HanesBrands CFO resigns, updates fourth-quarter guidance
HanesBrands Inc. announced on Thursday it expects to report fourth-quarter net sales slightly above the top end of its outlook range and adjusted operating profit at the midpoint of the range, coinciding with the resignation news of its chief financial officer, effective February 28.
“We are pleased we delivered fourth quarter net sales and adjusted operating profit that were above or in-line with our outlook given the dynamic macro environment, including ending 2022 with inventory units below last year’s level,” said Steve Bratspies, CEO HanesBrands, which owns the Hanes, Bonds, and Champion brands.
“Our 'Full Potential' plan is progressing, and we have a clear financial strategy that we will continue to execute, including plans to refinance upcoming maturities as well as increase cost savings.”
The Winston-Salem, North Carolina-based company said Scott Lewis, the company’s chief accounting officer and controller will become interim chief financial officer until a successor for Dastugue is named. Dastugue, who has departed for family reasons, will continue to serve the company in a financial consultancy position through the second quarter of 2023.
“On behalf of our board, our management team and the entire HanesBrands family, I would like to express our sincere thanks to Michael for his leadership and significant contributions to our company,” Bratspies added. “Michael has been a great partner to me personally. I value his friendship, and I respect his request to spend more time with his family."
In its most recent trading update in November, HanesBrands showed a slowdown, as consumer spending in its core U.S. market faltered, U.S. stores tightened their inventories and some Asian markets proved patchy.
The company at the time of reporting said net sales from continuing operations were down 7% to $1.67 billion year-over-year, which included a $59 million unfavorable impact from foreign exchange rates, compared to last year. On a constant currency basis, net sales fell only 3%.
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