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Hanesbrands Inc. (HBI+0.65%) has submitted its Form 10-K filing for the fiscal year ended December 28, 2024.
The filing details a 4% decrease in net sales to $3.5 billion, compared to $3.6 billion in the previous year. The decline is attributed to divestitures and macroeconomic pressures.
Operating profit for the year was $186 million, down from $266 million in the prior year, with restructuring and other action-related charges impacting results.
The company reported a net loss of $320 million for the year, compared to a net loss of $18 million in the previous year. Loss from discontinued operations was $222 million, primarily due to the sale of the global Champion business.
Hanesbrands completed the sale of its global Champion business and exited its U.S.-based outlet store business in 2024. The company also plans to exit the Champion Japan business within the next 12 months.
The company used proceeds from the sale of the Champion business to reduce its outstanding debt by $1 billion.
Hanesbrands continues to focus on its core innerwear business, with the U.S. segment accounting for 74% of total net sales in 2024.
The filing also notes that Hanesbrands has identified restructuring and consolidation opportunities within its supply chain to improve efficiency.
Hanesbrands has not declared any cash dividends for the year as it focuses on debt reduction.
The company has identified risks related to macroeconomic conditions, competitive pressures, and changes in consumer demand that could impact future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hanesbrands Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.