HanesBrands Inc., the apparel company based in Winston-Salem, has reported a significant decrease in sales for the first quarter of this year. The decline in sales can primarily be attributed to a drop in Champion brand sales, which experienced double-digit declines both domestically and internationally. Globally, Champion sales decreased by 17% compared to the previous year, with a 22% decline in the US and a 12% decline in international markets.

Apart from the decline in Champion sales, HanesBrands also witnessed a 4% decrease in innerwear sales and a 19% decrease in activewear sales. These declines were largely caused by a slowdown in consumer spending.

On a regional scale, international sales experienced a 9% decrease, which included an impact of $31 million from unfavorable foreign exchange rates. However, when considering constant currency rates, international sales only decreased by 3% compared to the previous year. Growth in Europe, the Americas, and Japan partially offset declines in Australia and China.

Despite the challenging sales figures, HanesBrands remains positive about the future. CEO Steve Bratspies expressed confidence in the progress they are making to become a more consumer-centric and data-driven company. HanesBrands is focused on expanding its innerwear innovation globally, achieving sustainability goals, and generating cost savings throughout the organization.

For the fiscal year 2023, HanesBrands expects net sales from continuing operations to range from approximately $6.05 billion to $6.20 billion. However, the company anticipates a headwind of around $40 million due to changes in foreign currency exchange rates.

Overall, HanesBrands is committed to overcoming its sales challenges and driving higher sales and profit growth in the long term. The company remains dedicated to its transformation strategy and acknowledges the hard work and dedication of its associates.

For more information about HanesBrands Inc. and its recent financial report, please visit the official website: https://www.hanes.com/.

Additionally, for insights into the current trends in the apparel industry, you can refer to this article: https://www.businessoffashion.com/.