A $611 million mostly non-cash inventory writedown in Q4 sent the bottom line $332,164,000 into the red, lapping a $184,986,000 profit the year before, on 3% higher revenues of $1,800,843,000 up from $1,751,005,000. The PPE business has now dwindled to just $28 million, and $400 million of the writedown was for the entire PPE inventory, while the remaining $211 million was related to HBI’s 20% SKU reduction program. Excluding the charge and $50 million in other write offs, adjusted operating income was $217 million, down 10% from 2019. HBI shares surged 25% on the results.

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