HanesBrands, Inc. recently announced positive news regarding its fourth-quarter net sales, stating that it expects them to be slightly above the higher end of its projected range. Additionally, the company revealed that its adjusted operating profit is anticipated to fall in the middle of the range. However, this news coincides with the resignation of the company’s Chief Financial Officer, Michael Dastugue, effective February 28th.

Despite the challenging macro environment, HanesBrands CEO Steve Bratspies expressed his satisfaction with the company’s performance in the fourth quarter. He noted that their inventory levels ended the year lower than the previous year, which is seen as a positive sign. He also highlighted that HanesBrands’ “Full Potential” plan is progressing well, and they have a clear financial strategy in place. This includes refinancing upcoming maturities and increasing cost savings.

Scott Lewis, the Chief Accounting Officer and Controller, will serve as the interim CFO until a successor for Dastugue is identified. Dastugue, who has decided to step down for family reasons, will continue to provide financial consultancy services to the company until the second quarter of 2023.

Bratspies expressed his appreciation for Dastugue’s leadership and contributions to the company. He also voiced his understanding and support for Dastugue’s decision to prioritize family time.

In November, HanesBrands reported a slowdown in trading due to weakened consumer spending in the U.S. market, tighter inventories in U.S. stores, and sluggish growth in certain Asian markets. The company experienced a 7% decrease in net sales from continuing operations, amounting to $1.67 billion year-over-year. However, when adjusted for foreign exchange rates, the decline in net sales was only 3%.

Despite these challenges, HanesBrands remains committed to its financial strategy and the execution of its “Full Potential” plan. The company is determined to navigate the difficult market conditions and is looking forward to announcing a new CFO in the near future.

Links:
1. HanesBrands Official Website
2. U.S. Securities and Exchange Commission (SEC)