HanesBrands Lifts Q4 Sales Outlook, CFO Michael Dastugue Resigns

(RTTNews) - HanesBrands Inc. (HBI) Thursday said that it expects fourth-quarter sales to be slightly above the top end of its outlook and adjusted operating profit at the midpoint of the range. The company also announced that its Chief Financial Officer Michael Dastugue has resigned effective February 28, 2023 for family reasons.

"We are pleased we delivered fourth quarter net sales and adjusted operating profit that were above or in-line with our outlook given the dynamic macro environment, including ending 2022 with inventory units below last year's level," said Steve Bratspies, CEO HanesBrands. "Our Full Potential plan is progressing, and we have a clear financial strategy that we will continue to execute, including plans to refinance upcoming maturities as well as increase cost savings."

While reporting its third quarte results in November, Hanes had issued fourth quarter guidance of sales from continuing operations of about $1.40 billion to $1.45 billion and adjusted operating profit from continuing operations of about $70 million to $100 million.

HanesBrands has appointed Scott Lewis as Interim Chief Financial Officer until a successor for Dastugue is named.