Hanesbrands Inc. (NYSE:HBI) shares were trading more than 3% higher today afternoon following the company’s preannounced Q4 sales and EBIT, noting that the top line came in slightly above the prior guidance range (which was for a decline of 17-20%), but EBIT was only at the midpoint of the range ($70-$100 million, a dollar decline of 55-70%).
The company also noted that they reached their plan for inventory, which was for units to be down year-over-year. With few details, management also announced plans to refinance upcoming maturities (approximately $1.5 billion of senior notes coming due in 2024) and to increase cost savings.
The company also announced the resignation of CFO Michael Dastugue, for family-related reasons. Dastugue will continue to serve the company in a financial consultancy position through Q2/23. In the interim, CAO and Controller Scott Lewis will operate as CFO.