâs underwear, womenâs panties, childrenâs underwear, socks, and intimate apparel which includes bras and shapewear. Its Activewear segment includes activewear products, such as T-shirts, fleece, performance apparel, sport shirts and thermals. It also sells licensed logo apparel primarily in the mass retail channel and in collegiate bookstores. Its International segment includes innerwear, activewear and home goods products.