Why Hanesbrands Stock Dove by 8% on Thursday
A double miss on its latest set of earnings put Hanesbrands (NYSE: HBI) stock in the investor doghouse on Thursday. Compounding that, the storied apparel maker's guidance didn't meet analyst expectations for guidance either. The market expressed its disapproval by collectively trading the stock down by more than 8% on Thursday. This occurred on a day when the S&P 500 index closed in positive territory by 0.6%.
Hanesbrands unveiled its fourth-quarter and full-year 2023 results before market open. These revealed that the company's net sales for the quarter were slightly under $1.3 billion for the period, which was down by 12% on a year-over-year basis. Non-GAAP (adjusted) income from continuing operations fell more steeply, to $12 million ($0.03 per share) from the fourth quarter of 2022's $24 million.
Both figures fell short of analyst estimates. On average, these were $1.36 billion on the top line and $0.09 per share for adjusted income from continuing operations.
Source Fool.com
