It's been a tough year for apparel manufacturer Hanesbrands (NYSE: HBI). Not only are retailers reducing inventories, leading to lower orders, but the company itself has excess merchandise on its hands. As sales tumbled and cash remained tied up in inventory, Hanesbrands was forced to eliminate its dividend earlier this year as it tried to shore up the balance sheet.

Unsurprisingly, the stock has been a disaster. Since peaking in mid-2021, shares of Hanesbrands have lost about 77% of their value. Year to date, the stock is down nearly 20%.

Hanesbrands' first-quarter results featured slumping sales and tumbling profits, but there were some positive signs.

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Source Fool.com