The US textile group Hanesbrands Inc. presented disappointing figures for the 2022 financial year on Thursday. Because the forecasts for the current year did not meet market expectations either, the company’s shares immediately lost almost a quarter of their value.
Last year, the parent company of the sportswear brand Champion generated group sales of 6.23 billion US dollars (5.70 billion euros). This corresponded to a decrease of 8.3 percent (currency-adjusted -6 percent) compared to 2021. In the final quarter, revenues even fell by 15.9 percent (currency-adjusted -13 percent). Macroeconomic factors have increasingly weighed on consumer behavior in the US and other key markets, the company said. As a result, orders from trading partners have also decreased.
Earnings were additionally depressed by lower margins. Operating profit fell by 34.9 percent year-on-year to $519.5 million. Because high provisions for deferred taxes had to be booked, the bottom line was red. Reported net loss was $127.2 million, down from a surplus of $77.2 million in 2021. According to the group, net income from continuing operations, adjusted for special effects, shrank by 46.9 percent to 342.5 million US dollars.
In view of the current figures, the group stopped paying out dividends until further notice. He also forecast further declines in revenue and earnings in 2023: Management currently expects annual revenue from continuing operations to be between $6.05 billion and $6.20 billion and operating income to be in the range of $446 million to $496 million.