The US clothing group Hanesbrands Inc. had to accept a decline in sales in the third quarter of the 2022 financial year. This emerges from an interim report published by the company on Wednesday. Profits also fell significantly, but at least exceeded analysts’ expectations.
In the most recent quarter, which ended Oct. 1, the parent company of sportswear brand Champion generated sales of $1.67 billion. Revenues thus fell short of the level of the same period of the previous year by 6.6 percent (currency-adjusted -3 percent).
Higher freight costs and measures to reduce inventories weighed on the gross margin. Despite extensive savings measures, operating profit fell by 39.7 percent to 141.4 million US dollars. The net result even shrank by 47.2 percent to 80.1 million US dollars (79.7 million euros). However, industry experts had feared an even sharper decline in advance.