Why Hanesbrands Stock Dived by Almost 9% Today
Apparel maker Hanesbrands (NYSE: HBI) probably wishes it had stayed warm and cozy in the underwear drawer on Wednesday. The company reported third-quarter results that not only missed on the top and bottom lines, but also came up short with guidance. Investors punished the company for these transgressions by trading its stock down nearly 9% on the day.
For the quarter, Hanesbrands' net sales totaled $1.67 billion, representing a 7% decline from the same period of 2021. Adjusted net income saw a steeper fall, tumbling by almost 46% to $102 million, or $0.29 per share.
Both figures fell short of analyst expectations for $1.75 billion on the top line, and $0.30 per share for adjusted net profit.
Source Fool.com
