24/7 Market News Snapshot 07 November, 2024 – Hanesbrands, Inc. (NYSE:HBI)

November 7, 2024

DENVER, Colo., 07 November, 2024 (247marketnews.com) – (NYSE:HBI) are discussed in this article.
Hanesbrands, Inc. has demonstrated remarkable financial momentum, opening the trading day at $7.60 and experiencing a notable surge to $8.514, representing an increase of 19.92%. This uptick follows a closing price of $7.10 in the previous session, signaling strong investor confidence. With a trading volume of 2.18 million shares, the heightened activity reflects significant market interest. However, market analysts caution that technical indicators, such as the Relative Strength Index (RSI), suggest potential overbought conditions. The stock’s recent ability to break above key resistance levels has amplified bullish sentiment; if it sustains above $8.50, the next resistance target could be positioned near $9.00.

In tandem with these positive trading indicators, HanesBrands also reported commendable results for the third quarter of fiscal year 2024. The company achieved net sales totaling approximately $937 million—a decline of 2.5% from the previous year, predominantly due to the divestiture of its U.S. Sheer Hosiery business and challenges stemming from foreign exchange fluctuations. CEO Steve Bratspies pointed to a focused business approach as a critical driver of operational efficiencies and reduced inventory levels, which contributed to a substantial 12% increase in gross profit to $390 million.

HanesBrands also reported a notable 27% rise in operating profit, reaching $103 million, complemented by an impressive operating margin expansion of 255 basis points. Adjusted operating profits surged by 46%, showcasing the firm’s financial resilience amid market challenges.

Furthermore, the company maintained robust liquidity exceeding $1.4 billion, allowing for strategic investments in innovation and marketing aimed at boosting market share among younger consumers. Anticipating a return to revenue growth in the fourth quarter, HanesBrands has revised its full-year profit and cash flow outlook upward, positioning itself favorably for continued success in the dynamic apparel sector.

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