Hanesbrands Inc. (HBI) stock plummeted 5.6% in pre-market trading on Thursday, after the apparel maker announced the impending departure of CEO Steve Bratspies and reported fourth quarter revenue that fell short of analyst estimates.
The company revealed that Bratspies will step down as CEO and from the board by the end of 2025 or upon the appointment of his successor. Hanesbrands has initiated a search process and retained executive search firm Spencer Stuart to identify the next chief executive.
On the financial front, Hanesbrands' Q4 2024 revenue grew 1.1% year-over-year to $888.5 million but missed Wall Street's expectations of $950.3 million. The company also provided underwhelming forward guidance, projecting fiscal 2025 revenue of $3.47 billion to $3.52 billion, below consensus estimates of $3.63 billion. For Q1 2025, revenue is expected to be around $750 million, 4.1% lower than forecasts.
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