Net income slipped 44% to $103,278,000 in the third quarter from $185,091,000 last year on a 3% contraction in revenues to $1,808,266,000 from $1,866,967,000 despite the addition of $178.6 million in PPE sales. Backing out last year’s C9 sales to Target and the DKNY intimate apparel license, revenues would have been up 3%. Perhaps investors were expecting a stronger rebound given the burgeoning work-at-home market for the sort of comfy apparel the company is known for, as HBI shares traded down 20% on the Q3 results and weak guidance for the final quarter.

New CEO Steve Bratspies said that Hanesbrands is ... Log in to view full article.