Hanesbrands Inc. (HBI) stock plummeted 25.55% in the pre-market trading session on Thursday, following the company's announcement of CEO Steve Bratspies' impending departure and disappointing fourth-quarter revenue results, coupled with weak guidance for the upcoming fiscal year.
The apparel maker revealed that Bratspies, who has been at the helm since August 2020, 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.
Adding to the investor concerns, Hanesbrands' Q4 2024 revenue grew only 1.1% year-over-year to $888.5 million, missing 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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