HanesBrands, a leading US-based apparel company, has released its financial guidance for fiscal 2023 (FY23), which ends on December 30, 2023. The company expects net sales from continuing operations to be between $6.05 billion to $6.20 billion. At the midpoint, this represents an approximate 1 per cent decline compared to the prior year on a constant currency basis and a 2 per cent decline on a reported basis.

The company also projects GAAP operating profit from continuing operations to range from approximately $446 million to $496 million, while adjusted operating profit from continuing operations is expected to range from approximately $500 million to $550 million, which includes a projected headwind of approximately $5 million from changes in foreign currency exchange rates, the company said in a press release.

Furthermore, HanesBrands expects to incur charges for actions totaling approximately $61 million, including Full Potential plan-related charges of approximately $54 million included in operating profit and refinancing-related charges of approximately $7 million included in interest and other expenses.

The company projects GAAP earnings per share from continuing operations to range from approximately $0.14 to $0.25, while adjusted earnings per share from continuing operations are expected to range from approximately $0.31 to $0.42.

HanesBrands expects to generate cash flow from operations of approximately $500 million, while capital investments are projected to be approximately $150 million.

For the second quarter (Q2) of FY23, which ends on July 1, 2023, HanesBrands currently expects net sales from continuing operations to be approximately $1.42 billion to $1.47 billion, with GAAP operating profit from continuing operations ranging from approximately $55 million to $75 million.

Adjusted operating profit from continuing operations is projected to range from approximately $70 million to $90 million, the release added.

HanesBrands projects GAAP loss per share from continuing operations to range from approximately $0.09 to $0.04, while adjusted loss per share from continuing operations are expected to range from approximately $0.05 to $0.

“We expanded our innerwear innovation globally, successfully completed a key technology milestone, progressed on our industry-leading sustainability initiatives and continued to generate cost savings across the organisation. We’re confident in the progress we’re making to become a more consumer-centric, data-driven company that consistently generates higher sales and profit growth over time,” said Steve Bratspies, CEO.

Fibre2Fashion News Desk (DP)

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US' HanesBrands forecasts net sales of $6.05-$6.20 bn in FY23

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