Shares of Hanesbrands (NYSE:HBI) cratered today after it reported earnings for its fourth quarter of Fiscal Year 2022. Adjusted Earnings per share came in at $0.07, which missed analysts’ consensus estimate of $0.08 per share. Sales decreased by 16% year-over-year, with revenue hitting $1.47 billion. This was in line with expectations
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Looking forward, management now expects revenue and adjusted earnings per share for Q1 2023 to be in the ranges of $1.35 billion to $1.4 billion and -$0.04 to -$0.09, respectively. For reference, analysts were expecting $1.42 billion in revenue along with an adjusted EPS of $0.15.
In addition, the company announced that it will be stopping its quarterly dividend payment in order to reduce debt.
Overall, Wall Street analysts have a consensus price target of $7.25 on HBI stock, implying over 8% upside potential, as indicated by the graphic above.