Hanesbrands Sees Big Opportunity Emerging in Medical Garments
Hanesbrands' (NYSE: HBI) first quarter saw sales and profits plunge over the COVID-19 outbreak. Through mid-March, sales were pacing ahead of management's expectations, but the store closures nationwide caused sales to drop 17% year over year for the quarter.
While demand for socks and undergarments has taken a hit, Hanesbrands did stumble onto a new business line making face masks and other protective medical garments. Like many other companies, Hanesbrands shifted its manufacturing to make COVID-19 face masks during the quarter.
It's going so well that CEO Gerald Evans sees a new growth opportunity emerging. "We believe our mask and protective garment business could be a sizable revenue opportunity with growth potential over the next several years," he said.
Source Fool.com
